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77
<br />2 a..
<br />Interest shall be payable each April 1 and October lcommencing
<br />_on April 1,1964. Interest at the basic rate applicable to each
<br />bond,from date of issue to maturity,shall be represented by ap-
<br />pro :priate interest coupons appurtenant-to•such-bond,and-.each and
<br />all of the bonds shall bear additional interest.,represented by
<br />separate-coupons"designated as "B" coupons,at the-rate of i,.50%
<br />per annum for the limited period from December 16,1963 to Octo-
<br />ber 1,1964. The bonds maturing-in the years 196.5`through:1971
<br />shall not be subject to redemption azxxgmxxt before maturity;,
<br />but those maturing in'the years•1972 through 1979-shall be each
<br />subject to redemption and prepayment at the option,•--of . the Visage
<br />on October 1 1971, and any interest payment date•:thereafter., at a .w
<br />price `of 101j and accrued interest. Not aessi'than thirty ,days* be-
<br />fore the date specified - for _prepayment and redempti:ons of any::of ;
<br />said bonds, the Village Treasurer shall mail notice of the`call
<br />` thereof to the holder,if .known,and to the bank at which'.principal,
<br />and interest are then•payable,and the'Treasurer.is directed to j'
<br />maintain a record of the names and addresses-of holders of pre
<br />j payable bonds for 'the purpose ' of mailing-'such notices,,aso', f 6rcll as
<br />such information is made available to him. ;The prncipal;;of`.and ;
<br />-interest on said bonds shall be• payable at the main .office of 'The;
<br />American: National-_Bank' of .Saint Paul• in. St Paul:,Minnesota', and the `
<br />Village hereby agrees to"pay the reasonable and customary charges'
<br />• of., succi:_ paying agent for the receipt. and disbursement thereof..
<br /><. 3. The bonds shall •be, prepared for execution .forthwith.,
<br />executed and' delivered to said purchasers in t`he manner, and sub m;
<br />s't6alally in the form set forth in said Ordinance"N:o..56; upon ,
<br />°payment by' the purchaser of par,plus accrued interest plus
<br />premium of $ -0-, as ,provided in the contract ,,of 'sale.: above .;•.des
<br />cribed, and the proceeds thereof shall be' cr.e`dited by;y the* Tress f
<br />: urer to the Fund of 1963 Sanitary `Sewer. 'Impr.ov'ement, and used
<br />solely to pay the costs of said 'improvement • and for ". the ;:other
<br />purposesspecified in said ordinance., pro7. ided .that 3' 41:;.805 ' ,;`�
<br />1 said proceeds will be needed for the paymen`t..of intertest to, "accrue
<br />•on the bonds during ,the construction of the improvement and sha17.'
<br />be held therein and used -only. for such .pur.pose,... -_
<br />.. .. �.�
<br />4. In accordance with.`said ordinance, `it is hereby; esti
<br />1 .mated that approximately. $ 429'9223 :principal .amount of the spye"cial
<br />assessments to be levied upon properties `.within Ythe area assess
<br />able for said improvement., .:.as; heretofore. established.:by the tresolu
<br />tions .ordering ,the._same;wll beavailable• for credit ,' .o
<br />,.
<br />Improvement Bond 'Redemption."Fund after the cost 'of ,'the improvement`
<br />r . is paid in full; ,which assessments will`-`be payable- in 15 ;:;equal laannual
<br />., ..
<br />installments, to -be spread upon` the' tag -rolls ofthe Village in
<br />consecutive" years commencing in.1964-wa.th- interest at tY e` rate of,,
<br />< 6.% per annumall
<br />. To the first instment shall"'be added interest o _
<br />" the_.;•entire assessment .on ,each property, _.from thea`date..; of, adopt.ona;
<br />thereof until December 31 of the year in which the first install
<br />ment is payable 'and to each subsequent installment shall be. addgd ,
<br />'s es en
<br />smtr.
<br />interest for one year on the then unpaid balance of the as
<br />There .is _also hereby levied upon all of the taxable property in the
<br />Villag6 ,a direct annual ad'-valorem tax Which shall -be "_spread .,uponl
<br />'tha tax rolls' for_=the years and in the •amounts -as follows,,an.d-shall µ
<br />be "collected with and as ,a part, of: other general taxes within. the
<br />• 'Village `in the respective ensuing ,y ars : r F
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