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RESOLUTION # 56 RESOLUTION ESTABLISHING THE FORM AND TERMS AND DIRECTING THE.EXECUTION AND DELIVERY OF $200,000 TEMPORARY SANITARY SEWER IMPROVEMENT BONDS AND CREATING THE TEMPORARY IMPROVEMENT BOND FUND BE IT RESOLVED by the Council of the Village.of Orono, Minnesota, as follows: ' 1. 'The Temporary Sanitary Sewer Improvement Bonds sold 4 this date shall be -issued under and pursuant t6 the provisions of 'Minnesota Statutes 19619 Chapter 429, and in accordance with the M provisions of Section 429.0919 Subdivision 3, in the aggregate principal amount of $2009000, dated as of August 1, 1964, shall be 40 1n ,number and numbered .from .l.to 40, inclusive, each in the ` denomination of $5,000, shall`"bear interest atthe rate of 2.90% per annum, payable on February 1, 1965, and semiannually thereafter on August "1 -:and -'February. 1 in each. year, and shall mature on '. August 1, 19.661subject to the right which is hereby reserved by the Village to prepay and redeem ell. of the bonds -on any interest payment:.,date,'at par plus accrued interest, provided that not less than 30 days.prior to said date the Village Treasurer shall mail notice'" of the call of any bonds for redemption on said date to `the holders thereof, if known, and to the bank at thich principal and interest on' -the bonds are,then payable. The Treasurer,shall main- tain a;`.record`of the names and addresses of the holders of any of y the bonds who' shall communicate this information for the purpose `.:.of_receiving such notice. The principal of and interest on the bonds shall be payable at the main office of the First National Bank of,Xinneapolis, in Minneapolis, Minnesota and the Village `.agrees to pay the reasonable '.and customary charges of the paying agent for the receipt and disbursement thereof. f 2., The bonds.shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN ' VILLAGE OF ORONO TEMPORARY SANITARY SEWER IMPROVEMENT BOND No. $5,000 gNOW.ALL MEN BY .THESE PRESENTS that the Village of Orono, a duly.organized and.existing municipal corporation of the County of Hennepin, State.of,Minnesota, acknowledges itself to be indebted and for value.received promises to pay to bearer the sum of FIVE THOUSAND DOLLARS on the l.st day of,August,,1966," or on any date prior thereto -;on which this bond has been called for redemption as stated below andto pay interest.thereon at the rate of two and ninety hundredths per cent ''(2.90%) per ,annum from the date hereof until- aid principal•sum.is..paid or until this bond'has.been duly called for redemption, payable February 1, 1965, and semiannually