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5.0
<br />(RESOLUTION 56., Continued)
<br />thereafter on August 1 and February 1 in each year, such interest
<br />to maturity being represented by and payable in accordance,with
<br />and upon presentation and surrender of the interest coupons
<br />appurtenant hereto. Both principal and interest are payable at
<br />the main office of the First National Bank of Minneapolis, in
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<br />Minneapolis, Minnesota,•in any coin or currency of the United States
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<br />of America which on the respective dates of payment is legal tender
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<br />for public and private debts. For the prompt and full payment of
<br />such principal and interest as the same respectively become due
<br />the full faith, credit and taxing powers of'the Village are hereby
<br />irrevocably pledged.
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<br />This bond is one of an issue in the aggregate principal
<br />amount of $200,000, all of like date and tenor except as to*serial
<br />number (and denomination) , all issued for the purpose of defraying
<br />expenses incurred and to be incurred in constructing a ne-ces'saryl
<br />local sanitary sewer improvement heretofore duly ordered to be'
<br />made in accordance with the provisions of Minnesota Statutes`,' _
<br />Chapter •429, in full conformity with the Constitution and laws of,_�
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<br />the State of Minnesota thereunto,,'enabling, and pursuant to
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<br />resolutions duly adopted by the Village,Council. This bond is
<br />payable primarily from the Temporary Improvement Bond Fund of said'
<br />Village, to which fund .there.,'have been appropriated"the special
<br />assessments and taxes to be levied with, respect to' the improvement`
<br />financed' by this issue of bonds.,. after payment of all expenses` of
<br />said improvement,' and into which fund there are to. 'be ;pard the.,,,
<br />-proceeds of -definitive improvement bonds which the Village is re-'
<br />quired by-law to issue -at or prior to the maturity -of ,this bond
<br />for the purpose of refundingthe same so far as special assessments
<br />and taxes theretofore collected are not sufficient for the payment
<br />thereof.
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<br />The bonds of this issue are „all sub,je.ct to redemption and
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<br />prepayment at the option of the Village on any -interest payment date„
<br />at par and accrued interest. Not less .than thirty days prior to
<br />said 'date the Village will mail notice of the call .of any of,.said
<br />bonds for redemption to the holders, if known, and to,the bankat.
<br />which principal and interest are then payable. Bondholders desiring
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<br />to receive such notice may register their names and addresses`"and ',
<br />the serial numbers of their bonds with the"Village Treasurer,.
<br />IT IS HEREBY CERTIFIED, RECITED, COVENANTED•AND AGREED,
<br />that all acts, conditi.onsrand things required by the.Constitut`ion
<br />and laws of the State of Mnnes6ta to be done, to exizt, to happen..
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<br />and to be performed preliminary to and in the issuanee".of this bond
<br />in order to make it a valid and binding general.obligation of said
<br />,Village according to its terms have been done,°do exist, have,'
<br />happened and have been perfforme;dde:a:sl..sor,r.e.qu� r.e-d; and that the
<br />issuance of this bond did nQti;cause the indebtedness of said Village
<br />to exceed any constitutional,or statutory limitation.
<br />IN WLTNESS WHEREOF the Village''of Orono, Hennepin County..,
<br />Minnesota, by its Village,.Council, has caused this bond.to be ex-,---,,
<br />e'cuted :-, -_its behalf by the facsimile signature of its Mayor,
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<br />countersigned by the manual signature of'its Village'C1erk, and
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<br />sealed with its off,icial,seal,,and has caused the interest coupons
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