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<br />(RESOZUTI'ON #'56°9' Continued)
<br />purchasers upon payment of the purchase price specified.inthe corn-
<br />tract . of sale, and the purchasers shall not be obligated to .see . to
<br />the application of the proceeds of the bonds; but -the bond proceeds,.,,,
<br />except accrued interest, shall be applied,:solely`tc the• -payment of
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<br />costs incurred and to be incurred in the completion of Sanitary
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<br />Sewer_Improvement 64 -LS -1, and shall be credited to -a fund which 4
<br />is hereby created for the said improvement, to be known and,de
<br />nated as the "Sanitary"Sewer Improvement 64 -LS -1 Fund."
<br />4. Upon completion of said improvement or prior thereto:;"
<br />theffouncil shall do and perform all acts and things necessary for.
<br />the final and valid levy of special assessments upon properties
<br />within the area designated to be --assessed therefor; in.an aggregate
<br />amount equal to the total cost of said improvement as finally
<br />ascertained, less such portion, if any, as the Council shall direct
<br />to be paid by the levy of ad valorem taxes, including, but with out,
<br />limitation, interest accrued on the temporary improvement bond
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<br />ceeds used to finance the improvement, r from the date of such .b.onds"
<br />to the date of levy of special assessments. In the event that any
<br />such assessment shall be at any time held invalid with respect to.
<br />any lot or tract of land, due to any error, defect or irregularity
<br />in any action or procee,ding.taken.or to be taken by the Village or
<br />the Council or, any of the Village's officers or employees, in the'i'
<br />making of•'the asa-essment or the performance of any condition
<br />precedent thereto,'the Village shall do all"such further acts and,
<br />things and shall take all such further.proceedings as shall be re-
<br />-quired:by law to make such assessments a valid and binding lien.":
<br />upon said property.
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<br />5. A separate and special.fund of the Village is hereby
<br />>created and designated as the Temporary Improvement Bond Fund,,.' -to
<br />which shall be credited the accrued interest paid by. 'the purchasers.
<br />of said bonds, and all special assessments, and taxes, if any,`
<br />,levied and collected with respect to Sanitary Sewer Improvem6nt
<br />-64-LS-1 after the payment of all costs of said improvement and'
<br />before the refunding of said bonds as herein provided. At"or be-
<br />,.-.fore the maturity of the Temporary Sanitary Sewer Improvement
<br />Bonds, the Council shall provide by resolution for the issuance,.""
<br />"purpose
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<br />sale and 'delivery of.,definitive improvement bonds for the
<br />of providing money to pay and redeem said. Temporary Sanitary 'Sewer
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<br />Improvement Bonds ,• so far as the same cannot be --;paid. out 'of , money
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<br />then -on hand in the Temporary Improvement Bond Fund,. Before'`the :"
<br />issuance of such definitive bonds, the Council shall by resolution
<br />determine the cost 'of -said improvement which'has been paid"from the
<br />fund thereof, the amount of moneys remaining on hand in said im- .
<br />provement'fund and available for transfer to the Temporary Impr:ove-
<br />ment Bond Fund -for the zpayinent of said bonds , "and the .amount of
<br />definitive improvement 'bonds necessary to be issued to, refund -.said
<br />Temperary *Bonds. In the event tha` 'such issuance occurs before the
<br />levy.of all special assessments for said improvement, the•Council
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<br />may estimate the 'amount of the cost thereof to be assessed, and---
<br />the amount of definitive bonds necessary to be issued. The Council,
<br />the
<br />shall also estimate the principal amount remaining -unpaid of the.
<br />special assessments levied or to be levied for.said improvement;
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<br />and the interest payable"thereon, and shall levy upon all taxable .
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