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<br /> needed for the sanitary sewer interceptor and connection charge for
<br /> connection to the sewage disposal facility of the North Suburban
<br /> Sanitary District, said bonds to be dated October 1, 1967, to bear
<br /> interest payable October 1, 1968 and semiannually thereafter on
<br /> April 1 and October 1 in each year at the rate or rates designated
<br /> by the successful bidder, and to mature serially on April 1 in the
<br /> years and amounts as follows:
<br /> $15,000 in 1970 and 1971,
<br /> 20,000 in 1972 to 1974,
<br /> 25,000 in 1975 to 1978,
<br /> 30,000 in 1979 to 1981,
<br /> 35,000 in 1982 to 1984,
<br /> 40,000 in 1985 to 1988,
<br /> 45,000 in 1989 to 1991,
<br /> 50,000 in 1992 to 1994,
<br /> 55,000 in 1995 and 1996, and
<br /> 60,000 in 1997, all years inclusive,
<br /> all bonds maturing in the years 1982 to 1997, both inclusive, being
<br /> subject to redemption at the option of the Village and in inverse
<br /> numerical order on April 1, 1981 and any interest payment date there-
<br /> after 'at par and accrued interest. Such Sewage Facility Bonds shall
<br /> be general obligations of the Village payable primarily, however,
<br /> and secured by a pledge of and lien from special assessments to be
<br /> levied for the said Sanitary Sewer Interceptor improvement ordered
<br /> by the Village Council and from the net revenues derived from water
<br /> and sewer service charges imposed by the Village, which the Village
<br /> shall covenant to impose and collect at the times and in the amounts
<br /> required to produce (together with such special assessments) net
<br /> revenues adequate to pay all principal and interest of said Sewage
<br /> Facility Bonds and any similar bonds issued in the future, all as
<br /> required and contemplated by said Section 444.075 and to constitute
<br /> said Bonds obligations payable wholly from the income of the sewage
<br /> and water system within the meaning of Subdivision 3 of said section
<br /> and of Sections 475.51 and 475.58, Minnesota Statutes; provided,
<br /> however, that the pledge of special assessments and net revenues
<br /> shall not be exclusive and such assessments and revenues may be
<br /> equally and ratably pledged to additional series of bonds providing
<br /> add1tional funds for such project or for any other sewer or water
<br /> project in the Village meeting the requirements of such Sections
<br /> or amendments thereto.
<br /> 3. The Village Council shall meet at the Village Hall in
<br /> said village on 7""", e-.. J6-1 ' the ~ '1 day of A u../ l.f;., 'iT, 1967 at "1.: 0 0
<br /> o'clock P.M., C.D.S.T., for the purpose of rec iving and considering
<br /> sealed bids for the purchase of said Park Bonds and said Sewage
<br /> Facility Bonds. I The Village Clerk is authorized and directed to
<br /> give not~ce of such meeting by publication at least ten days Ln
<br /> advance in the official newspaper and in Commercial West, a financial
<br /> paper published in the City of Minneapolis. Said notice shall
<br /> recite substantially the following: Both principal and interest
<br /> shall be payable at any suitable bank designated by the purchaser
<br /> within 48 hours after the award of sale of the bonds, and unless
<br /> $1,000 denominations are specified by the purchaser within such
<br /> time, the bonds will be in the denomination of $5,000 each. The
<br /> Vil~age will furnish printed bonds and the approving legal opinion
<br /> of Messrs. Faegre & Benson, Minneapolis, Minnesota, both without
<br /> expense to the purchaser. At the option of the purchaser, a copy
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