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<br /> coupon Sewage Facility Bonds of 1968 pursuant to the provisions
<br /> of Section 444.075, Minnesota statutes, to provide part of the
<br /> funds needed for the sanitary sewer interceptor and connection
<br /> charge for connection to the sewage disposal facility of the North
<br /> Suburban Sanitary District, said bonds to be dated June 1, 1968,
<br /> to bear interest payable December 1, 1968 and semiannually there-
<br /> after on June 1 and December 1 in each year at the rate or ra.tes
<br /> designated by the successful bidder, and to mature serially on
<br /> June 1 in the years and amounts as follows:
<br /> $25,000 in 1970 to 1972,
<br /> 30,000 in 1973 and 1974,
<br /> 35,000 in 1975 to 1977 f
<br /> 40,000 in 1978 and 1979,
<br /> 45,000 in 1980 and 1981,
<br /> 50,000 in 1982 and 1983,
<br /> 55,000 in 1984 ana 1985, and
<br /> 60,000 in 1986 to 1988, all years inclusive,
<br /> all bonds maturing in the years 1982 to 1988, both inclusive,
<br /> being subject to redemption at the option of the Village and in
<br /> inverse numerical order on June 1, 1981 and any interest payment
<br /> date thereafter at par and accrued interest. Such Sewage Facility
<br /> Bonds shall be general obligations of the Village payable primarily,
<br /> however, and secured with the $1,000,000 Sewage Facility Bonds of
<br /> 1967 heretofore issued, by a pledge of and lien from special assess-
<br /> ments to be levied for the said Sanitary Sewer Interceptor improve-
<br /> ment ordered by the Village Council and from the net revenues
<br /> derived from water and sewer service charges imposed by the Village,
<br />. which the Village shall covenant to impose and collect at the times
<br /> and in the amounts required to produce (together with such special
<br /> assessments) net revenues adequate to pay all principal and interest
<br /> of said Sewage Facility Bond~ the $1,000,000 Sewage Facility Bonds
<br /> of 1967 heretofore issued, and any similar bonds issued in the
<br /> future, all as required and contemplated by said Section 444.075
<br /> and to constitute said Bonds obligations payable wholly from the
<br /> income of the sewage and water system within the meaning of
<br /> Subdivision 3 of said section and of Sections 475.51 and 475.58,
<br /> Minnesota Statutes; provided, however, that the pledge of special
<br /> assessments and net revenues shall not be exclusive and such
<br /> assessments and revenues may be equally and ratably pledged to
<br /> additional series of bonds providing additional funds for BuelL
<br /> project or for any other sewer or water project in the Village
<br /> meeting the requirements of such Sections or amendments thereto.
<br /> 3. The Village Council shall mee~ at the Village Hall
<br /> in said Village on Tuesday, the 23rd day of April, 1968 at 7':00
<br /> o' clock P. M. , C.S.T. , for the purpose of receiving and considering
<br /> sealed bids for the purchase of said Improvement Bonds and said
<br /> Sewage Facility Bonds. The Village Clerk is authorized and directed
<br /> to give notice of such meeting by publication at least ten days in
<br /> advance in the official newspaper and in Commercial West, a
<br /> financial-paper published in the City of Minneapolis. Said notice
<br />. shall recite substantially the following: Both principal and
<br /> interest shall be payable at any suitable bank designated by the
<br /> purchaser within 48 hours after the award of sale of the bonds,
<br /> and unless $I,OGO denominations are specified by the purchaser
<br /> within such time, the bonds will be in the denomination of $5,000
<br /> each. The Village will furnish printed bonds and the approving
<br /> legal opinion 'of Messrs. Faegre & Benson"Minneapolis, Minnesota,
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