Resolution 897 - Laserfiche WebLink

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. ,~ . . 5 . The bonds shall be prepared under the direction of . the Village Manager, and when so prepared shall be executed on behalf of the Village by the Mayor and Village Manager and sealed with the Village seal and the interest coupons shall be executed . . and authenticated by the printed facsimile signatures of said Mayor and Village Manager. The legal opinion of Messrs. Faegre & Benson, of Minneapolis, Minnesota, respecting the validity and enforceability of the bonds shall be printed on the reverse side of each bond and shall be certified by the facsimile signature of the Village Clerk. When the bonds shall have been so prepared and executed, they shall be delivered by the Clerk and Treasurer in exchange for the purchase price and upon receipt of the signed legal opinion of Messrs. Faegre & Benson, and the purchaser shall not be required to see to the proper application of the proceeds. 6. By "Resolution Fixing Terms, Form and Covenants for $1,000,000 Sewage Facility Bonds, Pledging Revenues for Their Payment, and Authorizing Action Necessary to Their Execution and Delivery" adopted September 12, 1967 (the "1967 Resolution") confirmed by "Resolution Fixing Terms, Form and Covenants for $800,000 Sewage Facility Bonds, Pledging Revenues for Their Payment, and Authorizing Action Necessary to Their Execution and Delivery" adopted May 14, 1968 (the "1968 Resolution"), there has been created a special fund known as the Sewage Facility Bonds Fund (which may also be hereafter calleq the "Sewage and Water Facility Bonds Fund") and the principal of and interest on the bonds herein authorized and also the principal of and interest on the similar obligations heretofore or any similar obligations hereafter issued under Section 444.075 (or successor law) shall be paid from said Sewage and Water Facility Bonds Fund; provided, however, that if the principal of 0+ interest upon the bonds shall become due and payable and there are insufficient moneys in said Fund to pay such principal and interest, the Village Treasurer is authorized and directed to pay such principal or interest from the general fund and thereafter to reimburse the general fund from collections of water and sewer charges hereby pledged. As provided in the 1967 Resolution, there shall be deposited into the Sewage and Water Facility Bonds Fund the net revenues derived after October 1, 1967 from charges for the use and availability of sewer and water facilities of the Village and for connections therewith, after payment of the normal, reasonable and current costs of operating and maintaining the facilities, all as provided and contemplated in Section 444.075, Minnesota Statutes, and such net revenues so derived and all moneys and investments in the Sewage and Water Facility Bonds Fund are hereby pledged to the payment of the principal of and interest on the bonds hereby authorized and the similar obligations heretofore and any similar obligations hereafter issued under said Section 444.075 (or successor law); provided that any net revenues so derived and deposited in said Sewage and Water Facility Bonds Fund not needed to pay principal or interest due or to become due within the succeeding twelve months may be used for sewer or water facility improvements, replacements, extensions and repairs not paid or to be paid for as a part of normal, reasonable and current costs of operation and maintenance or for any other lawful purpose if the Village Council shall estimate and determine that moneys and investments remaining in said Fund and net revenues from collections of such charges in succeeding years will be in amounts and available at times sufficient to provide for all remaining installments of principal and interest and a sum at least 5% in excess thereof. It is hereby estimated, found and determined that the said net