02-19-1964 VCM - Laserfiche WebLink

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for redemption on such date, ar.d the monies in said Escrow Account shall be used solely for the purposes herein set forth and for no other purpose, except that if any balance shall remain in said Escrow Account after all of the prin- cipal, interest and premium has been paid on all of the bonds refunded pursuant/tG this resolution then such balance shall be transferred to the Sinking Fund Account established hereunder. (b) There is hereby pledged and appropriated and there shall be credited to the Sinking ~nd Account all of the special assessments, taxes, and other monies pledged to the Sinking Fund Accounts of the several obligations listed in paragraph 1 hereof, together with all accrued interest re- ceived upon delivery of the bonds of this issue and the Sinking Fund balances of the obligations listed in paragraph 1 hereof to the extent that said balances have not been ap- propriated to the Escrow Account. The Sinking Fund Account shall be used solely to pay the principal, interest, and if callable and called, the premium on the bonds of this issue. 8. The Village Council hereby finds and determines that the proceeds of the sale of the bonds herein authorized, to- gether with other funds available and appropriated to the Escrow Account will be sufficient, together with the earnings on the investment of said Escrow Account to pay when due or called all of the principal, interest, and redemption premium on the obligations refUQded hereunder. 9. Securities purchased from the monies in the Escrow Account shall be limited to general obligations of the United States, securities whose principal and interest payments are guaranteed by the United States, and securities issued by the following agencies of the United States: Banks for Coopera- tives, Federal Home Loan Banks, Federal Intermediate Credit Banks, Federal Land Banks, and the Federal National Mortgage Association. Securities purchased from the Escrow Account shall be purchased simultaneously with the delivery of the refunding obligations. The Village Council has investigated the f=t and hereb_y _f:L.nda and deter..m.ines that can HatiODaJ: Bank or st. Paul, Hll1D88Ota is a suitable bank to act as Escrow Agent, and is qualified within the meaning of the provisions of paragraph 7 of this resolution and Subd. 5 of M.S.A. ~475.54. 10. The Village Council hereby finds, declares, and determines that the special assessments and taxes heretofore levied and pledged to the payment of the bonds to be refunded hereunder and now pledged to the payment of the bonds of this issue, together with the other funds pledged hereunder- to the payment of the bonds of this issue, will produce at least five per cent in excess of the amount needed to meet when due the principal and interest payments on the obligations of this issue. The full faith and credit of the Village is hereby pledged for the payment of the principal and interest of the bonds of this issue. -7:...