12-01-1969 VCM - Laserfiche WebLink

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5. The Village Clerk is directed to cause said bonds to be prepared and the Mayor and Clerk are authorized and directed to execute the same, and to cause said coupons to be executed and authenticated by the printed, engraved or lithographed facsimile signatures of said officers. 6. The said bonds when so prepared and executed shall be delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obliged to see to the proper application thereof. 7. There is hereby created a special fund to be designated "Improvement Bonds of 1969 Fund" to be held and administered by the Village Treasurer separate and apart from all other funds of the Village. Said fund shall be maintained in the manner herein specified until all of the bonds herein authorized and the interest thereon have been fully paid. In said fund there shall be maintained two separate accounts, to be designated as the "Construction Account" and the "Sinking Fund Account", respectively. The proceeds of the sale of the bonds herein authorized, less accrued interest received there- on, shall be credited to the Construction Account, from which there shall be paid all costs and expenses of making said improvement, including the costs of construction contracts heretofore let and all other costs incurred and to be incurred and the moneys in said account shall be used for no other pur- pose, provided that the bond proceeds may also be used to pay interest on said bonds due prior to the anticipated date of commencement of the collection of taxes or special assessments herein levied, and provided further that if upon completion of said improvement there shall remain any unexpended balance in said Construction Account, said balance may be transferred by the Council to the fund of any other improvement instituted pursuant to Chapter 429 M.S.A. There is hereby pledged and there shall be credited to the Sinking Fund Account, all collections of special assessments and taxes herein levied, all accrued interest received upon delivery of said bonds, and all funds remaining in said Construction Account after completion of the improvements and payment of the costs thereof, not so transferred to the fund of another improve- ment. The Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder. 80,000 8. It is hereby determined that no less than $ of the cost of improvements shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by said improvements. The Village hereby coven- ants and agrees that it will do and perform as soon as they may -5-