12-30-1959 VCM Extract - Laserfiche WebLink

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this issue as to interest, but shall mature subsequent to all of the bonds herein authorized which are then outstanding. 2.7 Except as authorized by subsection 2.6 hereof, the Village will not issue any additional obligations payable from the net revenues of said dispensary or constituting a lien or charge thereon on a parity with the lien and charge in favor of the bonds herein authorized, unless the average amount of said net revenues, as defined in subsection 2.2 hereof, for the 2 fiscal years immediately preceding the issuance of such additional obligations shall in each of such fiscal years have been at least 1 ½ times the average annual principal and interest payments to fall due during the then remaining term of the bonds herein authorized, on all obligations then payable or to be made payable from said net revenues, including the additional obligations so to be issued. 2.8 The Village also reserves the right and privilege of issuing bonds payable from surplus net revenues of the liquor dispensary, without regard to the limitations set forth in subsections 2.6 and 2.7 hereof, provided that such bonds are expressly made subject and junior to the lien and charge on the net revenues in favor of the bonds herein authorized, and are payable solely from moneys from time to time accruing to the Surplus Net Revenue Account, subject to the prior lien and charge on such moneys in favor of the bonds herein authorized, as set forth in subsection 2.5 above. 2.9 Moneys in the Reserve Account and the Surplus Net Revenue Account may be invested as directed by the Council, but only in general obligations of the United States government. 3. In anticipation of the receipt of the net revenues appropriated and pledged as aforesaid to the Revenue Bond Account and Reserve Account, the Village shall issue, sell and deliver to the purchaser aforementioned its negotiable coupon Municipal Building Revenue Bonds in the aggregate principal amount of $85,000. Said bonds shall be 85 in number and numbered from 1 to 85, inclusive, each in the denomination of $1,000, and all dated as of January 1, 1960. Said bonds shall mature on January 1 in the years and amounts shown below, the bonds of each maturity to bear interest at the rate per annum shown opposite each respective year of maturity: Year Amount Interest Rate 1962 $5,000 1963 5,000 1964 5,000 1965 5,000 1966 5,000 1967 5,000 1968 5,000 1969 5,000 1970 5,000 1971 5,000 1972 5,000 1973 10,000 1974 10,000 1975 10,000