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r- <br />We have examined one of the bonds (No. 1) prepared <br />and executed for said issue, and find the same to be in due <br />form of law and duly executed. Said bonds have been issued <br />for the purpose of providing money for street, sewer and <br />water improvements in the Village. <br />In cur opinion said proceedings show lawful author- <br />ity for the said issue under the laws of the State of Minnesota <br />now in force and said bonds are valid and binding general obli- <br />gations of the Village, and all of the taxable property in said <br />Village is subject to the levy of an ad valorem tax to pay the <br />same without limitation as to rate or amount. Said bonds are, <br />in our opinion, exempt from all taxation by the State of <br />Minnesota and its subdivisions and municipalities, and the <br />interest to be paid on said bonds is not includible in the <br />gross income of the recipient for the purposes of United <br />States income tax or the State of Minnesota income tax (other <br />than Minnesota corporate franchise taxes measured by income) <br />according to present Federal and Minnesota laws, regulations, <br />rulings and decisions. <br />Dated at St. Paul, Minnesota, this 31st day of <br />January, 1972. <br />