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<br />536
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<br />providing money for the expansion of the present water system in the City,
<br />and is payable out of the General Obligation Water Revenue Bonds of 1970
<br />Sinking Fund of the City.
<br />
<br />This bond constitutes a general obligation of the City, and to
<br />provide moneys for the prompt and full payment of said principal and in-
<br />terest when the same become due, the full faith and credit of said City
<br />have been and are hereby irrevocably pledged.
<br />
<br />IT IS HEREBY CERTIFIED AND RECEITED That all acts, conditions
<br />and things required by the Constitution and laws of the State of Minnesota
<br />to be done, to exist, to happen and to be performed, precedent to and in r--\
<br />the issuance of this bond have been done, do exist, have happened and have I
<br />been performed in regular and due form, time and manner as required by l~
<br />law; that the City has covenanted and agreed with the holders of said
<br />bonds that it will impose and collect charges for the service, use and
<br />availability of its municipal water facility at the times and in amounts
<br />necessary to produce net revenues adequate to pay all principal and inter-
<br />est when due on the bonds of this issue; that the City will 1eby a direct
<br />annual, irrepealable ad valorem tax upon all the taxable property in said
<br />City, without limitation as to rate or amount, for the years and in amounts
<br />sufficient to pay the principal and interest of the bonds of this issue
<br />as they respectively become due, if the net revenues from said water
<br />facility are insufficient therefor; and this bond, together with all other
<br />indebtedness of the City outstanding on the date hereof, and on the date
<br />of its actual, issuance. and:.deU.1V'ery, does not exceed and constitutional
<br />or statutory limitation of indebtedness.
<br />
<br />IN WITNESS WHEREOF, the City of Hastings, Dakota County, Minne-
<br />sota, by its City Council has caused this bond to be executed in its be-
<br />half by the signatures of the Mayor and the City Clerk, and a facsimile
<br />of the corporate seaLof said City to be printed hereon, and has caused
<br />the interestl,coupons to,..'oe"axe4u.ted and authenticated by the facsimile
<br />signatures of said officers, all as of July 1, 1970.
<br />
<br />sf Wallace'H. Erickson
<br />City Clerk
<br />
<br />E. J. Rotty
<br />Mayor
<br />
<br />(1
<br />l~J
<br />
<br />(Form of Coupon)
<br />
<br />No.
<br />
<br />$
<br />
<br />On the first day of ~anuary (July), 19 , the City of
<br />Hastings, Dakota County, Minnesota, will pay to bearer at the main office
<br />of the Northwestern NationalBank of Minneapolis the sum shown hereon for
<br />interest then due on its General Obligation Water Revenue Bond of 1970,
<br />No. dated July 1, 1970.
<br />
<br />sf Facsimile
<br />City Clerk
<br />
<br />sf Facsimile
<br />Mayor
<br />
<br />6. The City Clerk is directed to cause said bonds to be prepared
<br />and when so prepared they shall be executed in behalf of the City by the
<br />signatures of the Mayor and the City Clerk and sealed with a printed fac-
<br />simile of the corporate seal of the City, and the interest coupons shall
<br />be executed and authenticated by the printed, engraved or lithographed
<br />facsimile signatures of the Mayo~ and Clerk. When said bonds have been
<br />so prepared, they shall be deliverd by the City Treasurer to the purchaser
<br />on receipt of the purchase price and said purchaser shall not be required
<br />to see to the application thereof.
<br />
<br />7. It is hereby found, determined and declared that the City
<br />owns and operates a municipal waterworks plant and system as a revenue
<br />producing public utility and th~t1~g~re are outstanding Water Revenue
<br />Bonds of 1953, 1960 and 1961ta~ne ~n~erest and principal of which consti-
<br />tute prior liens upon the revenues of said facility, and that the net
<br />revenues of said facility are sufficient in amount ~ pay when due the
<br />principal of and interest on the bonds herein authorized and the said
<br />Water Revenue Bonds of 1953, 1960, 1961 and 1968 and the net revenues
<br />of said water utility are hereby pledged subject to the prior lien of
<br />said bond issues of 1953, 1960, 1961 and 1968 to the payment of the bonds
<br />of this issue, but solely to the extent required to meet the principal
<br />and interest requirements of this issue as the same become due. Excess
<br />net revenues may be used for any proper purpose.
<br />
<br />11
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