05-28-74 Special Mtg. - Laserfiche WebLink

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1494 This Bond constitutes a general obligation of the City, and to provide moneys for the prompt and full payment of said principal and interest when the same become due, the full faith and credit and taxing powers of said City have been and are hereby irrevocably pledged. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed precedent to and in the issuance ot this bond, have been done, have happened and have been performed, in reg- ular and due form, time and manner as required by law, and this bond, to- gether with all other debts of said City outstanding on the date hereof and the date of its actual issuance and delivery does not exceed any con- stitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, the City County, Minnesota, by its City Council has caused this Bo d executed in its behalf by the facsimile signature of the Mayor an nual signature of the City Clerk, and the corporate seal of saidf y to be affixed hereto, and has caused the interest coupons to be exec' ij authenticated by the facsimile signatures of said officers, all as of , 1974. J I , Ii c;Ltr "g;'~ City CTerk' Mayor (FORM OF COUPON) NO. $ On the first day of July (January), 19__, the City of Hastings, Dakota County, Minnesota, will pay to bearer at or any successor Paying Agent duly appointed by the City, the sum shown hereon for interest then due on its Improvement Bond of 1974 No. dated July 1, 1974. /s/ Facsimile City Clerk / s/ Fa.csimile Mayor 6. The Bonds shall be executed' on behalf of the City by the sig- nature of its Mayor and the signature of its Clerk and be sealed with the seal of the City; provided, that one of such signatures and the seal of the City may be printed facsimiles. The interest coupons per taining thereto shall be executed by the printed, engraved or lithographed facsimile sig- natures of the Mayor and Clerk. 7. The said bonds when so prepared and executed shall be de- livered by the Treasurer to the purchaser thereof upon receipt of the pur- chase price, and the said purchaser shall not be obliged to see to the proper application thereof. 8. There is hereby created a special fund to be designated "Improve ment Bonds Common Fund" to be held and administered by the City Treasurer separate and apart from all other funds of the City. Said funds shall be maintained in the manner herein specified until all of the bonds herein auth- orized and all other general obligation improvements bonds hereafter issued by the City and made payable from said account and the interest thereon have been fully paid. In said fund there shall be maintained two separate accounts, to be designated as the "1974 Improvement Bonds Construction Account" and the "Common Sinking Fund Account," respectively. The proceeds of the sale of the bonds herein authorized less any premium and accrued interest received thereon and less any amount paid for said bonds in excess of $390,000, shall be cred- ited to the 1974 Improvement Bonds Construction Account, from which there shall be paid all costs and expenses of making said improvements, 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 purpose, provided that the bond proceeds may also be used to the extent necessary to pay interest on said bonds due prior to the anticipated date of commencement of the collection of special assessments herein levied, and provided further that if upon completion of said improvements there shall remain any unexpended balance in said 1974 Improvement Bonds Construction Account, said balance may be transferred by the Council to the Construction Account of any other im- provement instituted pursuant to Chapter 429 M.S.A. There is hereby pledged