05-28-74 Special Mtg. - Laserfiche WebLink

Home Browse Search

1498 purpose of providing money for parking improvements in accordance with Minnesota Statutes, Section 459.14 and is payable out of the General Obligation Parking Improvement Bonds of 1974 Fund of the City. 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 of this bond, have been done, have happened and have been performed, in regular and due form, time and manner as required by law, and this bond, together with all other debts of the 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 of Ha by its City Council has caused this bond to the facsimile signature of the Mayor and the Clerk, and the corporate seal of said City 0 e caused the interest coupons to be executed nd a facsimile signatures of said officers, all _~ J 1 Lj C:((.~~.. City Clerl Mayor County, Minn. ted in its behalf by signature of the City fixed hereto, and has henticated by the July 1, 1974 (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 General Obligation Parking Improve- ment Bond of 1974 No dated July 1, 1974. /s/ Facsimile City Clerk /s/ Facsimile Mayor 6. The bonds shall be executed on behalf of the City by the signature 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 pertaining thereto shall be executed by the printed, engraved or lithographed facsimil signa- tures of the Mayor and Clerk. 7. 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. 8. There is hereby created a special fund to be designated "General Obligation Improvement Bonds of 1974 Fund" to be held and adminis- tered by the City Treasurer separate and apart from all other funds of the City. 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. Insaid fund there shall be maintained two separate accounts, to be designa- ted as the "Construction Account" and the "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 $143,250, shall be credited to the Construction Account, from which there shall be paid all costs and expenses of making said improvements, in- cluding 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 apy interest on said bonds due prior to the anticipated date of commencement of the collection of special assessments herein levied. There is hereby pledged and there shall be credited to the Sinking Fund Account, all clllections of special assessments herein covenanted to be levied, all accrued interest received upon delivery of said bonds, all funds paid for