05-13-1941 VCM - Laserfiche WebLink

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Resolution Resolution Providing for Sale of fewer Warrants and Fixing the ___Thereof Be it resolved by the Village Council of the Village of Elk River as follows: 1. The Village shall forthwith issue and sell $28,000 sewer warrants on account of Sewer District No. 1 of said Village, said warrants to the 56 in number and numbered 1 to 56 both inclusive and in the denomination of $500 each to bear date June 1, 1941 to bear interest payable annually and the mature serially on June 1 in the amount of $2000 in 1942, $2500 in each of the years 1943 to 1950 both inclusive and $3000 in 1957 and 1952 all warrants maturing after June 1, 1948 to the subject to redemption and prior payment at the option of the Village June 1, 1943 or any interest payment date thereafter at par and accrued interest. 2. The warrants to be issued hereunder shall be in substantially the following form: United States of America State of Minnesota County of Sherburne Village of Elk River Sewer District No. 1 Warrant No. $500 The Treasurer of the village of Elk River, Sherburne County, Minnesota, will pay to the bearer hereof from the Sewer District No. 1 Fund of the Village the sum of Five Hundred st Dollars on the 1 Day of June, 19___, and will pay interest hereon from said fund from the date hereof until paid at the rate of two and one half (2 ½) per cent per annum, payable st annually on the 1 day of June in each year, interest to maturity being payable in accordance with and upon presentation and surrender of the attached in intrest coupons as they severally become due and both principal and interest shall be payable in any coin or currency of the United States of American which on the date of payment is legal tender for public and private debts, at the main office of Northwestern National Bank and Trust Company of Minneapolis, in the City of Minneapolis, Minnesota. The warrants of this issue maturing June 1, 1948 and thereafter are subject to redemption and prior payment at the option of the Village on June 1, 1943 and any interest payment thereafter at par and accrued interest upon thirty (30) days prior notice to the Bank where said warrants are payable. This warrant is one of a series of warrants in the aggregate principal amount of $28,000 issued by the Village pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota thereunto enabling, including Chapter 35, Laws of Minnesota of 1915 and acts amendatory thereof and supplemental thereto for the purpose of defraying the expenses incurred and to be insured in laying sewers in said District in anticipation of the collection of special assessments levied again the benefited property of said District and is payable out of a fund designated as Fund of Sewer District No. 1 into which fund all proceeds of said assessment are required to be paid, but the full faith and credit of the Village has been pledged to the payment of the principal of or interest on such warrants when the moneys on hand in the appropriate sewer district fund are insufficient for such purpose.