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<br />Extract of Minutes of Meeting of the <br />VILLAGE OF ELK RIVER COUNCIL MEETING <br />January 29, 1947 <br /> <br />Pursuant to due call and notice thereof, a Special meeting of the Village Council of the Village of <br />th <br />Elk River, Minnesota, was duly held at the Municipal Building in the village on Wed, the 29 day of <br />January, 1947, at 2 o’clock P.M. <br /> <br />The following members were present: <br />Mayor Davidson, V.B. Skellenger, Elmer Leger; H.A. Briggs, Clerk <br /> <br />And the following were absent: <br />R.A. Ellingson <br /> <br />Member Skellenger introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION PROVIDING FOR THE SALE OF ELECTRIC REVENUE CERTIFICATES <br /> <br />WHEREAS, The Village of Elk River has heretofore acquired and is now operating an electric plant <br />and system to serve the village and its inhabitants with electric energy, and <br /> <br />WHERAS, The revenue of said electric plant and system are more than sufficient to pay the <br />operating expense, cost of maintenance, and to provide for additions and improvements thereto, <br />and <br /> <br />WHEREAS, the Village Council has determined that not less than the sum of $15,000 per year will <br />be available out of the net earnings of the electric plant during the period from 1947 to 1956, both <br />inclusive, and $25,000 thereafter in order to pay for such necessary improvements and auditions, and <br /> <br />WHEREAS, The Council has caused plans and specifications to be prepared for an improvement to <br />the electric generating plant and system consisting of new generating equipment and the <br />construction of a new building to house said equipment, and has determined that the cost of said <br />improvement will not exceed $225,000, <br /> <br />NOW, THEREFORE, BE IT RESOLVED By the Village Council of the Village of Elk River, <br />Minnesota, as follows: <br /> <br />1. It is hereby determined and declared that the electric plant and system of the Village is a <br />public necessity and convenience from which a revenue is derived and the Council has <br />investigated the facts in reference thereto and has found and determined that it is necessary <br />to install new generating equipment and reconstruct said plant in order to furnish adequate <br />and satisfactory electric service. <br />2. It is hereby found and determined that the total cost of the proposed improvement, <br />including all work and materials, incidental expenses, inspection, fiscal and legal expenses <br />and the cost of the issuance of revenue obligations, together with interest thereon during the <br />construction period, will be the sum of $225,000 and that it is necessary for the village to <br /> <br />