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provide such costs by the issuance of Electric Light and Power Plant and System Revenue <br />Certificates in the aggregate principal amount of $225,000. <br />3. The Village shall forthwith issue its negotiable coupon Electric January 1, 1947, in the <br />aggregate principal amount of $225,000, said certificates to be 225 in number and numbered <br />from 1 to 225, inclusive in the denomination of $1,000 each, all bearing interest at the rate of <br />stst <br />2% per annum, payable semi-annually on the 1 day of January and the 1 day of July in each <br />year and maturing serially in the order of serial numbers, lowest number first, in the among <br />stst <br />of $5,000 on January 1 and July 1 in each of the years 1948, to 1955, both inclusive, <br />stst <br />$10,000 on January 1 and July 1 in each of the years 1956 to 1961 both inclusive and on <br />stst <br />January 1 1962 and $15,000 on July 1 1962 all or said certificates maturing after January 1, <br />1957 being subject to redemption and prior payment in inverse order of number and <br />maturity, at par and accrued interest on said date and any interest payment date thereafter <br />upon thirty days notice as hereinafter provide. Both principal and interest shall be payable at <br />the main office of Northwestern National Bank of Minneapolis in the City of Minneapolis, <br />Minnesota and the village shall pay out of the revenues of the plant the reasonable charges <br />of such paying agent. <br />4. The said Electric Light and Power Plant and System Revenue Certificates and the coupons <br />to be attached thereto shall be in substantially the following form: <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />VILLAGE OF ELK RIVER <br /> <br />NO. $1,000 <br /> <br />ELECTRIC LIGHT AND POWER PLANT AND SYSTEM REVENUE CERTIFICATE <br /> <br />KNOW ALL MEN BY THESE PRESENTS That the Village of Elk River, Sherburne County, <br />Minnesota, has obligated itself to pay to bearer out of the Interest and Sinking Account of its <br />st <br />Electric Revenue Fund, the sum of ONE THOUSAND DOLLARS on the 1 day of January (July), <br />19__, and to pay interest thereon out of said account from the date hereof until the principal <br />amount is paid at the rate of two percent (2%) per annum, interest to maturity payable semi-annually <br />stst <br />on the 1 day of January and the 1 day of July in each year, in accordance with and upon <br />presentation and surrender of the attached interest coupons as they severally become due. Both <br />principal and interest are payable at the main office of Northwestern National Bank of Minneapolis, <br />at the City of Minneapolis, Minnesota, in any coin or legal tender for public and private debt. <br /> <br />This certificate is one of an issue in the total principal amount of $225,000, all of like date and tenor <br />except as to maturity, which certificates have been issued for the purpose of providing money to <br />finance the construction of the necessary improvement to the electric plant and system pledged to <br />the payment thereof and do not constitute a debt of the village within the meaning of any <br />constitutional or statutory limitation of indebtedness. In event of any default hereunder, the holder <br />of this certificate may exercise any of the rights and privileges granted by the laws of the State of <br />Minnesota, subject to the provisions of the resolution of the village council authorizing this issue. <br /> <br />The certificates of this issue maturing after January 1, 1957, are subject to payment and redemption <br />in inverse order of serial number and maturity at par and accrued interest on said date and any <br /> <br />