Laserfiche WebLink
6. The offer of Park-Shaughnessy & Company of Saint Paul, Minnesota to purchase certificates <br />in the among of $225,000, which offer is dated January 6, 1947, is hereby determined to be a <br />favorable offer and is hereby accepted and the Treasurer shall deliver said certificates to the <br />said purchaser upon receipt of the purchase price and the purchaser shall not be required to <br />see to the application thereof. The said proceeds shall be paid into a special construction <br />fund and shall be used solely for the payment of the costs of said improvement as herein <br />provided. <br />7. The village covenants to keep separate accounts in the Electric Revenue Fund for the <br />protection of the holder of the certificates. The entire revenues of the electric plant and <br />system shall be credited to the Electric Revenue Fund and from this fund shall be paid all <br />expenses of operation, repairs and maintenance in accordance with past practices of the <br />village, and the principal and interest on the revenue certificates issued hereunder. Each <br />month there shall be credited to a special Interest and Sinking Account within the Electric <br />Revenue Fund on-sixth of the amount required to pay principal and interest due on the <br />revenue certificate on the next ensuring interest payment date and such account shall be <br />used solely to pay such principal and interest. The net revenues of the electric plant and <br />system shall be determined by deducting from the gross revenues all expenses of operation, <br />repairs and maintenance and principal and interest on outstanding obligations issued for the <br />purchase or improvement of the plant and system, including the revenue certificates herein <br />authorized. Such revenues shall be determined at least twice yearly and credited to a special <br />Reserve Account within the Electric Revenue Fund. Such reserve shall be used only for the <br />purpose of paying principal and interest on revenue certificates issued hereunder except that <br />whenever such Reserve Account shall have credited thereto an amount in excess of the <br />principal and interest requirements on said certificates during the ensuing twelve months <br />period, any such excess may be used in any manner that the village council may direct. <br />8. In event that the moneys in the Interest and Sinking Account are insufficient to pay principal <br />and interest on the certificates which shall then be due, the said moneys shall first be used to <br />pay the interest and the balance shall be applied in payment of maturing principal in <br />accordance with the serial order of the certificates and in event of any default, the holders <br />from time to time of the certificates shall have all the rights, remedies, power and privileges <br />granted by law for the enforcement of their rights or the collection of the principal and <br />interest. The holder of a majority of the certificates then outstanding may, in event of such <br />default, agree to a refunding of the certificates which shall be binding upon all holders <br />hereof, provided that any holders who do not consent may declare their certificates due and <br />payable. In event there shall be insufficient funds to pay principal of any certificate, the <br />village may, with the consent of the holder thereof, refund the same by the issuance of a new <br />certificate on a parity with the certificates issued hereunder but maturing after the maturity <br />of the last thereof and exchange the same for such maturing certificates. <br />9. For the protection of the security of the certificates herein authorized, the Village council <br />covenants and agrees to and with the holders thereof from time to time as follows: <br />(a) It will cause the improvement to the electric plant and system to be constructed and <br />completed at a total cost of not to exceed $225,000 and if for any reason such cost shall <br />exceed such amount, it shall be made a junior claim thereupon and that it will use and <br />apply the proceeds from the sale of said certificates to the payment of the cost of such <br />improvement and that it will not hereafter create any additional or other liens or charges <br />against the electric plant and system or issue additional obligations payable from the <br />revenues of the plant except as herein provided and unless such liens and charges and <br /> <br />