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obligations shall be expressly made a junior inferior claim and charge on the revenues of <br />said plant. <br />(b) It will continue to operate the electric plant and system as a revenue producing utility <br />and will cause the electric plant and system to be maintained in good and efficient <br />operating condition, and will not sell or otherwise dispose of any part of the plant or <br />system unless replaced with some other part of equal utility. <br />(c) Until the principal and interest on the certificates shall be paid in full, it will collect rates <br />and charges now imposed for electric service and will give no free service and the village <br />shall pay the regular rates for all electric services furnished to the village in accordance <br />with the existing schedule of rates and charges. <br />(d) It will cause all income and revenues derived from the operation of the electric plant and <br />system to be credited to a special fund and no payment shall be made therefrom except <br />expenditures rightfully incurred in the normal operation of the electric plant and system, <br />including upkeep, repairs, and maintenance and the principal and interest on obligations <br />heretofore issued or herein authorized and will cause all funds in excess of those <br />required for operation, upkeep, repairs and maintenance and in payment of principal and <br />interest as herein provided, to be credited to the special surplus account. <br />(e) It will cause proper books of record and account to be kept in which true and correct <br />entries shall be made of all electric rates and charges imposed or required to be imposed <br />and of all collections and receipts therefrom and the application thereof to the Electric <br />Revenue Fund, and of all expenditures therefrom. Said books of account shall be open <br />to inspection and copying of any holder of obligations hereunder, his agent or attorney, <br />and the Village Clerk shall upon request furnish certified copies of any portion thereof <br />upon receipt of a reasonable fee for such copies. <br />(f) It will procure and keep in force insurance upon the electric plant and the machinery and <br />equipment therein against loss or damage by fire, tornado, windstorm, flood or other <br />causes customarily insured against with an insurer or insurers in good standing, in such <br />amounts as the Council shall determine will be required adequately to protect the village <br />and the holders of certificates from loss due to such casualty and in event of any such <br />loss, the proceeds from such insurance shall be used to repair or restore said plaint. <br />10. The Clerk and Treasurer are hereby authorized and directed to prepare and furnish the <br />purchasers of the certificates and their attorneys certified copies of all ordinances and <br />resolutions of the village relating to the electric plant and system and the issuance of the <br />certificates or other obligations and all other proceedings or records showing the right, <br />power and authority of the village to issue the same and to provide the security thereof, and <br />such certified copies and certificates shall be deemed representations of the village as to all <br />facts stated therein. <br />11. Each and all of the terms and provisions of this resolution shall be and constitute a covenant <br />on the part of the village to and with each and every holder from time to time of the <br />certificates issued thereunder. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Member Leger and <br />upon vote being taken thereon the following voted YEA: Leger, Skellenger, Briggs <br />And the following voted NAY: none <br />Whereupon said resolution was declared duly passed and adopted <br /> <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br /> <br />