02-02-1948 VCM Extract of Minutes

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certificates shall be payable at the main office of the Northwestern National Bank of Minneapolis, in Minneapolis, Minnesota, and the village shall pay, out of the revenues of said plant and system and as a cost of the operation thereof, the reasonable and customary charges of said paying agent for the receipt and disbursement of such principal and interest. 3. Said Electric Light and Power Plant and System Revenue Certificates, Series of 1948, and the coupons to be attached thereto, shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF SHERBURNE VILLAGE OF ELK RIVER ELECTRIC LIGHT AND POWER PLANT AND SYSTEM REVENUE CERTIFICATE SERIES OF 1948 No. ____ $1000 KNOW ALL MEN BY THESE PRESENTS that the Village of Elk River, Sherburne County, Minnesota, has obligated itself to pay to bearer out of the Series of 1948 Interest and Sinking Account of its Electric Revenue Fund the sum of ONE THOUSAND DOLLARS on the first day of February, 19___, or, if this certificate is prepayable as stated below, on a date prior thereto which it shall have been duly called for redemption and prepayment, and to pay interest thereon out of said account, from the date hereof until said principal amount is paid or until this certificate, if prepayable, has been duly called for redemption, at the rate of three and one-quarter per cent (3 ¼%) per annum, payable semiannually on the first day of February and the first day of August in each year, interest to maturity being represented by and payable in accordance with and upon presentation and surrender of the attached interest coupons as they severally become due. Both principal and interest are payable at the the main office of the Northwestern National Bank of Minneapolis, at the City of Minneapolis, Minnesota, in any coin or currency of the United States of America which on the date of payment is legal tender for public and private debts. This certificate is one of a series in the total principal amount of $25,000, all of like date and tenor except as to maturity and redemption privilege, which certificates have been issued for the purpose of providing money to finance the construction of a necessary improvement to the municipal electric light and power plant and system, revenues of which are pledged to the payment thereof, and do not constitute a debt of the village within the meaning of any constitutional or statutory limitation of indebtedness. In event of any default hereunder, the holder of this certificate may exercise any of the rights and privileges granted by the law of the State of Minnesota, subject to the provisions of the resolution of the Village Council authorizing this issue, adopted February ___, 1948, and subject further to the provisions of the resolution adopted by said Council January 29, 1947, authorizing the issuance of $225,000 Electric Light and Power Plant and System Revenue Certificates, dated January 1, 1947, which certificates constitute a charge on the revenues of said plant and system prior to the charge thereon in favor of the certificates of this series. Certificates of this series bearing serial numbers 1 through 15 are payable at their respective stated maturity dates without option of prior payment. Certificates of this series bearing serial numbers 16 through 25, having stated maturity dates later than February 1, 1957, are each subject to redemption and prepayment at par and accrued interest, in inverse order of serial numbers, on said date and any