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council and the clerk, and the corporate seal of the village shall be affixed thereto and the <br />attached interest coupons shall be executed and authenticated by the printed, engraved or <br />lithographed facsimile signatures of said officers. When said certificates have been so <br />prepared and executed they shall be delivered to the village treasurer who shall deliver the <br />same to the purchaser thereof as hereinafter provided. <br />5. The offer of Shaughnessy and Company of St. Paul, Minnesota to purchase said certificates <br />in the among of $25,000 at a price of par and accrued interest to date of delivery is hereby <br />found and determined to be an offer favorable to the village and is hereby accepted, and the <br />treasurer shall deliver said certificates to said purchaser upon receipt of the purchase price, <br />and the purchaser shall not be required to see to the application thereof. Said proceeds shall <br />be paid into a special construction fund and shall be used solely for the payment of the costs <br />of said improvement as herein provided. <br />6. Each and all of the provisions and covenants of said resolution of January 29, 1947 for the <br />benefit of holders of the revenue certificates therein authorized, referred to below as “1947 <br />certificates”, are hereby confirmed and made a part of the agreement of the village with each <br />and all of the holders from time to time of the revenue certificates herein authorized, <br />referred to below as “1948 certificates”. The village shall and does hereby further covenant <br />and agree with and for the benefit of the holders from time to time of the 1948 certificates <br />as follows: <br />(a) There are hereby created and shall be maintained in the Electric Revenue Fund two <br />separate and special accounts designated as the “Series of 1948 Interest and Sinking <br />Account” and the “Series of 1948 Reserve Account”, respectively. <br />(b) Each month, after payment of reasonable and necessary expenses of operation, repairs <br />and maintenance and after credit of required amounts to the Interest and Sinking <br />Account for the 1947 certificates, there shall be credited to the Series of 1948 Interest <br />and Sinking Account an amount equal to one-sixth of the amount required to pay <br />principal and interest due on the 1948 certificates on the next ensuing interest payment <br />date, and said account shall be used solely to pay such principal and interest. <br />(c) At least twice yearly, upon determination of the net revenues of said plant and system, <br />any excess of such revenues over and above amounts required to be credited to the <br />Reserve Account for the 1947 certificates shall be credited to the Series of 1948 Reserve <br />Account, until there shall be created in the latter account a reserve in the among of <br />$5500; which reserve shall be used only when and if moneys in the Series of 1948 <br />Interest and Sinking Account are insufficient to pay maturing principal of or accrued <br />interest in the 1948 certificates, and if so used shall be restored to said amount of $5500 <br />out of the next net revenues thereafter received. <br />(d) In the event that the moneys in the 1948 Interest and Sinking and Reserve Accounts are <br />insufficient to pay principal of and interest on the 1948 certificates which shall then be <br />due, said moneys shall first be used to pay the interest, and the balance shall be applied <br />in payment of maturing principal in accordance with the serial order of the certificates, <br />and in event of any default, the holders from time to time of the certificates, in have all <br />of the rights, remedies, powers and privileges granted by law for the enforcement of <br />their rights and collection of such principal and interest. The holders of a majority of the <br />1948 certificates then outstanding may, in event of such default, agree to a refunding of <br />the 1948 certificates which shall be binding upon all holders thereof, provided that any <br />holders who do not consent may declare their certificates due and payable. In the event <br />that there shall be insufficient funds to pay the principal of any certificate, the village <br />may, with the consent of the holder thereof, refund the same by the issuance of a new <br /> <br />