02-02-1948 VCM Extract of Minutes

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certificate on a parity with the certificates issued hereunder but maturing after the maturity of the last outstanding 1948 certificate, and may exchange the same for such maturing certificate. (e) The village will not hereafter create any additional or other liens or charges against the electric light and power plant and system or issue additional obligations payable from the revenues of said plant and system, except as provided in subparagraph (d) hereof, unless (1) such liens, charges or obligations shall be expressly made a junior and inferior claim and charge on said revenues, or (2) the revenues of said plant and system, less expenses of operation, repairs and maintenance, for each of two years next preceding the issuance of such additional obligations shall have been in an amount at least 1 ½ times the average of the annual principal and interest requirements of the remainder of the term of the 1948 certificates on all outstanding 1947 and 1948 certificates, plus such additional obligations so to be issued and theretofore or then made payable from said revenues; provided, that such additional obligations are issued to pay for necessary improvements to or extensions of the electric light and power plant and system, and the lien thereof shall not be superior to the lien and charge in favor of the then outstanding 1948 certificates. (f) The village will cause said improvement to be constructed and completed and will use and apply the proceeds from the sale of the 1948 certificates to the payment of the cost of such improvement, and will continue to operate said plant and system as a revenue producing utility and will cause the same to be maintained in good and efficient operating condition and will not sell or otherwise dispose of any part thereof unless replaced with some other part of equal utility. (g) The village will continue to impose and collect rates, charges and penalties for the services, products and by-products furnished by said plant and system to the village and to its inhabitant s and other customers, which shall be in amounts and according to schedules such that the aggregate thereof paid into the Electric Revenue Fund will be sufficient to pay all expenses of operation, repairs and maintenance and to provide annually excess revenues in an amount at least 1 ¼ times the average of the annual principal and interest requirements for the remainder of the term of the 1948 then outstanding and sufficient also to maintain the reserves for said 1947 and 1948 certificates as provided in this resolution and in said resolution of January 19, 1947. (h) The village will cause all income and revenues derived from the operation of the electric light and power plant and system to be credited to the Electric Revenue Fnd, and no payment shall be made therefrom except expenditures rightfully incurred in the normal operation of said plant and system, including upkeep, repairs and maintenance and the principal and interest on obligations heretofore issued or herein authorized, and will cause all funds in excess of those required for such purposes to be credited to the special surplus account. (i) The village will cause proper books of record and a count to be kept in which true and correct entries shall be made of all electric rates and charges imposed or required to be imposed, and of all collections and receipts therefrom and the application thereof to the Electric Revenue Fund and the separate accounts therein, and of all expenditures therefrom. Said books of account shall be open to inspection or copying by any holder of obligations issued hereunder, his agent or attorney, and the village clerk shall upon request furnish certified copies of any portion thereof upon receipt of a reasonable fee for such copies.