02-02-1948 VCM Extract of Minutes

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(j) The village will procure and keep in force insurance upon the electric light and power plant and system, and the machinery and equipment therein, against loss or damage by fire, tornado, windstorm, flood or other causes customarily insured against, with an insurer or insurers in good standing; in such amounts as the council shall determine will be required adequately to protect the village and the holders of outstanding 1947 and 1948 certificates from loss due to such casualty, and in event of any such loss and proceeds from such insurance shall be used to repair or restore said plant and system. 7. The clerk and treasurer are hereby authorized and directed to prepare and furnish to the purchaser of said 1948 certificates and the attorneys approving the legality of the issuance thereof, certified copies of all ordinances and resolutions of the village relating to the electric plant and system, and the issuance of the 1948 certificates and prior obligations, and all other proceedings or records showing the right, power and authority of the village to issue the same and to provide for the security thereof, and all such certified copies and certificates shall be deemed representations of the village as to all facts stated therein. 8. Each and all of the terms and provisions of this resolution shall be and constitute a covenant on the part of the village to and with each and every holder from time to time of the certificates issued hereunder. O.A. Odegard, President, Village Council Attest: H.A. Briggs, Village Clerk The motion for the adoption of the foregoing resolution was duly seconded by Member Briggs, and upon vote being taken thereon, the following voted YEA: And the following voted NAY: Whereupon said resolution was declared duly passed and adopted, and the President approved and signed the same, which was attested by the Clerk. STATE OF MINNESOTA COUNTY OF SHERBURNE I, the undersigned, being the duly qualified and acting Clerk of the Village of Elk River, Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of minutes with the original thereof on file and of record in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the Village Council of said Village duly called and held on the date therein indicated so far as such minutes relate to the issuance of the Electric Light and Power Plant and System Revenue Certificates, Series of 1948, of said Village. rd WITNESS my hand and the seal of said Village this 3 day of February 1948. H.A. Briggs, Village Clerk (SEAL)