02-19-1949 VCM Extract of Minutes

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Extract of Minutes of Meeting of the VILLAGE OF ELK RIVER COUNCIL MEETING February 19, 1948 Pursuant to due call and notice thereof, the Village Council of the Village of Elk River, Minnesota, met in Special session at the Municipal Building in said Village on February 19, 1949, at 2 o’clock P.M. The following members were present: Mayor O.A. Odegard, Trustees E.A. Parent, R.A. Ellingson, Dan Bailey and Clerk – H.A. Briggs. And the following were absent: None Trustee Ellingson introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $70,000 ELECTRIC LIGHT AND POWER PLANT AND SYSTEM REVENUE CERTIFICATES, SERIES OF 1949 BE IT RESOLVED by the Village Council of the Village of Elk River, Minnesota, as follows: 1. This Council has investigated the facts necessary to ascertain and does hereby find, determine and declare: 1.1 That the Village of Elk River has heretofore duly acquired and now owns and operates a municipal electric light and power plant and system as a revenue producing public convenience and utility, which system, under the ordinances, resolutions and by-laws of the village is within the sole and exclusive jurisdiction and control of this Council. 1.2 That said Village has heretofore issued, sold and delivered its Electric Light and Power Plant and System Revenue Certificates dated January 1, 1947, in the principal amount of $225,000, no reduced to $210,000, with terms and conditions as provided in the resolution adopted by this Council on January 29,1947, entitled “Resolution Providing for the Sale of Electric Revenue Certificates” which resolution is by reference incorporated herein and made a part hereof; and that the Village has duly performed all of the covenants contained in said resolution, and has promptly made all payments of principal and interest when due on said revenue certificates, and there are now in the Reserve Account, created by said resolution, in the Electric Revenue Fund of the Village moneys in excess of the principal and interest requirements of said revenue certificates during the period of twelve months from the present date. 1.3 That said revenue certificates of January 1, 1947 were issued for the purpose of providing moneys to pay the cost of necessary improvements to the electric light and power plant and system and due to rising costs of materials and labor and the necessity of effecting major repairs to the existing generating facilities in order to complete and install said improvements, the total cost of said improvements will exceed the amount heretofore estimated by not less than $70,000.