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1.4 That this Council did by resolution adopted February 2, 1948 authorize the issuance
<br />and sale of additional Electric Power Plant and System Revenue Certificates, Series
<br />of 1948, dated February 1, 1948, in the principal amount of $25,000 for the purpose
<br />of paying the additional cost of said improvements as estimated at that time, which
<br />revenue certificates were sold to Shaughnessy & Company, Inc., of St. Paul,
<br />Minnesota, and said purchaser has consented to the refunding of said revenue
<br />certificates, Series of 1948, and has agreed to purchase the revenue certificates
<br />hereinafter authorized in the principal amount of $70,000 at a price of par and
<br />accrued interest and with further terms and conditions as hereinafter set forth, and as
<br />part payment of such purchase price has agreed to deliver to the Village said $25,000
<br />Revenue Certificates, Series of 1948; which agreement is deemed favorable to and in
<br />the best interests of the Village, and shall be and is hereby approved, ratified and
<br />confirmed.
<br />1.5 That the Village has no outstanding general or special indebtedness constituting a
<br />lien or charge on the revenues of said plant and system, other than said revenue
<br />certificates dated January 1, 1947 and February 1, 1948, except reasonable and
<br />current expenses of the operation and maintenance thereof, and the revenues
<br />reasonably anticipated to be received during the period for which the additional
<br />revenue certificates herein authorized shall be outstanding will be more than
<br />sufficient to meet all costs of operation and maintenance of said plant and system,
<br />and to meet all payments of principal and interest on said revenue certificates dated
<br />January 1, 1947 and on the revenue certificates herein authorized as such payments
<br />become due, and to create and maintain the required reserves therefor.
<br />1.6 That it is necessary and expedient that the Village forthwith issue, sell and deliver to
<br />said purchaser its Electric Light and Power Plant and System Revenue Certificates,
<br />Series of 1949, in the total principal amount of $70,000, for the purpose of
<br />refunding, paying and redeeming said revenue certificates dated February 1, 1948,
<br />and of providing additional moneys to pay the costs of said improvements
<br />heretofore determined to be made, in accordance with the plans and specifications
<br />therefor heretofore approved by this Council, and all acts, conditions and things
<br />required by the Constitution and Laws of the State of Minnesota to be done, to exist,
<br />to happen and to be performed precedent to the issuance of such revenue
<br />certificates have been done, do exist, have happened and have been performed in
<br />regular and due form, time and manner as so required.
<br />2. Said Electric Light and Power Plant and System Revenue Certificates, Series of 1949, shall be
<br />dated February 1, 1949, shall be 70 in number and numbered from 1 to 70, inclusive, each in
<br />the denomination of $1000, shall bear interest at the rate of 3.30% per annum, payable
<br />semiannually on February 1 and August 1 of each year, and shall be payable as to both
<br />principal and interest at the main office of the First National Bank of St. Paul, in St. Paul,
<br />Minnesota, and the Village hereby agrees to pay the reasonable and customary charges of
<br />said paying agent for the receipt and disbursement of such principal and interest, which
<br />charges shall be accounted for as an operating expense of said plant and system. Said
<br />certificates shall all mature on August 1, 1963, but shall be each subject to redemption and
<br />prepayment at the option of the Village on February 1, 1954 and any interest payment date
<br />thereafter, in inverse order of serial numbers, at a price of par and accrued interest plus a
<br />premium for each certificate so redeemed, computed as follows: The premium for
<br />redemption of any certificate on February 1, 1954 shall be $35,000, and said required
<br />premium shall decrease by $2.50 on each consecutive interest payment date thereafter until
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