02-19-1949 VCM Extract of Minutes

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February 1, 1961, on which date and any subsequent interest payment date each and all of said certificates shall be redeemable at par and accrued interest. The Village Clerk shall maintain a register showing the names, addresses and certificate numbers of holders of revenue certificates of said series, so far as such information is made available to him, and shall mail notice, at least thirty days prior to the date specified for redemption of any of said certificates to the holder, if known, and to the bank at which principal and interest are then payable. 3. Said revenue certificates and the interest coupons to be thereto attached shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF SHERBURNE VILLAGE OF ELK RIVER ELECTRIC LIGHT AND POWER PLANT AND SYSTEMS REVENUE CERTIFICATE SERIES OF 1949 NO:___ $1,000 KNOW ALL MEN BY THESE PRESENTS that the Village of Elk River, a duly organized municipal corporation of Sherburne County, Minnesota, hereby certifies that it has obligated itself to pay to bearer, but solely out of the net revenues of its electric light and power plant and system the st sum of ONE THOUSAND DOLLARS on the 1 day of August, 1963, or on a date prior thereto on which this certificate shall have been duly called for redemption and prepayment as stated below, and to pay interest thereon, out of the said net revenues, from the date hereof until said principal amount is paid, or until this certificate has been duly called for redemption, at the rate of three and st thirty hundredths per cent (3.30%) per annum, payable semiannually on the 1 day of February and st the 1 day of August of each year, interest to maturity being represented by and payable in accordance with and upon presentation and surrender of the interest coupons hereto attached. Both principal and interest are payable at the main office of the First National Bank of St. Paul, in St. Paul, Minnesota, in any coin or currency of the United States of America which on the date of payment is legal tender for public and private debts. This certificate is one of a series in the total principal amount of $70,000, all of like date and tenor except as to serial number, which certificates have been issued to the among of $45,000 for the purpose of providing money to finance the construction of necessary improvements to the municipal electric light and power plant and system, and to the amount of $25,000 for the purpose of refunding a like amount of valid outstanding revenue certificates heretofore issued for such improvements, all pursuant to resolutions duly adopted by the Village Council and pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota thereunto enabling. The certificates of this series are payable solely from the net revenues of said plant and system, subject to the prior lien and charge on said revenues of the Village’s Electric Light and Power Plant and System Revenue Certificates dated January 1, 1947, and this certificate does not constitute a general indebtedness of the Village within the meaning of any constitutional or statutory limitation, and the general credit and taxing powers of the Village are not pledged for the payment thereof.