|
The Certificates of this series are each subject to redemption and prepayment at the option of the
<br />Village, in inverse order of serial numbers, on February 1, 1954 and on any interest payment date
<br />thereafter at a redemption price of par and accrued interest plus a premium of $35 for each
<br />certificate so redeemed on February 1, 1954, which required redemption premium will decrease by
<br />$2.50 on each consecutive interest payment date thereafter until February 1, 1961, on which date
<br />and any subsequent interest payment date each and all of said certificates then outstanding will be
<br />redeemable at a price of par and accrued interest. The Village will mail notice of call at least thirty
<br />days prior to the date specified for redemption of any of said certificates to the holder, if known,
<br />and to the bank at which principal and interest are then payable, if known, and to the bank at which
<br />principal and interest are then payable. Holders of said certificates desiring to receive such notice
<br />must register their names, addresses and certificate numbers with the Village Clerk.
<br />
<br />IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED: That all acts,
<br />conditions and things required by the Constitution and Laws of the State of Minnesota to be done,
<br />to happen, to exist and to be performed precedent to and in the issuance of this certificate, to make
<br />it a valid and binding special obligation of the Village according to its terms, have been done, have
<br />happened, do exist and have been performed in due form, time and manner; that said improvements
<br />will be completed within the amount of funds presently available therefor, including the proceeds of
<br />sale of the certificates of this series; that until full payment of said certificates and interest thereon
<br />the Village will continue to own and operate said plant and system and will grant no franchise to any
<br />plant or system for the furnishing of like services to the Village or its inhabitants in competition
<br />therewith; that all revenues and income received in respect of light, heat, power and other utility
<br />services, paid into the Electric Revenue Fund of the Village, and from said revenues shall be paid all,
<br />but only, the normal, reasonable and current costs of operation and maintenance of said plant and
<br />system, determined in accordance with sound accounting practices, and amounts required to pay the
<br />principal of and interest on said revenue certificates of January 1, 1947 and to maintain the agreed
<br />reserve therefor, and the remainder shall constitute the net revenues pledged to the payment of the
<br />revenue certificates of this issue; that out of said net revenues there shall be credited and paid each
<br />month into a separate and special Interest Account, Reserve Account and Sinking Account within
<br />said fund sufficient moneys to provide for the prompts and full payment of the principal of and
<br />interest on said certificates as such payments become due and to create and maintain a reserve for
<br />such purpose; that the Village will at all times maintain and collect rates and charges for all services,
<br />products and by-products of said plant and system in amounts and according to schedules sufficient
<br />to product net revenues adequate for said payments, and will grant no free service; that it will issue
<br />or incur no additional obligations payable from said net revenues unless the lien thereof shall be
<br />expressly made junior and subject to the lien and charge on said net revenues in favor of the
<br />certificates of this issue; all as more fully set forth in the resolution adopted Feb 19, 1949, entitled
<br />“Resolution Authorizing Issuance and Sale of $70,000 Electric Light and Power Plant and System
<br />Revenue Certificates, Series of 1949”, to which authorizing resolution reference is hereby made for
<br />further details and other covenants with respect thereto.
<br />
<br />IN WITNESS WHEROF the Village of Elk River, Sherburne County, Minnesota, by its Village
<br />Council has caused this certificate to be executed in its behalf by the signature of the President of
<br />said Council and attested by the Village Clerk and its corporate seal to be hereunto affixed and the
<br />attached interest coupons to be executed and authenticated by the facsimile signatures of said
<br />officers, and has caused this certificate to be dated as of February 1, 1949.
<br />
<br />O.A. Odegard, President of Village Council
<br />
<br />
|