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Attest: H.A. Briggs, Village Clerk <br /> <br />(Form of Coupon) <br /> <br />No. ____ $16.50 <br /> <br />st <br />On the 1 day of February (August) the Village of Elk River, Sherburne County, Minnesota, will pay <br />to bearer out of the net revenues of its electric light and power plant and system the sum of <br />SIXTEEN AND 50/100 DOLLARS lawful money of the United States of America at the main <br />office of the First National Bank of St. Paul, in St. Paul, Minnesota for interest then due on its <br />Electric Light and Power Plant and System Revenue Certificates, Series of 1949, dated February 1, <br />1949, No. ____. <br /> <br />(Facsimile signature) <br />Village Clerk <br /> <br />(Facsimile signature) <br />President of Village Council <br /> <br />(Coupon numbered 11 and upwards shall also contain the phrase: “Unless called for earlier <br />redemption”.) <br /> <br />4. Said certificates shall be prepared for execution under the direction of the Village Clerk and <br />shall be executed on behalf of the Village by the signature of the President of this Council <br />and attested by the Village Clerk, and the corporate seal shall be affixed thereto and the <br />interest coupons shall be executed and authenticated by the printed, engraved or <br />lithographed facsimile signatures of said officers. When said certificates have been so <br />prepared and executed, they shall be delivered by the Village Treasurer to the purchaser <br />thereof upon payment of the purchase price as hereinabove provided, and said purchaser <br />shall not be obligated to see to the application of such purchase price, but said revenue <br />certificates dated February 1, 1948, received as part of said purchase price, shall be redeemed <br />and cancelled, and the remainder of said purchase price shall be applied solely to the <br />payment of the costs of the improvements hereinabove described. <br />5. The Village of Elk River shall and does hereby covenant and agree with the purchasers and <br />holders from time to tome of said Electric Light and Power Plant and System Revenue <br />Certificates, Series of 1949, as follows: <br />5.1 It will fully and promptly perform each and all of the covenants contained in the <br />foregoing form of revenue certificate, and also each and all of the provisions and <br />covenants in said resolution dated January 29, 1947, referred to in paragraph 1.2 <br />hereof. <br />5.2 It will maintain in the Electric Revenue Fund of the Village three separate and special <br />accounts, to be designated as “Series of 1949 Interest Account”, “Series of 1949 <br />Reserve Account”, and “Series of 1949 Sinking Account”, respectively. <br />5.3 Each month, after payment of reasonable and necessary expenses of operation, <br />repairs and maintenance of said plant and system and after credit of required <br />amounts to the Interest and Sinking Account for said revenue certificates dated <br />January 1, 1947, there shall be credited to said Series of 1949 Interest Account an <br />amount equal to one-sixth of the amount required to pay interest on the revenue <br /> <br />