Laserfiche WebLink
certificates herein authorized on the ensuing interest payment date and moneys in <br />said account shall be used solely to pay such principal and interest. <br />5.4 At least twice yearly, upon determination of the net revenues of said plant and <br />system, any excess of such revenues over and above amounts required to be credited <br />to the Reserve Account for said certificates dated January 1, 1947, shall be credited <br />to the Series of 1949 Reserve Account, until there shall have been created in the <br />latter account a reserve in the amount of $10,000; which reserve shall be used only <br />when and if moneys in the said Interest Account are insufficient to pay interest due <br />on the revenue certificates herein authorized, and if so used, shall be restored to said <br />amount of $10,000 out of the next net revenue thereafter received; provided, that on <br />or after August 1, 1963 remaining moneys in said Reserve Account may be used to <br />pay principal as well as interest on revenue certificates herein authorized if such <br />moneys then on hand are sufficient to pay the full principal of and accrued interest <br />on all such certificates then outstanding. <br />5.5 Not less than 25% of all net revenues remaining after credit of the amounts <br />hereinabove provided to the Interest Account and the Reserve Account shall be paid <br />and credited into the Series of 1949 Sinking Account. Moneys in said account may be <br />used on and after February 1, 1954 to prepay and redeem revenue certificates issued <br />hereunder at their current call price as provided in paragraph 2 hereof, or to <br />purchase any such certificates at a price lower than the call price effective on the <br />redemption date next following such purchase. A sufficient amount of net revenues <br />in excess of the requirements of the interest and reserve accounts shall in any event <br />be paid and credited into said Sinking Account so as to permit payment or <br />redemption of each and all of the revenue certificates herein authorized on or before <br />August 1, 1963. <br />5.6 In the event that on August 1, 1963 the moneys in said Sinking Account, together <br />with any moneys available in said Reserve Account as hereinabove provided, are <br />insufficient to pay the full principal of all outstanding certificates issued hereunder, <br />the moneys in said Sinking Account shall be applied in payment of principal in <br />accordance with the serial order of the outstanding certificates, lowest number first. <br />5.7 The Village will not hereafter issue or incur any additional obligations payable from <br />said net revenues, unless such obligations shall be expressly made junior and subject <br />to the lien and charge on said net revenues in favor of the certificates issued <br />hereunder. <br />6. The officers of the Village are hereby authorized and directed to prepare and furnish to said <br />purchaser and to the attorneys approving the legality of the issuance of said revenue <br />certificates certified copies of all ordinances and resolutions of the Village relating to the <br />light and power plant and system and the issuance of said revenue certificates and prior <br />obligations, and such other certificates and affidavits as may be required to show the right, <br />power and authority of the Village to issue said revenue certificates and to provide for the <br />security thereof, and all such certified copies, certificates and affidavits shall be deemed <br />representations of the Village as to all matters stated therein. <br />7. Each and all of the terms and provisions of this resolution shall be and constitute a covenant <br />on the part of the Village with and for the benefit of each and every holder from time to <br />time of the certificates issued hereunder. <br /> <br />O.A. Odegard, President of village council <br />H.A. Briggs, Village Clerk <br /> <br />