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First National Band of Elk 1.1% 70,035.00 <br />River and Associates <br />Bank of Elk River 1.1% 70,038.50 <br />E.J. Prescott & Co 1.25% 70,025.00 <br />Allison-Williams Co 1.1% 70,021.00 <br /> <br />After due consideration of said bids, it was moved by Member Kramer that the following resolution <br />be adopted: <br /> <br />RESOLUTION AWARDING SALE OF ELECTRIC SYSTEM BONDS <br /> <br />BE IT RESOLVED by the Village Council of the Village of Elk River, Minnesota, that the bid of <br />J.M. Dain & Company of the City of Minneapolis, Minnesota, to purchase $70.000 Electric System <br />Bonds dated September 1, 1945 as described in the official notice of bond sale is hereby found and <br />determined to be the highest and best bid received pursuant to duly advertised notice of sale and <br />should be and is hereby accepted, said bid being to purchase said bonds bearing interest at 1.1% per <br />annum (for bonds maturing in the years 1945 to 19--, inclusive and at the rate of __% per annum <br />for bonds maturing in the years 19--- to 1955, inclusive), for a price of $70,063.00. The Village <br />Treasurer is directed to retain the good faith check of said successful bidder pending completion of <br />the sale and delivery of said bonds, and the Village Clerk is directed to return the checks of <br />unsuccessful bidders forthwith. <br /> <br />S.B. Davidson, President of Council <br />Attest: H.A. Briggs, Village Clerk <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Member Briggs, and <br />upon vote being taken thereon the following voted in favor thereof: Kramer, Briggs, Davidson, <br />Skellenger <br /> <br />And the following voted against the same: None <br /> <br />Whereupon said resolution was declared duly adopted, and was signed and attested by the President <br />and Clerk. <br /> <br />Member Skellenger then introduced the following resolution and moved its adoption: <br /> <br />A RESOLUTION FIXING THE FORM AND DETAILS OF $70,000 ELECTRIC SYSTEM <br />BONDS, RELATING TO THEIR EXECUTION AND DELIVERY, AND PROVIDING <br />FUNDS FOR THEIR PAYMENT <br /> <br />BE IT RESOLVED by the Village Council of the Village of Elk River, Minnesota, as follows: <br /> <br />1. The Village of Elk River shall forthwith issue its negotiable coupon general obligation <br />Electric System Bonds of 1945 in the aggregate principal amount of $70,000, all dated <br />September 1, 1945, to be 70 in number and numbered 1 to 70, inclusive, each in the <br />denomination of $1000, which bonds shall mature serially, in order of serial numbers, lowest <br />number first, on January in the years and amounts as follows: $5000 in each of the years <br />1948 to 1949, and $10,000 in each of the years 1950 to 1955, inclusive; those maturing on or <br /> <br />