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before January 1, 1951, to be without option of prior payment, but those maturing in the
<br />years 1952 to 1955 (being bonds bearing serial numbers 31 to 70, inclusive) shall each be
<br />subject to redemption and prepayment at par, at the option of the Village, in inverse order of
<br />serial numbers, on January 1, 1951, and on any interest payment dated thereafter, after notice
<br />or call for redemption mailed to the bank at which payable and to the holder, if known, of
<br />each bond to be redeemed, thirty days prior to the date specified for redemption. The
<br />Village Clerk and his successors in office are hereby authorized and directed to maintain a
<br />register showing the names, addresses, and bond numbers of the holders of bonds
<br />numbered 31 to 70, inclusive, insofar as such information is available to them, for the
<br />purpose of giving such notices of calls for redemption. Both principal and interest on said
<br />bonds shall be payable at the main office of the Northwestern National Bank of Minneapolis
<br />in Minneapolis, Minnesota, and for the prompt and full payment of such principal and
<br />interest as the same respectively become due, the full faith, credit, and taxing powers of said
<br />village shall be and are hereby irrevocably pledged. Said bonds shall bear interest as stated in
<br />the form below.
<br />2. Said bond and the interest coupons to be thereto attached shall be in substantially the
<br />following form:
<br />UNITED STATES OF AMERICA
<br />STATE OF MINNESOTA
<br />COUNTY OF SHERBURNE
<br />
<br />VILLAGE OF ELK RIVER
<br />ELECTRIC SYSTEM BOND OF 1945
<br />NO. ___ $1000.
<br />
<br />KNOW ALL MEN BY THESE PRESENTS that the Village of Elk River, Minnesota,
<br />st
<br />acknowledges itself indebted and for value received hereby promises to pay to bearer on the 1 day
<br />of January, 19__, or, if this bond is prepayable as stated below, on a date prior thereto on which it
<br />shall have been called for redemption, the sum of ONE THOUSAND DOLLARS, and to pay
<br />interest thereon, from the date hereof until said principal sum be paid for or, if this bond is
<br />prepayable, until it has been duly called for redemption, at the rate of ____ (___) per cent per
<br />stst
<br />annum, payable July 1, 1946, and semiannually thereafter on the 1 day of January and the 1 day of
<br />July of each year, interest to maturity being payable in accordance with and upon presentation and
<br />surrender of the interest coupon hereto attached as they severally become due. Both principal and
<br />interest are payable at ___ in ____, in any coin or currency of the United States of America which
<br />on the respective date of payment is legal tender for public and private debts. For the prompt and
<br />full payment of such principal and interest as the same respectively become due, the full faith, credit,
<br />and taxing powers of the Village have been and are hereby irrevocably pledged.
<br />
<br />This bond is one of an issue of $70,000 principal amount, all of like date and tenor except as to
<br />maturity interest rate, and redemption privileges, all issued by said Village for the purpose of
<br />acquiring and improving a public lighting and power system to be owned and operated by the village
<br />as a public convenience from which a revenue may be derived, and is issued pursuant to and in full
<br />conformity with the Constitution and Law of the State of Minnesota thereunto enabling.
<br />
<br />Bonds of this issue bearing serial numbers 1 to 30, inclusive, are payable at their stated maturity
<br />dates without option of prior payment; but bonds numbered 31 to 70, inclusive, are each subject to
<br />prepayment and redemption, in inverse order of serial numbers, on January 1, 1951, and on any
<br />
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