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Plus additional interest of 1.2% per annum on all bonds for the period 3-1-60 to be evidenced by <br />extra coupons as follows: <br /> <br />85 coupons of $4.00 each due 7-1-60 <br />85 coupons of $6.00 each due 1-1-61 <br />85 coupons of $6.00 each due 7-1-61 <br /> <br />Principal and interest to be payable at a bank to be named later in ___, ___, and to be issued in <br />accordance with the notice of bond sale heretofore duly published, is hereby found and declared to <br />be the highest and best bid received pursuant to advertised notice of sale of said bonds, and is <br />hereby accepted. The Village Clerk is directed to retain the good faith check of said successful <br />bidder and to return all other good faith checks forthwith. <br /> <br />/s/ H.L. Johnson <br />Mayor <br /> <br />Attest: /s/ H.A. Briggs <br />Village Clerk <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Member Kemper <br />and upon vote being taken thereon, the following voted in favor thereof: <br /> <br />R.G. Kemper, H.A. Briggs, August Meyer <br /> <br />And the following voted against the same: None <br /> <br />Whereupon said resolution was declared duly passed and adopted, and was signed by the Mayor, <br />which was attested by the Clerk. <br /> <br />Member Kemper thereupon introduced Ordinance No. 57 and moved its adoption: <br /> <br />ORDINANCE NO 57 <br /> <br />AN ORDINANCE AMENDING ORDINANCE NO. 39 OF THE VILLAGE OF ELK RIVER, <br />AS AMENDED, WITH RESPECT TO THE MAINTENANCE OF THE LIQUOR <br />DISPENSARY FUND <br /> <br />THE COUNCIL OF THE VILLAGE OF ELK RIVER DO ORDAIN: <br /> <br />Section 1. Section 3 of Ordinance No. 39 of the Village of Elk River, as amended is hereby amended <br />to read as follows: <br /> <br />“(a) A Municipal Liquor Dispensary Fund is hereby created, in which all revenues received from the <br />operation of the dispensary shall be deposited and from which all operating expenses shall be paid. <br />Surpluses accumulating in the Dispensary Fund may be transferred to the general fund or any other <br />appropriate fund of the Village by resolution of the Council and extended for any municipal <br />purpose; provided, that the Village Council may by resolution heretofore or hereafter adopted <br />authorize the issuance of liquor dispensary revenue certificates or bonds payable from the net <br /> <br />