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VILLAGE OF ELK RIVER COUNCIL MEETING <br />March 24, 1941 Pursuant to due call and notice thereof, a Special meeting of the Village Council of the Village of Elk River, Sherburne County, Minnesota was duly held in the Village Hall in said Village on the 24th day of March, 1941 at 7:30 o'clock p.m.Members present: M.C. Tesch, Pres; Frank Nickerson, E.L. Shadick, and G.A. Bailey, Trustees; J.Clinton Walker, ClerkTrustee G.A. Bailey introduced the following resolution and moved its adoption: A Resolution providing for the creation of a waterworks and sewer utility plant, the construction of sanitary sewers and treatment plant, and the issuance of waterworks and sewer utility revenue bonds for the purpose of providing money for the construction thereof. Be it resolved by the Village Council of the Village of Elk River as follows: 1.It is hereby determined that it is necessary and expedient to construct and complete awaterworks and sewer system and disposal plant as a combined utility to be known as theWaterworks and Sewer Utility of the Village of Elk River.2.It is hereby determined that it is necessary to proceed with the construction of sanitarysewers and sewage disposal plant and system at an estimated cost of $144,952.00, of which$30,000 is to be provided by the issuance of waterworks and sewer utility revenue bonds,and the remainder is to be furnished out of other funds of the Village and by the issuance ofsewer warrants, and by a grant from the Works Progress Administration of the United Statesof America.3.For the purpose of providing money for the construction of sanitary sewer and sewagedisposal plant, the Village shall issue negotiate, and sell its waterworks and sewer utilityrevenue bonds in the amount of $30,000. Said bonds shall be 30 in number and numberedconsecutively from 1 to 30, both __ , in the denomination of $1,000 each dated April 1,1941, shall bear interest at the rate of 3 percent per annum, payable semi-annually on the l'tday of April and the 1st day of October in each year. Shall be payable at the main office ofNorthwestern National Bank and Trust Company of Minneapolis, Minnesota and shallmature serially on April 1, in the amount of $1000 in each of the years 1943 to 1956, both in__ , and $2000 in each of the years 1957 to 1964, both inclusive, bonds Nos 13 to 30being those maturing on and after April 1, 1955, all being subject to redemption at theoption of the Village on any interest payment date on or after April 1, 1947 at par andaccrued interest upon thirty (30) days written notice of such prior payment to the bank atwhich the bonds are payable.4.The bonds and interest coupons to be issued hereunder shall be in substantially thefollowing forms:United States of AmericaState of MinnesotaCounty of SherburneVillage of Elk RiverWaterworks and Sewer Utility Revenue BondNo._ $1,000.00