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Know allmen by these presents that the Utility ofElk River, Sherburne County, Minnesota, <br />hereby promises to pay to bearer out of the Waterworks and Sewer Utility Revenue Bondst <br />Special Redemption Fund ofthe Village on the 1 day of April 19, the sum of One thousand <br />dollars and to pay interest thereon out of said fund at the semiannually on the 1st day ofst <br />April on the 1 day of October in each year until paid interest tomaturity being payable in <br />accordance with and upon presentation and surrender of the interest coupons hereto <br />attached as they severely become due. Both principal and interest are payable at the main <br />office ofNorthwestern National Band and Trust Company ofMinneapolis, in the city of <br />Minneapolis, Minnesota in any coin for currency of the United States of America, which on <br />the date ofpayment is legal tender for public and private debts. <br />All bonds of this issue maturing on and after April 1, 1955 are subject to redemption on <br />April 1, 1947, or on any interest payment date thereafter, at par and accrued interest to date <br />of such prior redemption upon thirty days prior notice of such redemption. <br />Notice of redemption shall be given by mail to the bank at which said bonds are payable. <br />Holders desiring to receive such notice may register their names and addresses with the <br />Village Clerk. <br />This bond is one of an issue of bonds in the total principal amount of $30,000, all of like <br />date and tenor except as to denomination and maturity, which bonds have been issued for <br />the purpose ofconstructing a sewer and disposal plant as an addition to the waterworks and <br />sewer system as authorized byChapter ___, Laws of Minnesota for 1941. This bond and the <br />interest thereon is payable only out of the revenue of the utility in the Waterworks and Sewer <br />Utility Revenue Bond Special Redemption Fund of the Village and does not constitute a <br />general indebtedness in the fun herein above provided to pay principal and interest when <br />due, all moneys therein shall be first used and applied in pro rate payment of interest on all <br />outstanding bonds and the balance in payment of principal of bonds in order of serial <br />number and maturity. <br />It ishereby certified and recited that all acts, conditions and things required by the <br />Constitution and Laws of the Sate of Minnesota tobe done, to happen, and to be performed <br />precedent to and in the issuance of this bond have been done, have happened, and have <br />been performed in due form and manner as required by law; that to Village has by ordinance <br />duly adopted provided for rates and charges sufficient to maintain the special fund; and that <br />the Village will collect such revenues as provided bylaw and will pay the same into the said <br />special fund. The Village further covenants and agrees that itwill at all times charge rate at <br />least sufficient to product net revenue to pay when due the principal of and interest on this <br />bond inso far as permitted by law. <br />In witness whereof the Village of Elk River, Sherburne County, Minnesota by its Village <br />Council has caused this bond to be executed in its behalf by the signature of the President of <br />the Village Council and Village Clerk and the corporate seal to be hereunto affixed and has <br />caused the intrust coupons to be executed and authenticated by the facsimile signatures of <br />said offices, all as of April 1, 1941. <br />Attest: Village Clerk <br />President of Village Council, Elk River, Minnesota