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Form of Coupon) <br />No. ____ $____ <br />On the last day of April (October) 19__, the Village of Elk River, Sherburne County, <br />Minnesota, will pay to bearer solely out of the Waterwork and Sewer Utility Revenue Bond <br />Special Redemption Fund of the Village, at the main office of Northwestern National Bank <br />and Trust Company of Minneapolis, Minneapolis, Minnesota, the sum of ______ dollars for <br />interest then due on its Waterworks and Sewer Utility Revenue Bond dated April 1, 1941. <br />No. ______ <br />Village Clerk ___Pres of Village Council <br />5. The said bonds as herein provided shall be prepared under the direction of the Village Clerk <br />and shall be executed on behalf of the Village be the signature of the President of the Village <br />Council and Village Clerk, and its corporate seal shall be affixed thereto, and the interest <br />coupons shall be executed and authenticated by the printed, engraved or lithographed <br />facsimile signatures of said official. <br />6. There ishereby created aspecial redemption fund tobe known as the Waterworks and <br />Sewer Utility Revenue Bond Special Redemption Fund of the Village for the purpose of <br />providing money for the payment of the waterworks and sewer utility revenue bonds to be <br />issued hereunder. There is hereby pledged to said fund as payment of the bonds herein <br />provided and the interest thereon, the net income and revenue of the waterworks plant and <br />system and the sewage disposal plant and system and all additions thereto, replacements and <br />improvements thereon, after paying all necessary expenses of operation, repair, and <br />maintenance of the plant and the Village Council shall hereafter by ordinance provide for <br />rates and charges sufficient to maintain such fund. <br />7. The Village hereby covenants and agrees with the holders from time to time ofany and all of <br />the bonds issued hereunder as follows: <br />A) It will cause the sewer system and disposal plant to be completed, free from all liens, <br />substantially in accordance with plans and specifications therefore heretofore adopted <br />and approved by the Village Board with the proceeds of this issue supplemented by <br />funds allotted therefore by the United States Works Progress Administration, and will <br />thereafter adequately maintain and efficiently operate the same as a municipal water and <br />sewer system and utility. <br />B) It will not issue any other bonds for any purpose or at any time which will be payable out <br />of the revenue of the utility and constitute a lien or charge thereon, unless paid bonds <br />are expressly made subject to the lien and charge of all bonds issued hereunder, provided <br />that if the principal of any bonds issued hereunder shall become due at any time when <br />there is no money in the special fund herein provided for the payment thereof, such <br />bonds may be refunded or the time of payment thereof may be extended to atime <br />beyond the last maturity of the bonds issued hereunder, and such extended bonds or <br />refunding bonds shall share on a parity with the bonds issued hereunder as to interest <br />payments. <br />C) It will keep and maintain proper books ofaccount separate from allother records of the <br />Village in which complete and correct entries will bemade of all transactions relating to <br />the waterworks and sewer plant and system which shall be subject to inspection and <br />copying at all reasonable times and that it will furnish certified times and that it will <br />furnish certified transcripts there from on payment of areasonable fee therefore