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(D)It will keep and maintain responsible rates and charges for water furnished by thewaterworks plant and system to the Village and to all other parties who may be servedthereby in accordance wit the provisional hereof and for sewage disposal services andwill make all reasonable efforts to collect such charges and will apply the moneys soreceived as herein provided(E)It will cause all persons handling such moneys to be bonded in reasonable amounts forthe protection of the Village and through a bank or banks whose deposits are guaranteedunder the Federal Deposit Insurance law.(F)It will keep the waterworks plant and disposal plant insured at all times against loss ordamage by fire, tornado, or other risks customarily insured against in such amounts asare customary for like plants to protect the holders from time to time of the bondsissued hereunder as well as the Village and the cost of such insurance shall be paid andexpense of operation.(G) The Village and each and all of its officers will punctually perform all duties withreference to the waterworks plant and sewer of the State of Minnesota.8.In event that any of the principal of or interest on the bonds issued hereunder shall becomedue and remain unpaid for more than thirty days, such nonpayment shall constitute a defaulthereunder and shall entitle the holders of a majority of the principal amount of theoutstanding bonds to declare all bonds then outstanding to be due and payable with theconsent of the Village Council and to enter into any plan for removing such default. Saidbond holders shall have all other rights granted by the Laws of The State of Minnesota forthe enforcement of the obligations hereunder.9.The offer of Juran, Moody and Rice and Allison Williams Company to purchase bondsissued hereunder, and $25,000 Sewer Warrants issued under Sections 1880 to 1893, Mason'sMinnesota Statues at par and accrued interest in accordance with their letter dated JanuarySt\ 1941 is hereby accepted and the Village Treasurer shall deliver all of said obligation onreceipt of the purchased price.The motion for the adoption of the foregoing resolution was duly seconded by Trustee E.L. Shadick and upon vote being taken thereon the following voted in favor thereof: E.L. Shadick, Frank Nickerson, G.A. Bailey, J. Clinton Walker, M.C. Tesch, and the following voted against the same: None, whereupon said resolution was declared duly passed and adopted and was declared to be in full force and effect.