10-03-1914 VCM - Laserfiche WebLink

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And, in the opinion of said governing body, it is for the welfare of said (1) Village that the said (8) Bonds be refunded. NOW, THEREFORE, BE IT RESOLVED, by the (4) Village Council of said (1) Village of (9) Elk River that it is necessary for it to issue and negotiate under and by virture of (11) Sections 1854 and 1855 General Statutes of Minnesota 1913 its refunding bonds in the aggregate sum of (5) $7,500 to be dated on the day the same are issued, bearing interest at the rate of four per centum per annum, to mature and to be of the respective numbers and amounts as hereinafter set forth: st 1. One Bond for the sum of $500 Payable July 1, 1920. 2. One Bond for the sum of $500 Payable July 1st, 1921. 3. One Bond for the sum of $500 Payable July 1st, 1922. 4. One Bond for the sum of $500 Payable July 1st, 1923. 5. One Bond for the sum of $500 Payable July 1st, 1924. 6. One Bond for the sum of $500 Payable July 1st, 1925. 7. One Bond for the sum of $500 Payable July 1st, 1926. 8. One Bond for the sum of $500 Payable July 1st, 1927. 9. One Bond for the sum of $500 Payable July 1st, 1928. 10. One Bond for the sum of $500 Payable July 1st, 1929. 11. One Bond for the sum of $500 Payable July 1st, 1930. 12. One Bond for the sum of $500 Payable July 1st, 1931. 13. One Bond for the sum of $500 Payable July 1st, 1932. 14. One Bond for the sum of $500 Payable July 1st, 1933. And that the proceeds arising from the sale thereof be used for the purpose of refunding the said (8) Village issued as aforesaid and not otherwise; that the treasurer of said (1) Village be and he is hereby authorized and directed to make application to the State of Minnesota and the State Board of Investment for a loan thereon in accordance therewith; that the (7) President of the Village Council and (2) Village Recorder of said (1) Village be and they are hereby authorized and directed to sign, execute and deliver such bonds, when countersigned by the treasurer, issued under and by virtue hereof, upon the payment to said treasurer of the principal sum thereof, and that said officers and all others are hereby authorized and directed to make, execute and deliver all necessary papers and furnish all necessary information in connection with the issuance of the foregoing bonds and the application to said State of Minnesota to purchase the same, as required by said State Board of Investment, which motion being duly seconded by (3) E.J. Keegan, a member thereof, was put to a vote and it appearing that a majority of the quorum present had voted in favor thereof, it was thus carried and so declared. “ W.F. Chadbourne, Village Clerk To the Honorable, The State Board of Investment, St. Paul, Minnesota: Gentlemen: In accordance with the resolution of the governing body of the (1) Village of (9) Elk River, hereinbefore mentioned, the undersigned treasurer thereof hereby makes application to the State of Minnesota for a loan upon the bonds thereof, issued in accordance therewith, in the aggregate