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<br />The Village Council of the village of Elk River, Sh~
<br />burne County, Minnesota, met in the Council Room in the
<br />Village Hall on the 31st daY of October, 1932, at 2:00 0'
<br />Clook, P.M. in special session pursuant to notice duly
<br />~iven.
<br />The meet iug was called to order by the President and
<br />upon roll call the followl~ members were found to be pres-
<br />ent: D.E.Davis, W.F.Chadbourne, Geo. Cornelius, J.D.Flah-
<br />erty and C.E.Brown. Absent: none.
<br />Mr. Richarason, Consulti~ Eniineer for t he Village,
<br />bel~ present, a ~eneral discussion was had conc~ning the
<br />question of electric rates and of the erectipn of a munici-
<br />pal lightin~ plant. The Council carefully consideaed the
<br />matter and fully advised i~self in the premtses.
<br />Mr. C.E. Brown introduced the followi~ resolution and
<br />moved its adoption:
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<br />Resolution
<br />A Resolution relati~ to the erection
<br />of a li{i;hting plant for the Village
<br />of Elk River, Minnesota.
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<br />Whereas, the council has secured competent consultl~
<br />engineers to report on the question of electric rates and
<br />such report has been duly prepared and submitted to this
<br />Council, and
<br />Whereas, this Council has carefully considered such
<br />repOEt and has fully advised l~Belf in the ,premises,
<br />Now, Therefore, Be It Resolved, by the Village Coun-
<br />cil of the Village of Elk River, Sherburne County, Minn-
<br />esota, as follows:
<br />(1) That this Village SEect a lighting plant for sup-
<br />plying light for public purposes and for the private use
<br />of its inhabitants and that in the judgement of this Coun-
<br />cil it is advisable, expedient and necessary to issue and
<br />there are hereby authorized and directed to be issued, sub-
<br />ject to the approval of the voters of this village, the
<br />negotiable coupon bonds of said Village in the aggregate
<br />amount of $100,000 for said purpose.
<br />(2) That said bonds shall bear interest at not to ex-
<br />ceed six per cent per annum, payable semi-annually; shall
<br />be in denomination of $1,000 each and shall mature as fol-
<br />lows:
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<br />13,000 three years from date of bonds,
<br />4,000 four years from date of bonds,
<br />4,000 five years from date of bonds,
<br />4,000 six years from dat e of bonds,
<br />15,000 seven years from date of bonds,
<br />5,000 eight years from date of bonds,
<br />5,000 nine year. from date of bonds,
<br />$7,000 ten years from date of bonds,
<br />$7,000 eleven years from date of bondS,
<br />$7 ,000 twelve years from date of bonds,
<br />$7,000 thirteen years from date of bonds,
<br />$7,000 fourt een years from date of bOnds,
<br />$7,000 fifteen years from;; date of bond..,
<br />$7,000 sixteen years frota date of boIlis,
<br />$7,000 sevent een years from d
<br />$ 7,000 eig-hteen years from cra~tee 00/ ~"
<br />$7,000 ninteen years from date of bonds~
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