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I 204 7/7/47 <br />? <br />1. It is hereby determined that it is necessary to proceed with the <br />purchase and improvement of the watezkorks plant and system from <br />Country Club Distkict Semce Company at an estimated cost of $150,000 to be <br />provided by the issuance of waterworks revenue bonds in said amount. <br />2. For the purpose of providing money for purchasing and improvbg <br />said qterworks plahtsnd system, the Village shall.issue, negotiate f <br />and sell its waterworks revenue bonds in the total principal amount of <br />$l!jO,OOO, consisting of 150 bonds nunbered 1 to 150 inclusive, in the de- <br />nomination of $1,000 each, to be dated July l, 1947, to bear interest at <br />the rate &o be hereafter determined, payable Ehrch 1, 19.4€$ and semi-annually <br />thereafter on the 1st days of March and September in each'year and to mature <br />serially on September 1st in the years and amounts as foUows: <br />each of the years 1949 to 1952 inclusive, #7,OOO in each of the years 1953 <br />to 1956, inclusive, $8,OOO in each of the years 1957 to 1960, inclsuive, <br />and $10,000 in'each of the years 1961 to 1967, inclusive, all of said bonds <br />maturing after September 1, 1957, being subject to redemption and prior pay- <br />ment at par and accrded interest at the option of the village on said date <br />and any interest payment date thereafter. <br />@,OOO in <br />3. The said bonds and the interest coupons to be thereto attached <br />shall be substantially the following form: <br />UNITED STAT3 OF AHEXECA <br />STEI'E OF HLNNESOTA <br />COUNTY OF €EWEPIN <br />VILLAGE OF EXENA <br />NO <br />KNOW ALL BEN BY WE PRESENTS, That the Village of Edina, in the <br />County of Hennepinaand State of IEnnesota, certifies that it will pay to <br />bearer hereof but only out of the nett revenues in the Sinking and Interest <br />Account of the Ifatemorks Fund, the sum of ONE THOUSAND DOLLARS on the 1st <br />day of Septernber, l9-, and will pay interest thereon from said account <br />from the date hereof until said principal. sum is paid at the rate of <br />Harch 1, 1948, and semi-annually thereafter on Ifarch 1 and September 1 in <br />each year in accordance with and upon presentation and surrender of the <br />interest coupon0 @emto attached as they severally become due. <br />cipal And interest are payable at <br />in any coin or currency of the United States of America which on the date <br />of payment is legal tender for public and private debts, <br />I percent ( $) per annum, interest to maturity payable <br />Both prin- <br />This bond is one of an issue in the aggregate principal amount of <br />$l!jO,OOO, all of like date and tenor except as to maturity and redemptLon <br />privileges, all issued for the purpose of providing money for the purchase <br />and improvement of the waterworks plant and system of this Village and is <br />issued pursuant to and in full conformity with the Constitution and Laws <br />of the State of Ilimesota, including Chapter 94, Session Laws of 1941, <br />and reao3utions duly adopted by the Village Council of said Village and is <br />payable solely from rewnmsaafter deducting the cost of operation, which <br />are to be deposited in the Sinking and Interest Account of the Waterworks <br />Fund of the village and the village shall be relieved from any duty to <br />levy, collect, use, or apply any moneys received, or to be received, from <br />taxation for the payment of either principal or interest except for the <br />payment of charges for services rendered to or received by the village, <br />( To be inserted on bonds N0.s 1 to 56, incl,) <br />This bond is payable at its stated maturity date without option <br />of prior payment, <br />( To be inserted in bonds NOS. 57 to 150, incl.) <br />option of the village on September 1, 1957, and on any interest payment <br />date thereafter at par and accrued interest, rpvodied thrity days prior <br />notice of call has been mailed to the bank at whi@ this bond is payable and <br />to the holder, if known, at his last known address, Holders desiring to <br />receive such notice must register their names and addresses tLth the <br />Village Clerk. <br />.. <br />This bond is subject toredemption and prior payment at the <br />. <br />IT IS HEBEBY CERTIFIED AND RECITED, That in and by said authoriz- <br />ing resolution the village has covenanted and agreed that it <br />to own and operate the waterworks plant and system of the village free from <br />competition by other like utilities and free from all liens thereon; that <br />continue