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10-03-1914 VCM VILLAGE OF ELK RIVER COUNCIL MEETING October 3, 1914 A Special meeting of Village Council was held at the Office of C.F. Firman Pres on Friday evening rd Oct 3, 1914 Present C.F. Firman Pres, F.M. Plank, E.E. Scott and Ed Keegan Trustees and W.F. Chadbourne Clerk “Pursuant to call duly issued, the governing body of the (1) Village of (9) Elk River in the county of rd (9) Sherburne and State of Minnesota, met therein on the 3 day of October, 1914, and thereupon, a quorum consisting of a majority of all the members thereof being present (3) F.M. Plank, a member thereof, offered the following resolution and moved its adoption: RESOLVED that, in the opinion of the (4) Council of the Village of (9) Elk River, in the county of (9) Sherburne, and State of Minnesota, it is expedient to issue to the State of Minnesota the bonds of said (1) Village to the aggregate amount of (5) $7500 for the purpose of (6) refunding the bonds of stst said Village in that sum issued to the State of Minnesota, dated July 1, 1905, and maturing July 1, 1915, for the purpose of building Mississippi River Bridge at Elk River and (6 ½) to bear interest at the rate of 4 per centum per annum, to mature and to be of the respective number 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. That the proposition of issuing said bonds be submitted to the electors of said (1) Village of (9) Elk th River at the special election to be held therein on the 20 day of October, 1914, and that due notice thereof be given as required by law.” This motion was duly seconded by (3) E.J. Keegan a member of said governing body voted for it, and thereby it was adopted and so declared. “Pursuant to notice duly given, a copy of which marked Exhibit “M” hereinafter appears, and in accordance with the foregoing resolution a special election was duly held in the (1) Village of Elk th River, in the county of (9) Sherburne and State of Minnesota, on the 20 day of October, 1914, at which election the proposition of issuing certain bonds to the State of Minnesota, contained in that nd certain resolution adopted by the governing body of said (1) Village of (9) Elk River on the 2 day of October, 1914, was duly submitted to the qualified electors thereof. The vote was by ballot, a copy of which, marked Exhibit “O” hereinafter appears. The ballots were cast in a special box. The election was held open for the time required by law and thereupon the ballots cast thereat were duly counted and canvassed; whereupon it duly appeared that there had been (5) 35 ballots cast at said election, of which (5) 35 were in favor of said proposition and (5) none opposed thereto, and such result was thereupon duly declared.” th “On the 24 day of October, 1914, at the (1) Village of (9) Elk River in the county of (9) Sherburne and State of Minnesota, the governing body thereof met pursuant to due notice and thereupon, a quorum thereof being present, (3) F.M. Plank a member thereof offered the following resolution and moved its adoption: “WHEREAS, it satisfactorily appears that a special election was duly held in the Village of Elk River th in the County of Sherburne and State of Minnesota, on the 20 day of October, 1914, and at such election the proposition contained in that certain resolution of this governing body thereof, relative to the issuance of certain bonds to the State of Minnesota, adopted at a meeting thereof held therein th on the 20 day of October, 1914, received a majority of the ballots cast thereat: NOW, THEREFORE, BE IT RESOLVED, That the treasurer of said (1) Village make application to the State Board of Investment, of Minnesota, for a loan of the amount and character and upon the terms and conditions specified in said resolution; that thereupon the granting of said application, the (7) President of Village Council and (2) Village Recorder of said (1) Village be and they hereby are authorized and directed to make, execute and deliver to the State of Minnesota, when countersigned by the treasurer of said (1) Village of Elk River, its bonds conforming to said resolution and application, and all other officers are hereby further authorized and directed to make, execute and deliver the necessary papers and furnish all necessary information in connection with the issuance of the foregoing bonds and the application to said State to purchase the same, as may be required by said State Board of Investment, which motion being duly seconded by (3) W.F. Chadbourne, 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.” “The governing body of the (1) Village of Elk River in the county of (9) Sherburne and State of Minnesota being in session duly assembled, a quorum, consisting of a majority of all the members thereof, being present and acting, (3) F.M. Plank a member thereof offered the following resolution and moved its adoption: “WHEREAS, In the year (5) 1905 said (1) Village being thereto duly authorized, did make, execute and deliver its certain (8) Bonds for the purpose of (15) building a bridge across the Mississippi River at said Village in the aggregate sum of (5) $7500 dated the First day of July, 1905, bearing interest at the rate of (5) 4 per centum per annum, and thereafter duly sold and disposed of the same to (9) the State of Minnesota for value received and the same are now outstanding and unpaid and constitute a valid and existing indebtedness of and against the said (1) Village, and the same are (10) due 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 amount of (5) $7,500. The authority to issue such bonds is claimed under Chapter 122, Laws of Minnesota, 1907, and (11) Sections 1854 and 1855 General Statutes of Minnesota 1913. My postoffice address is Elk River, Minnesota. (12) ________________________ Treasurer.