07-10-1962 HUCMr f it N ` /
%- y . .1
.Extract of Minutes of Meeting
of Hutchinson Utilities Commission
City of Hutchinson, McLeod County, Minnesota
July 10, 1962
Pursuant to due call and notice thereof, a special meeting of
the Hutchinson Utilities Commission of the City of Hutchinson,
Minnesota, was held at its office Building, 13 Washington Avenue
West, Hutchinson, Minnesota, on the 10th day of July, 1962, at
2;00 o'clock P.M., Central Daylight Saving Time, all Commissioners
being present as follows;
Presidents Dr. R. I. Sheppard
Vice President; Dr. A. J. Thompson
Commissioner; Wallace Kurth
1
R. W. Dahl, Secretary, and W. E. Reyerson, attorney of the
Commission, were also present.
The Secretary presented affidavits showing publication of notice
of sale of $700,000 Light and Power Plant Revenue Bonds, as
directed by the Commission by resolution dated June 18, 1962.
The affidavits were examined and found to be satisfactory and
were directed to be placed on file in the office of the
Secretary. The Secretary then reported that the following
sealed bids for the purchase of the bonds had been received
at his office prior to the time of this meeting, and the bids
were opened and publicly read and considered and ascertained
to be as follows;
1
13*
14-
Name and Address of Bidder
Paine, Webber, Jackson & Curtis,
Minneapolis, Minnesota, and
associates
E. J. Prescott & Company,
Minneapolis, Minnesota,
and associates
John Nuveen & Co.,
Chicago, Illinois
Interest Rate or Rates Premium
2.40% per annum for bonds None
maturing 1963 -1965
2050% per annum for bonds Net In
maturing 1966 -1967 terest
2.60% per annum for bonds Cost;
maturing 1968 -1969 $81,350
Plus 1.20% per annum from
September 1, 1962 to June Average
1, 1963, represented by Annual
supplemental coupons on Rate.,
all bonds 2.73445%
2.30% per annum for bonds None
maturing 1963 -1965
2.50% per annum for bonds
maturing 1966 -1967
2.60% per annum for bonds Net Int -
maturing 1968 -1969 erest
Plus 2.50% per annum from Cost;
December 1, 1962 to June $83,125
1, 1963, represented by
supplemental coupons on . Average
all bonds. Annual
Rate,
2.7941%
2.50% per annum for bonds None
maturing 1963 -1966
2.75% per annum for bonds
maturing 1967 -1968
2.80% per annum for bonds Net Int-
maturing 1969 erest
Plus 3% per annum from Cost;
September 1, 1962 to $84,675
December 1, 1962
Average
Annual
Rate;
2.8462%
Upon motion duly made, seconded and carried, the sale of the
bonds was awarded to Paine, Webber, Jackson & Curtis, Minneapolis,
Minnesota, and Commission adjourned to meet at the office
Building on July 13th, 1962, at 1100 o'clock A.M., to consider
and adopt a resolution establishing the exact terms of the
bonds in accordance with the accepted proposal and to take such
1
1
1
1
other action with reference thereto as may be determined to
be necessary or expedient.
Pursuant to such adjournment, the Commission met at its office
building on July 13, 1962, at 11 otclock A.M., all Commissioners
and the Secretary and Attorney being again present.
W. W. Kurth introduced the following resolution and moved
its adoption;
RESOLUTION AUTHORIZING THE ISSUANCE AND
SALE OF LIGHT AND POWER PLANT REVENUE BONDS
BE IT RESOLVED by the Hutchinson Utilities Commission of the
City of Hutchinson, Minnesota, as follows;
1. It is hereby found, determined and declared:
15.
-tZy;u
o
cn3-ao
mmCC�
a� CD
CD 0
3 (0 0:3
c�E-
-0 o 0
o =)
C o
o cn o
--, o
3 °-
�-ov
�(D
wQ
rn
I
1.01 That under and pursuant to the provisions of Chapter No N
17 of the Home Rule Charter of the City of Hutchinson, adopted 0 o
June 1, 1913, as amended September 26, 1936 and April 26, 1955, rn
this Commission is granted and exercises full, absolute and
exclusive control of and power over the City light and power
plant and all parts, attachments and appurtenances thereto as
well as all apparatus and material of every kind and description
used or to be used in 'operating the light and power plant, in-
cluding authority to enter into contracts and to sue and be sued
in its own name, to regulate the distribution, use and sale of
light and power from the plant within and without the City limits,
to collect for services, and to fix the rates for all sales and
services for public and private use, subject to the veto power
of the City Council in the case of changes in rates, and author-
ity to extend, add to, change and modify the light and power
system and do any and all things deemed necessary and proper
for the operation of the plant, and power to pledge the net
earnings of the plant, after providing for payment of all
operating and maintenance charges, to secure payment for equip-
ment purchased for the plant and system and of interest and
principal requirements of obligations created for such purpose;
and that the light and power plant is operated, and the revenues
thereof are administered and accounted for, separately from all
other utilities of the City, except that the plant is required
to pay the reasonable cost and value of services furnished by
other utilities, necessary to the operation of the light and
power system.
1.02 That the plant is presently in need of improvement by
the installation and construction of additional equipment and
16.
building modifications and additions required for the pro-
duction of sufficient electricity to supply the present demand
therefor within the City limits; the general nature and pres-
ently estimated cost of the items required being as follows:
Contract Base Price
or Estimate
Construction and installation of Nordberg $593,685 -
Manufacturing Company Duafuel engine,
Electric Machinery engine -type generator
and exciter
Furnishing and installation of complete 131,572
piping required for the unit, including
water, lubricating oil, fuel oil, fuel gas,
exhaust intake and air, and furnishing and
installation of auxiliary equipment
Removals, modifications and new construction
35,974
in the present power plant and service building,
including foundation for the new unit
Installation of Marley atmospheric cooling tower
32,743 '
unit
Construction of reinforced concrete cooling
20,000 -
tower basic and sump, piping to connect with
water supply, and drainage to Crow River
Furnishing and installation of electrical work
80,000
required for the new unit, including switchgear,
control panels, connections and wiring
Construction of new electric service building 500000
$943,974
Engineering and incidental costs 312026
Total estimated cost $975,000
1.03 That plans and specifications have been prepared by
consulting engineers and approved by the Commission, and contracts
for the installation and construction of the majority of the pro-
ject have been entered into after advertisement for bids as re-
quired by law, and it is estimated that the sum of $700,000 should
be borrowed by the issuance of the revenue bonds heroin authorized,
to pay the cost of the project over and above that which may be
paid from surplus net revenues on hand and expected to be received
during the current year.
1.04 That the bonds have been duly advertised at public sale
and the most favorabld bid received pursuant to the advertisement
17.
is that of Paine, Webber, Jackson & Curtis , of
Minneapolis, Minnesota , and associates named therein,
to purchase the bonds at a price of par and accrued interest
and subject to the further terms and conditions
stated in this resolution, and this proposal is accepted and the
President and Secretary of the Commission are directed to execute
on the part of the Commission a contract for the sale of the
bonds in accordance therewith, and that the check securing the
successful bid shall be retained by the City Treasurer until the
delivery of the bonds and payment of the full purchase price, and
the checks of other bidders shall be returned.
2. For the purpose of paying the costs described in
Section 1 and in accordance with the contract of sale, the
Commission hereby authorizes the issuance, sale and delivery to
the purchaser of negotiable coupon revenue bonds of the City of
Hutchinson in the aggregate principal amount of 0700,000, to be
designated as Light and Power Plant Revenue Bonds and to be
dated as of June 1, 1962. The bonds shall be 700 in number and
numbered from 1 to 700, inclusive, each in the denomination of
$11000, shall bear interest at the rates stated below, payable
December 1, 1962, and semiannually thereafter on June 1 and
December 1 in each year, and shall mature in order of serial
numbers in the amount of $50,000 on June 1 and $50,000 on De-
cember 1 in each year from and including June 1, 1963, to and
including December 1, 1969. The bonds maturing in the years
1963 through 1967 shall not be subject to redemption before
maturity, but those maturing in the ,years 1968 and 1969 shall
be each subject to redemption and prepayment at the option of
the Commission on December 1, 1967, and on any interest payment
date thereafter, at par plus accrued interest and in inverse
order of their -serial numbers. Not less than 30 days before
the date specified for prepayment and redemption of any bond,
the Secretary of the Commission shall mail notice of the call
thereof for redemption to the holder, if known, and to the bank
at which principal and interest are then payable, and the
Secretary and his successors in office shall maintain a record
of the names and addresses of holders of prepayable bonds, so
far as such information is furnished by the bondholders, for the
purpose of mailing redemption notices. The bonds maturing on
and between June 1, 1963 and December 1, 1965, shall bear int-
erest at the rate of 2.40% per annum, and those maturing on and
between June 1, 1966 and December 1, 1967, at 2.50% per annum,
and those maturing on and between June 11 1968 and December 1,
1969, at 2.60% per annum unt it fully paid or duly called for
redemption, which interest shall be evidenced by an appropriate
set of interest coupons appurtenant to each bond; and all of
the bonds shall also bear additional interest, evidenced by
supplemental coupons to be designated as "B " coupons, at the
rate of 1.20% per annum from September 1, 1962 to June 1, 1963.
The principal of and interest on the bonds shall be payable at
the Midland National Bank, in Minneapolis, Minnesota, and the
reasonable and customary charges of the paying agent shall be
paid as incurred, as a cost of operation of the light and power
s
plant.
3• The bonds and the interest coupons appurtenant
thereto shall be in substantially the following form%
18 .
UNITED STATES OF AMERICA
STATE OF MINNESOTA,
COUNTY OF McLEOD
CITY OF HUTCHINSON
LIGHT AND POWER PLANT REVENUE BOND
No.
1,000
KNOW ALL MEN BY THESE PRESENTS that the City of Hutchinson, a
duly organized municipal corporation of McLeod County, Minnesota,
by the Hutchinson Utilities Commission, acknowledges itself to be
specially indebted and for value received promises to pay to-
bearer, but only out of the Revenue Bond Account of its Light
and Power Fund, the sum of
ONE THOUSAND DOLLARS
on the lst day of , 19 , or, if this bond is prepayable
as stated below, on a previous date on which it shall have been
duly called for prepayment and redemption, and to pay interest
thereon out of the same account at the rate of
per cent ( %) per annum from the date hereof until the prin-
cipal sum is paid, and at the additional rate of one and twenty
hundredths per cent ( 1.200 per annum from September 1, 1962
to June 1, 1963; the interest hereon being payable
December 1, 1962, and semi - annually thereafter on June 1 and
December 1 in each year, and interest to maturity being payable
in accordance with and upon presentation and surrender of the
interest coupons appurtenant hereto, consisting of one set re-
presenting interest at the basic rate applicable to this bond
from date of issue to maturity, and a separate set of "B" coup-
ons representing interest at the additional rate and for the
limited period stated above. Both principal and interest are
payable at the Midland National Bank in Minneapolis, Minnesota,
in any coin or currency of the United States of America which at
the time of payment is legal tender for public and private debts.
This bond is one of an issue in the total principal amount of
$700,000, all of like date and tenor except as to serial number,
interest rate, maturity and redemption privilege, and is issued
pursuant to and in full conformity with the Constitution and laws
of the State of Minnesota thereunto enabling and an authorizing
resolution dated July 10, 1962, duly adopted by the unanimous
vote of the Hutchinson Utilities Commission of the City of Hutch-
inson, for the purpose of paying a portion of the cost of the
installation of equipment and the construction of buildings and
additions for the municipal light and power plant, required to
furnish electricity sufficient to meet the immediate demand there-
for within the corporate limits of the City, and is payable solely
from and as a first lien and charge upon the net revenues to be
derived from the operation of the light and power plant, in excess
of current, reasonable and necessary costs of the operation and
maintenance thereof, which net revenues have been pledged and
appropriated to the Revenue Bond Account to the extent re-
quired for the payment of principal and interest on the bonds
when due and for the creation and maintenance in that account
of an additional reserve in a sum at all times equal to the
maximum amount of such principal and interest to become due in
any subsequent fiscal year.
Bonds of this issue maturing in the years 1963 through 1967 are
not subject to redemption before maturity, but those maturing
in the years 1968 and 1969 are each subject to redemption and
prepayment at the option of the Commission on December 1, 1967,
and on any interest payment date thereafter, at per plus accrued
interest and in inverse order of their serial numbers Not less
than 30 days before the date specified for prepayment and re-
demption of any bond, the Secretary of the Commission will mail
notice of the call thereof for redemption to the holder, if
known, and to the bank at which principal and interest are then
payable. Holders of prepayable bonds desiring to receive such
notice may register their names and addresses and the serial
numbers of their bonds with the Secretary of the Commission.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all
acts, conditions and things required by the Constitution and
laws of the State of Minnesota and the home rule charter and
ordinances and resolutions of the City of Hutchinson to exist,
to happen and to be performed precedent to and in the issuance
of this bond, in order to make it a valid and binding special
obligation of the City in accordance with its terms, do exist,
have happened and have been performed in regular and due form,
time and manner as so required; that in an by the authorizing
resolution the Hutchinson Utilities Commission, on behalf of
the City of Hutchinson, has validly made and entered into add-
itional convenants and agreements for the security of each holder
of this bond, which will be fully and promptly performed by the
Commission and each of its officers and agents concerned therewith,
including a covenant that the Commission has established rates
and charges for all services, products and by- products of its
light and power plant which are estimated to be sufficient, and
will revise said rates and charges, subject to concurrence of
the City Council, whenever and as often as required to assure
that the same will be sufficient, for the payment of all costs
of operation and maintenance as incurred and for the production
of net revenues adequate to pay the principal and interest on
all bonds of this issue when due and to create and maintain said
reserve; that no additional bonds or other obligations will be
made payable to future from said net revenues on a parity here-
with, except as expressly permitted in the authorizing resolu-
tion; and that the issuance of this bond did not cause either
the special or general indebtedness of the City to exceed any
constitutional or statutory limitation.
r]
19 .
HE
IN WITNESS WHEREOF the City of Hutchinson, McLeod County,
Minnesota, by the Hutchinson Utilities Commission, has
caused this bond to be executed in its behalf by the sig-
natures of the President and Secretary of that Commission,
and has caused the interest coupons appurtenant hereto and
the certificate appearing on the reverse side hereof to be
executed and authenticated by the facsimile signatures of
said officers, and has caused this bond to be dated as o
June 1, 1962.
President of Hutchinson Utilitie Commission
Countersigned:
Secretary
(Form of Coupon)
No.
On the 1st day of December ( June), 19 , the City of Hutchinson,
McLeod County, Minnesota, will pay to bearer out of the Revenue
Bond Account of its Light and Power Fund at the Nidland National
Bank, in Minneapolis, Minnesota, the amount shown hereon in
lawful money of the United States of America for interest then
due on its Light and Power Plant Revenue Bond dated June 1, 1962,
No. .
(Facsimile signature) (Facsimile signature)
Secretary President of Hutchinson Utilities Conn.
(Coupons numbered 12 and upwards , attached to bonds
maturing in 1968 and 1969, shall also include the
phrases 'Unless the bond .described below is called
for earlier redemption".)
(Form of certificate to be printed on the reverse
side of each bond, following a full copy of the
legal opinion on the issue)
We certify that the above is a full, true and correct copy of the
legal opinion rendered by bond counsel on the issue of bonds of
the City of Hutchinson which included the within bond, dated as
of the date of delivery of and payment for the bonds*
(Facsimile signature) (Facsimile signature)
Secretary President of Hutchinson Utilities Comm.
4. The bonds shall be prepared for execution under the
supervision of the Secretary of the Commission, and when prepared
shall be executed by'the signatures of the President and Secretary
of the Commission, and the interest coupons appurtenant thereto
21
shall be executed and authenticated by the printed, litho-
graphed or engraved facsimile signatures of said officers. On
the reverse side of each bond shall be printed a Copy of the
approving opinion to be rendered by bond counsel, certified by
the facsimile signatures of the President and Secretary of the
Commission. The bonds shall then be delivered by the City
Treasurer to the purchaser thereof, upon payment of the agreed
purchase price, and the purchaser shall not be obliged to see
to the application of the purchase price.
5. For the proper administration of the moneys to be
borrowed on the bonds and of the revenues pledged to the pay-
ment thereof, the City shall continue to maintain its Light and
Power Fund in accordance with the provisions of Chapter 17 of
the City Charter as amended, and shall maintain financial records
of all receipts and disbursements relating to the light and power
plant and system, herein referred to as the "utility ", in which
records there shall be established and maintained subdivisions
of that fund for the purposes and in the amounts as follows;
5.01 A Capital Expenditure Account, into which shall be paid
all money borrowed hereunder, and from which there shall be paid
all, but only, those items of capital cost necessarily incurred
and to be incurred in the completion of the project described in
Section 1, in accordance with the plans and specifications here-
tofore approved. The additional funds required to complete this
project, and any other funds required for acquisition of property
or capital improvements to the utility,or for the payment of
obligations heretofore or hereafter incurred for such property or
improvements, other than bonds payable from the Revenue Bond
Account described in Section 5.03 below, shall be supplied from
surplus net revenues now on hand and to be received in the Surplus
Account described in Section 5.04. Money shall be withdrawn from
the Capital Expenditure Account only upon verified orders or
warrants drawn on the City Treasurer and signed by the President
and Secretary of this Commission.
5.02 An Operation and Maintenance Account, to which there shall
be charged and from which there shall be paid all, but only, those
items of disbursements which, under accepted accounting practices,
constitute normal, reasonable and current costs of operation and
maintenance of the utility. Upon each distribution of moneys re-
ceived as gross revenues of said utility there shall be credited
to this account such portion thereof as is needed to make current
and prompt payment of all costs, theretofore incurred, of oper-
ation and maintenance as above defined, plus a reaonable excess
to be held as a reserve for emergencies. All _gross revenues from
time to time received in excess of the amounts hereby approplated
to the Operation and Maintenance Account are herein termed "net
revenues "" .
1
22 .
5.03 A Revenue Bond Account, to which there shall be
credited the accrued interest paid by the purchaser of said
bonds, and the amounts of net revenues herein appropriated
and pledged, and from which there shall be paid the principal
of and interest on the bonds authorized by this resolution
and any additional bonds authorized in paragraph 6 to be made
payable from the net revenues on a parity therewith, as such
principal and interest become due, the excess from time to
time in the account to be held as a reserve for the further
security of said payments. There is hereby appropriated to
the Revenue Bond Account out of the net revenues a sum to be
credited thereto in each month, equal to not less than one -
twelfth of the principal and interest to become due and pay-
able from the account within the then next succeeding twelve
months; and also the additional sum of $2.,000 each month until
there has been accumulated a reserve balance, to be maintained
thereafter by the transfer of additional net revenues whenever
necessary, in an amount at all times equal to the maximum amount
of principal and interest to become due and payable from the
account in any subsequent fiscal ,year. This reserve shall be
used only if and to the extent necessary to pay principal or
interest due for which other funds are insufficient and, if ever
so used, shall be restored from the next net revenues received
thereafter.
5.04 A Surplus Account, to which there shall be credited as
received all net revenues over and above, the amounts appro-
priated to the Revenue Bond Account. Money from time to time
in the Surplus Account may by resolution of the Commission be
used for the repair, replacement, improvement or extension of
the utility, or may be transferred to the General Fund of the
City if directed by the Commission, and used for any proper
municipal purpose authorized by the City Council, but all moneys
on hand in this account at any time shall be available and shall
be used to the full extent necessary to restore any deficiency in
the Revenue Bond Account.
6. The Hutchinson Utilities Commission, on behalf of
the City of Hutchinson, hereby certifies and represents to and
covenants and agrees with the purchaser and the holders from
time to time of all bonds issued under the authorities contained
and recited in this resolution (collectively referred to as
"the bonds ") as follows:
6.01 It will cause proper and adequate books of account to
be kept, reflecting all income and expenditures relating to the
utility and its operation, which books shall be open to inspection
and copying at all reasonable times by the holder of any of the
bonds or his agent or attorney, and will, without cost, furnish
copies of any portions thereof reasonably requested by any bond-
holder. It will cause an annual statement of the inc one and ex-
penses of the utility to be prepared within thirty days after the
23•
close of each fiscal ,year, and will cause the utility books
and records to be audited annually by a certified public
accountant, and will furnish a copy of the statement and re-
port of audit without cost to the purchaser of each issue of
bonds, and will furnish a copy of the annual statement with-
out cost to any bondholder requesting the same.
6.02 It has heretofore established rates and charges for
all services, facilities, products and by- products of the
utility which are estimated to be sufficient to pay all costs
of operation and maintenance of the utility as incurred and to
produce net revenues adequate to meet all payments of principal
and interest on the bonds herein authorized and to create and
maintain the reserve herein agreed, and will, subject to con-
currence of the City Council, revise the same whenever and as
often as necessary for this purpose.
6.03 No additional bonds or other obligations will be issued
or incurred and made payable from or a charge upon the net re-
venues, except as follows:
6.031 Refunding revenue bonds may be issued if and to the
extent necesaary to pay a matured bond or bonds of the issue
herein authorized which cannot be paid in full from net revenues
then on hand and available therefor under the provisions of this
resolution; but nothing herein shall require the holder of any
bond to accept a refunding revenue bond in exchange therefor.
6.032 Additional revenue bonds may be issued to finance
capital improvements or replacements of utility properties, if
the average of the annual net revenues received during the two
fiscal years immediately preceding such issuance shall have
been not less than one and one- quarter times the largest amount
of principal and interest to become due and payable in any sub-
sequent fiscal year of the term of the then outstanding bonds
payable from the Revenue Bond Account , on such bonds and on the
additional bonds so issued, and if by the resolution authorizing
such additional bonds the City shall provide for the increase of
the bond reserve within a period not exceeding four ,years to an
amount equal to the largest amount of principal and interest
thereafter payable in any fiscal year from the Revenue Bond
Account. For the purpose of this paragraph 6.032, in the event
of any change in rates and charges for utility service prior to
the issuance of such additional bonds, the net revenues for any
period prior to such change shall be deemed to be those which
would have been received from the rates and charges in effect at
the time of such issue, applied to the quantities of service
actually furnished and deducting operation and maintenance charges
actually incurred during the fiscal years involved.
6.033 Except as provided in Sections 6.031 and 6.032, any
additional bonds or other obligations which are made payable from
24.
or a charge upon the net revenues will be expressly made so
payable subject to the lien and charge thereon in favor of
the bonds herein authorized.
6.04 Tf moneys in the Revenue Bond Account shall at any time
be insufficient for the payment of principal and interest then
due on the outstanding bonds payable from that account, and can-
not be made sufficient by transfer of moneys from the Surplus
Account, the available moneys shall be first applied to the pro
rata payment of the interest then accrued on all such bonds,
and the remainder shall be applied to the payment of principal
in order of the maturity dates of said bonds, or, as between
bonds having the same maturity date, in order of date of issue,
or, as between bonds having the same issue and maturity dates,
in order of serial numbers, lowest numbers first.
6.05 As long as any of the bonds are outstanding it will
continue its ownership and operation of said utility as a
revenue - producing utility and 'convenience, and will not autho-
rize or enfranchise the establishment or operation of any other
utility providing services or commodities in competition there-
with, and will maintain the utility free from all liens on the
physical properties thereof and in good and efficient operating
condition.
6.06 If any properties constituting capital assets of the
utility shall be sold or disposed of, it shall be only at their
fair market value, and the proceeds of such sale or disposition
shall either be used to procure other capital assets or applied
to pay principal of and interest on the bonds. No such sale or
sales shall be made at times or prices such as to imperil the
prompt and full payment of the bonds and interest thereon.
6.07 It will procure and keep in force insurance on the
utility properties protecting against loss or damage by fire,
tornado, windstorm, flood and other causes customarily insured
against for like properties, and insurance protecting against
liability of the City for injury to persons or property, due to
any act or omission in operation of the utility, and will pro-
cure and keep in force suitable fidelity bonds covering employees
handling moneys of said utility, such policies and bonds to be
given by insurers in good standing and in such amounts as the
Commission shall determine will be adequate to protect the City
and the holders of revenue bonds issued hereunder against loss
due to any such casualty; and in event of any such loss the pro-
ceeds shall be used to repair or restore the damage or to retire
the bonds.
6.08 It will cause all gross9 revenues derived from the sale
and availability of electricity and any and all other services,
products and by- products of the light and power plant to be
creditled as received to the Light and Power Plant Fund, and
will furnish no free service, and will hold all such revenues
on deposit in a duly qualified depositary bank or banks and
secured as required by law; except that money held in the
reserve agreed to be maintained in the Revenue Bond Account
may be invested in general obligations of the United States
Government, and money in the Surplus Account may be invested
in any securities authorized by Minnesota Statutes, Sections
475.56 and 475.66, or future acts amendatory thereof or
supplemental thereto.
6.09 Holders of 20% or more in aggregate principal amount
of the bonds at any time outstanding may, either at law or in
equity, by suit, action or other proceedings, protect and en-
force the rights of all holders of bonds issued hereunder which
are then outstanding, and enforce and compel the performance
of any and all of the covenants and duties herein specified to
be performed by the City and its officers and agents, including
the fixing and maintaining of rates and charges and the proper
segregation and use of the revenues derived therefrom.
6.10 Each and all of the provisions of this resolution, in-
cluding those contained in the form of bond and coupon, which
in anywise tend to secure or assure prompt and full payment of
the principal of and interest on bonds issued hereunder will be
promptly and faithfully performed and carried out by the City
and its officers and agents.
7. A certified copy of this resolution shall be filed
with the County Auditor of McLeod County by the Secretary of the
Commission, and the Auditor shall be requested to certify in
accordance with Minnesota Statutes, Section 475.63, that the
issue has been duly entered on his register.
8. The Secretary of the Commission and the City
Treasurer are authorized and directed to furnish to the pur-
chaser of the bonds and to the attorneys approving the legal-
ity thereof certified copies of all resolutions of this Comm-
ission relating to the authorization and issuance of the bonds,
and all such certificates and affidavits relating to other
matters shown by their official records or otherwise known to
them, as may reasonably be required to evidence the legality
and marketability of the bonds, and all such certified copies,
certificates and affidavits, including any heretofore furnished,
shall be deemed the representations of the Commission and of the
City of Hutchinson as to the correctness of all statements con-
tained therein*
resident of Hutchinson U i sties Commiss
Attest-.
Secretary
25.
26.
The motion for the adoption of the foregoing resolution was
duly seconded by Dr. A. J. Thompson, and upon vote being
taken thereon, the following voted in favor thereof,
Dr. R. I. Sheppard, Dr. A. J. Thompson, W. W. Kurth
and the following voted against the samet None
whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA)
) ss.
COUNTY OF McLEOD )
I, the undersigned, being the duly qualified and acting
Secretary of the Hutchinson Utilities Commission of the City
of Hutchinson, McLeod County, Minnesota, hereby certify that
the attached and foregoing is a full, true and correct trans-
cript of the minutes of a meeting of the Hutchinson Utilities
Commission of said City duly called and held on the date there-
in indicated, so far as such minutes relate to $700,000 Light
and Power Plant Revenue Bonds of said City, and that the reso-
lution included therein is a full, true and correct copy of the
original thereof.
WITNESS my hand officially as such Secretary this 13th day
of July, 1962.
retary of Hutchinson Utilities Commission
1
1
1
STATE OF MINNESOTA)
) BS.
COUNTY OF MCLEOD )
27.
COUNTY AUDITOR'S CERTIFICATE AS TO
BOND REGISTRATION -
CITY OF HUTCHINSON, MINNESOTA
I, the undersigned, being the duly qualified and acting County Auditor of
McLeod County, Minnesota, hereby certify that there has been filed in my office a
certified copy of a resolution of the Hutchinson Utilities Commission of the City of
Hutchinson, in said County, adopted July 10, 1962, entitled "RESOLUTION AUTHORIZING
THE ISSUANCE AND SALE OF LIGHT AND POWER PLANT REVENUE BONDS ", setting forth the fors.,
and details of an issue of $700,000 Light and Power Plant Revenue Bonds of said City;
to be dated June 1, 1962, and that said bond issue has been entered on my bond regis-
ter as required by Minnesota Statutes 1961, Sections 475.62 and 475.63.
(SEAL)
WITNESS my hand and official seal this 13, day of July, 1962.
County Au
NO 144PL' NITED STATES OF AMERICA Yoe �O
STATE OF MINNESOTA COUNTY OF MCLEOD
CITY OF HUTCHINSON
HUTCHINSON UTILITIES COMMISSION
MUNICIPAL ELECTRIC LICHT PLANT REVENUE PLEOCE ORDER
This instrument is evidence that the Hutchinson Utilities commission, City ofHutchinson, Minnesota, V
hereby promises to pay to " A a.
their successors or assigns, solely and only out the W e i s of the Munic al Electric Light Plant of the
City of Hutchinson, Minnesota, the sum o f $��pa able on or before July 1, 1985, with interest there-
on at the rate of Three and Three- Quarters 1 er Cent (33/4 %)per annum. Said net earnings and the improve-
ments and extensions furnished under the contract hereinafter ter ref erred to are pledged to the payment hereof.
Said net earnings may also be pledged to the payment of the other Revenue Pledge Orders issued to pay the
cost of improvements to the Municipal Electric Light Plant of the City.
This instrument is not a general obligation of said City and is not payable in any manner by taxation and
under no circumstances shall said City be in any manner liable by reason of the failure of said net earnings to
be sufficient for the payment of this instrument. This instrument is one of a series of similar instruments
given in payment for construction and establishment of the Municipal Electric Light Plant of said City under
contract dated %�.�"" If • z - .. , 19 is a part of said contract, and with the other similar instru-
ments, is executed and delivered as evidence o the amount unpaid under said contract. The City of Hutchin-
son, Minnesota, reserves the right to prepay the amount represented hereby at any time prior to maturity here-
of, with accrued interest to the date of such payment. Both principal and interest of this Pledge Order are
payable at the Office of the Hutchinson Utility Commission in the City of Hutchinson, Minnesota.
IN WITNESS WHEREOF, Hutchinson Utilities Commission, Hutchinson,
Minnesota, has caused this instrument to be executed by" the President of said
Utilities Commission and attested by t cretary of said Commission, y 'th
4 the seal of said City affixed as of this_�ay o f ��, 191 ;,
ATTEST:
HUTCHINSON UTILITIES COMMISSION
8Y�
SECMETAAY, HWCHINdb N UTILITIES COAWISSION,
HUTCHINSON MINNESOTA
�n� "'�h.k -n 4, .�..... i E ^�'� r � ' r ^.'i�i� .' Rv -'r -' Jn. • ,. �' , di i:.r, .. .�.; �r.�,. nip- -�i.;: �: �i:�, rr C.. �i - rt:- ,� +�- s