The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-06-15
OFFICIAL PROCEEDINGS
- OF THE
CITY COUNCIL
CITY OF ELY.
Council Chambers, Ely, Minnesota.

Present: Aldermen Brennan, Carlson,
Hokkanen, KapSch, Tauzen, zgonc,
Mayor HarTi.
Absent: None.
Consideration of the minutes.
Moved by Alderman Tauzell, sup
ported by Alderman KapSch, that the
minutes of the regular meeting held
May Is, 1884, be approved as recorded
by the Clerk and published. Carried.
Moved by Alderman Carlson, sup
ported by Alderman Tauzell, that the
rules pertaining to the regular order of
business be suspended for the purpose
of taking up a resolution on the loan
and grant agreement between the City
of Ely and the United States of Amer
lea. Carried.
Alderman Tauzell offered the follow
ing resolution, which was given one
reading:
WHEREAS, The City of Ely, in st.
Louis County, in the state of Minnesota,
has heretofore filed with the Public
Works Administrator of the United
States of America, its application for
the approval of a certain Public Works
project and for a loan and grant to
aid in financing the construction of adj
ditions to and alterations of the exist
ing waterworks plant of the City of Ely,
Minnesota, known as Docket No. 1456,
and said Public Works Administrator
has approved said application for said
loan and grant in an amount not to
exceed S74,00000, subject to the execu-
ton Of contract satisfactory to the
Administrator, between the United
States and said City of Ely, setting
forth the said agreement in full; ap-
proving the same; and authorizing and
directing the execution thereof by the
officials of said City of Ely, designated
to sign the same on behalf of said City
of Ely; and
WHEREAS, The Mayor and the Al
dermen, who constitute the City Council
of said City, have carefully examined
said proposed Loan Agreement" as has
its City Attorney and its City Engineer,
who have all recommended the approval
Of said Loan Agreement" and in the
judgment of this City Council said
Agreement should be approved in all
respects as prepared and as herein
after set forth in full herein, and that
said agreement should be signed and
executed by the Mayor and by the City
Clerk in the name of and for said City
of Ely,
NOW, THEREFORE, BE TT RE-
SOLVED, That the said Loan Agree
ment" be and the same hereby is in all
respects approved in words and figures
as follows, to-wit:
LOAN AGREEMENT dated as of
1884, between
the CITY OF ELY, in the County of
Saint Louis, State of Minnesota
Cherein called the "Borrower"D, and
the UNITED STATES OF AMERICA
Qherein called the Conveniently.
PART ONE
General Provisions
1. Amount of Loan and Grant, Pur-
chase Price and Purpose. Subject to
the terms and conditions of this Agree
ment, the Borrower will sell and the
Government will purchase $4,000 ag-
gregate principal amount of the bonds,
therein called the "BondS'O, of the
Borrower, at 100 per centum of the
principal amount thereof, plus ac-
crued interest, and, in addition to the
amount of Bonds to be purchased, the
Government will make a grant, therein
called the "GrantD, to the Borrower
of 80 per centum of the cost of the labor
and materials employed upon the Pro-
ject as herein described, but such
Grant together with the aggregate
principal amount of the Bonds pur-
chased, and any other funds, Cherein
called "Other Funds'D, received di-
rectly or indirectly from the Govern
ment or any agency or instrumentality
thereof to be used to aid in financing
the construction of the Project, shall
not exceed in aggregate amount the
total cost of the Project, and in no
event shall such aggregate amount ex-
coed $4,000, Except for such payment.
if any, as may be made under the pro-
visions of Paragraph IL, PART TWO,
hereof, the proceeds derived from the
sale of the Bonds and the amount paid
on account of the Grant, Except for
such payment, if any, as may be made
under the provisions of Paragraph IL,
PART TWO, hereof, to be used for the
Encouragement of and for the con-
struction by the Borrower of additions
to and alterations of the existing water
works plant now owned by the Bor-
rover, including a chemical storage
room, a dry chemical feed room, an
office, laboratory, and treated-water
pump, therein called the "Project'O, and
for other and incidental purposes; all
pursuant to the Borrowers application,
Cherein called the "Application'D, P w.
A. Docket No. 1456, the proceedings
authorizing the issuance of the Bonds,
Title II of the National Industrial Act,
Cherein called the "Act"), approved
June 16, 1888, the Constitution and