The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-06-15
PART TWO

FAkT TWO
I. Approval Of Agreement. Within
reasonable time after the receipt o
lie Agreement, the Borrower shall adop
n ordinance setting forth the Agree
lent in fun, approving the same, ant
and directing the execution
hereof by the official or officials desig.
ated 10 sign the same on the Dor.
,wer's behalf. Promptly thereon, thi
orrower shall cause such official o.
mcials to sign the Agreement.
2. Preliminary Proceedings by Bor.
,wer. When the Agreement has beer
gned on behalf of the Borrower, the
orrower shall promptly:
CAD Send 10 the Government thret
signed counter-parts of the
Agreement and two certified
copies of the ordinance adopted
by the Borrower pursuant te
Paragraph l, PART TWO, here
Of, together wit htwo certified
extracts of the minutes pertain
ing to its adoption and any
papers, certificates and other
documents which may be re-
quested by Counsel for the
Government;
0b) Retain municipal bond counsel
satisfactory to the Finance Di-
vision to assist the Borrower in
the proceedings relative to the
authorization, issuance and sale
of the Bonds, and to give such
legal opinions relative thereto
as may be requested by Counsel
for the Government;
(c) Submit to the Government plans,
drawings, and specifications of
the work and materials to be
employed upon the Project; the
latest data as to the expected
cost of the Project; a statement
as to when and how it is pro-
posed to advertise for bids and
let contracts for the work; a
statement as to when and how
it is proposed to acquire neces-
sary lands, easements, franchises,
and rights-of-way; an estimate
as to the amount of money that
will be needed at the time of the
sale of the Bonds; and any othe.
details or data that may be re-
quested by the Engineering Dr.
vision;
(O Submit to the Government all
such authorizations, permits,
licenses and approvals from
Federal, State, county, municipal
and other authorities as Counsel
for the Government may deem
advisable then to be obtained in
connection with the Project or
the Bonds;
(e) Take all the proceedings neces-
sary for the authorization and
issuance of the Bonds including
the approval thereof by the
voters at an election duly called
and held.
}. First Bond Requisition. AS soon
the provisions of Paragraph 2, PART
70, hereof, shall have been complied
tn to the satisfaction of Counsel for
= Government, the Borrower will file
tn the Government requisition re-
esting the Government to take up and
y for such amount of the Bonds, as
yether with Other Funds, will pro-
lie sufficient funds for the construction
the Project for a reasonable period
:, in the discretion of the Finance
vision, a requisition TO take up and
y for the entire amount thereof at
e time), specifying the principal
lount, serial numbers and maturities
hich maturities shall be satisfactory
the Finance Division) of the Bonds
such block and the date when it is
sired to complete the delivery there
(Which date shall not be earlier than
l days after the Government re-
pit of such first Bond requisition,
less otherwise satisfactory to Counsel
: the Government), the first Bond
luisition to be accompanied by COM
tie transcript of all bond proceedings
date, together with such certificates,
ms, opinions, letters, statements and
her documents as may be requested by
unset for the Government.
/ First Bond Payment. If the first
nd requisition and the documents ac-
npanying the same are satisfactory in
m, suff1ciency and substance to
unset for the Government, then, sub
t to the terms and conditions of this
reement, upon reasonable notice to
: Borrower, and within reasonable
ne after the receipt by the Govern
mt of the first Bond requisition, the
'vernment will arrange to take up and
y for such amount of Bonds as, to-
sher with Other Funds, will provide,
the judgment of the Engineering Di-
ion, sufficient funds for the con-
uction of the Project for reasonable
Rod. or, in the judgment of the FL
nee Division, the entire amount of
: Bonds, the first Bond payment to
made at the Federal Reserve Bank
Minneapolis, Minneapolis, Minnesota,
erein called the Reserve Bank'0, or
such other place or places as Counsel
he