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#052 06-15-54 Advertise Bond SaleResolution No. 52 June 15, 1954 Member Stark introduced the following resolution and moved its adoption: RESOLUTION DIRECTING ADVERTISEMENT FOR BOND SALE BE IT RESOLVED by the Village Council of the Village of Golden Valley, that the Village Clerk is hereby autho- rized and instructed to insert and publish in the Commercial West an advertisement for sanitary sewer improvement bonds in substanially the following form: NOTICE OF BOND SALE NOTICE IS HEREBY GIVEN that the Village Council of the Village of Golden Valley, Hennepin County, Minnesota, will meet at the Village Hall in said Village on July 13, 1954, at 8:00 o t clock P.M., for the purpose of opening and considering -sealed bids fors and awarding the sale of, $400*000.00 negotiable coupon general obligation Sewer Improvement No, 1 Bonds of said Village, Series A, to be issued under the authority of Minnesota Statutes 1953s Chapter 429. Said bonds will be dated July 19 1954, each in the denomination of $13,000,00, bearing interest at the rate or fates to be designated by the successful bidder, expressed in integral multiples of 1A or 1/10 of 1% per annum, payable of January is 1955, and semiannually there after on July 1 and January 1 of each year, and will mature serially on January 1, in,the years and amounts as follows: Year Amount Year Amount 1956 $200000 1966 $20,000 1957 209000 1967 209000 1958 200000 1968 209000 1959 20,000 1969 20,000 1960 200000 1970 20,000 1961 20s000 1971 20s000 1962 20s000 1972 200000 1963 20,00© 1973 200000 19604 200000 1974 20,000 1965 20,000 1975 20,000 Bonds of said issue;ln pa �ws� ✓g the years 1971 through 1975 will each be subject to redemption by the Village on January 1, 1970 and any subsequnet interest payment date, at par and accrued interest, in numerical order of serial numbers. Principal of and interest on the bonds will be made payable at any suitable national or state bank which the purchaser may designate. The Village will furnish without cost to the purchaser and within 40 days after award of sale, the printed and executed bonds and the unqualified approving legal opinion of Messres. Dorsey, Colman, Barker, Scott & Barbdr of Minneapolis, Minnesota, together with the customary certificate evidencing absence of litigation affecting the validity of the bonds, Delivery will be made with- out cost to the purchaser at St, Paul or Minneapolis, Minnesota, or elsewhere at his expense. boys The Serits A bonds described are part of an issue authorized in a total principal amount not exceeding $800,000,00, all to be issued for the purpose of financing the cost of constructing a trunk sewer principally serving the northeastern quarter -16f said Village. The Village reserves the right to issue futher series of bonds, not exceeding the remaining unissued authorized amount, at such time or times and upon such terms as to maturities and redemption privileges as it may deem expedient. 1 Sealed bids marked "Bid for Improvement Bonds" may be delivered or mailed to the undersigned for open- ing at said meeting, and must be received prior to the time of said meeting. Each bid must be unconditional except as to legality of the issue, which may be condi- tioned upon the opinion of the above attorneys, an„Pr;,V*H£ to i'he mpaiaed by a cashier's or certified checkap bbyep �^'�'°`{d�°°° Village Treasurer, to be forfeited as liquid - ted damages in the bid be accepted 4nd the bidder shall fail to comply therewith. Bids will be preferred according to lowest net interest cost to the Village, No oral bid, and no bid of less than par and accused interest will be considered, and the Council reserves. the right to reject any and all bids, and to waive any informality in any bid. A circular of bidders information and bid forms for the Series A bonds above described will be issued by and may be obtained from the above.- named bove-named attorneys, 1015 First National -Soo Line Building, Minneapolis.20 Minnesota (telephone: Main 3351), or from Stanley D. Kane, Esq., Village Attorney, 943 Plymouth Buildin , Minneapolis, Minnesota (tele- phone: Fillmore 6328. Dated June 15, 1951• BY ORDER OF THE VILLAGE COUNCIL 1s/ Kenneth W. Rahn Village clerk Member Bies seconded the motion for the adopt- ion of the foregoing resolution and upon vote being taken thereon, the following voted in favor thereof; Bies, Foss,-Huebsch, Rahn, Stark. and the following voted againest the same: None. whereupon said