#056 07-01-54 Bond Sale Sewer Improvement #1Resolution No. 56 July 1, 1954
Member Stark introduced the following resolution and
moved its adoption:
RESOLUTION DIRECTING
NEW ADVERTISEMENT FOR BOND SALE
BE IT RESOLVED by the Village Coucnil of the Village of Golden
Valley, that the date for the sale of bonds for Sewer
Improvement No. 1 set for July 13, 1954, in a resolution
adopted June 15, 1954, be and the same hereby is advanced
to July 90 a 1954:
BE IT FURTHER RESOLVED that the Village Clerk is hereby
authorized and instructed in insert and publish in the
Commercial West an advertisement for sanitary sewer impro-
vement bonds in substantially the -following form:
NOTICE OF BOND SALE
$750,000
GENERAL OBLIGATION
SEWER IMPROVEMENT NO. 1 BONDS
VILLAGE OF GOLDEN VALLEY,
HENNEPIN COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that the sale of 0400,000 general
obligation Sewer Improvement No, 1 Bonds of the Village of
Golden Valley, heretofore. advertised to be held on July 13,
1954, has'been canceled. In lieu of said sale the Village
Council of the Village of Golden Valley, Minnesota, will
meet at the Village Hall in said Village on July 20, 1954,
at 8:00 o'clock P.M., for the purpose of opening and considering
sealed bids for, and awarding the sale of, $750v000 negoti-
able coupon general obligation Sewer Improvement No. 1
Bonds of said Village, to be issued under the authority of.
Minnesota Statutes 1953, Chapter 429. Said bonds will be
dated July 1, 1954, each in the denomination of $1,000, bearing
interest at the rate or rates to be designated by the
successful bidder, expressed in integral multiples of 1/4
or 1/10 or 1% per annum, payable on January 1, 1955 and
semiannually thereafter on July 1 and January 1 of each year..
Said bonds will be issued in two series, to be designated
as Series A and Series B, in the total principal amounts of
$600,000.00 and 0150,000.00, respectively. Bonds of both
series will mature serially on January 1 in the following
years and amounts:
Year
Series A
Series B
Year
Series A
Series B
1956
$30,000
$10,000
1966
X30,000
$10,000
1957
30,000
59000
1967
30,000
5,000
1958
30,000
109000
1968
30,000
10,000
1959
30,000
59000
1969
30sOOO
5000
1
Year
Series A
Series B
Year
Series A
Series B
1960
X30,000
$10,000
1970
630000
$10,000
1961
30,000
5,000
1971
30,000
5,000
1962
30,000
103000
1972
30,000
10,000
1963
30,000
5000
1973
309000
5000
196.
30,000
10.'000
1974
30 000
10, 000
1965
30,000
5,000
1975
30000
5000
Bonds of Series A maturing in the gears 1971 through 1975
will each be subject to redemption by the Village on Jan-
uary 1, 1970s and any subsequent interest payment date, at
par and accrued interest, in numercial order of serial
numbers, but no bond of Series A may be called for redemp-
tion until all bonds of Series B or any other series of
said issue have been paid or called for redemption. Bonds
of Series B maturing in the years 1961 through 1975 will
each be subject to redemption by the Village in inverse
order of serial numbers, on January 1, 1960, and any
subsequent interest payment date, at par and accrued
interest, plus a premium of $25 if such redemption is made
on a date prior to January 10 1965, and no premium if such
redemption is made on January 1, 1965 or thereafter.
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 gpproving legal
opinion'of Messrs. Dorsey, Colman, Barker, Scott & Barber,
of Minneapolis, Minnesota, together with the customary
certificate evidencing absence of litigation affecting
the validity of the bonds. Deliverywill be made without
cost to the purchaser at St. Paul or Minneapolis, Minnesota,
or elsewhere at his expense.
The total cost of Sewer Improvement No. 1 is presently
estimated to be $750,000, and therefore the Village does
not expect that further bonds will be issued for the purpose
of financing said improvement, which consists of a trunk
sewer principally serving the northeastern quarter of the
Village; however, the Village reserves the right to issue -
further series of bonds of said issue, if needed to
finance said improvement, at such time or times and upon
such terms as to maturity, interest rate, redemption
privileges and other matters as it may deem expedient.
Sealed bids marked t1Bid for Improvement Bonds" may be
delivered or mailed to the undersigned for opening 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 bonds, which may be conditioned upon the opinion of
the above attorneys, and must be accompanied by a cashierts
or certified check or bank draft in the amount of $15:000,
payable to the Village Treasurer, to be forfeited as liquidated
damages in case the bid be accepted and the bidder shall
fail to comply therewith. Bids must be submitted for all
or none of the $750,000 of bonds (Series A and Series B) above
described. Bids will be preferred according to lowest net
interest cost to the Village on the entire 0750,000 of bonds.
No oral bid, and no bid of less than par and accrued 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 bidderst information and bid forms for the
bonds above described will be issued by and may be obtained
from the above-named attorneys, 1015 First National -Soo
Line Building, Minneapolis 21 Minnesota (telephone: MAlin 3351),
or from Stanley D. Kane, Esq,., Village Attorney, 943 Plymouth
Building, Minneapolis, Minnesota (telephone: Fillmore 6328).
Dated June 30s 1954•
BY ORDER OF THE VILLAGE COUNCIL
KENNETH W, RAHN
Village Clerk
Village Hall
7830 6th Avenue North
Golden Valley, Minnesota
The motion for the adoption of the foregoing resolution was
duly seconded by Member Foss and upon vote being taken thereon,
the following members voted in favor thereof: Bies, Foss,
Huebsch, Rahn, and Stark: and the following voted against
the same: NONE: whereupon said resolution was declared
duly passed and adopted, signed by the Mayor and his
signature attested by the Clerk.
Atte
Mayor
1