#083 11-16-54 Provide Watermain Improvement Bonds149
RESOLUTIONS ADOPTED
by the
Village Council
Resolution No. 83
November 16, 1954
Member Stark introduced the following resolution and moved
its adoption:
RESOLUTION PROVIDING FOR SALE OF
70,000 MATER MAIN IMPROVEMENT BONDS
BE IT RESOLVED by the Village Council of the Village of
Golden Valley, Minnesota, as follows:
1. This Council shall meet at the time and place specified
In the form of notice included in paragraph 2, hereof, for the
purpose of opening, receiving and considering bids for and
awarding the sale of $70,000 water main improvement bonds of
the Village.
2. The Village Clerk is authorized and directed to cause
notice of the time, place and purpose of said meeting to be
published in the Commercial West at least 10 days prior to
the date of sale, which notice shall be in substantially 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 December 8, 1954s
at 8:00 o'clock F.M., for -the purpose of openin and consider-
ing sealed bids, for and awarding the sale of, 1'0,000 nego-
tiable coupon general obligation Water Main Improvemeht Bonds
of -said Village, to be issued under the authority of Minnesota
Statutes 1953s Chapter 429• Said bonds will be dated Jan-
uary 1, 1955, each in the denomination of $10000 bearing
interest at a rate or rates to be designated by the successful
bidder expressed in integral multiples of 1/4 or 1/10 of 1%
per annum, payable on July 1, 1955, and semiannually there-
after on January 1 and July 1 of each year, and will mature
serially on January 1, in the years and amount as follows:
Year
amount
Year.
Amount
1957
7,000
1962
7,000
1958
79000
1963
79000
1959
7,000
1964
7,000
1960
7:000
1965
7,000
1961
7'000
1966
7,000
150
Those bonds maturing in 1966 will be each subject to redemp-
tion at par and accrued interest on January 1, 1960, and
any later interest payment date. 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 Messrs. Dorsey
Colman, Barker, Scott & Barber of Minneapolis, Minnesota.
Delivery will be made without cost to the purchaser at St.
Paul, or Minneapolis, Minnesota, or elsewhere at his expense.
Sealed bids marked "Bid 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 issue, and
must be accompanied by a cashierts or certified check or bank
draft in the amount of $1,400, payable to the Village Treas-
urer, to be forfeited as liquidated damages in case the bid
be accepted and 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 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.
Dated: November 30, 1954
BY ORDER OF THE VILLAGE COUNCIL
KENNETH W. RAHN
Village Clerk
Golden Valley, Minnesota
3. Each and all of the terms and provisions of the fore-
going form of notice are hereby adopted as the terms and con-
ditions of said bonds and of the sale thereof*
Mayor
Attest:
The motion for the adoption of the foregoing resolution
was duly seconded by Member Rahn, and upon vote being taken
thereon, the following 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.