#085 11-30-54 Provide Sale of Improvement Bonds154
RESOLUTIONS ADOPTED
by the
VILLAGE COUNCIL
Resolution No. 86
November 30, 1954
Member Stark introduced the following resolution and moved
its adoption:
RESOLUTION PROVIDING FOR SALE OF $86, 000
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 sealed bids for
and awarding the sale of $86,000 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:
NOTI-CE 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 21, 1954, at
8:00 otclock B.M., for the purpose of opening and considering
sealed bids for, and awarding the sale of $86,000 negotiable
coupon general obligation Improvement Bonds of said Village,
to be issued under the authority of Minnesota Statutes 1953,
Chapter 429. Said bonds will be dated January 1, 1955, each
in the denomination of $1000, 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 thereafter on January 1 and
July 1 of each year, and will mature serially on January 1,
in the years and amounts aa--folldws:
Year
Amount
Year
AM2 t
1957
$89000
1962.
$9,000
1958
93,000
1963
8,000
1959
8, 000
1964
9.1000
1960
9,000
1965
8,000
1961
9,000
1966
9,000
1
1
1
ftp;
Those bonds maturing in 1966 will be each subject to redemp-
tion at par and accured interest on January 1, 1960 and any
later interest payment date. Principal of and interest on
the bonds will be made payable at any suitable national or
state bank which the purchaser may designate. The Village
will furnish without cost to the purchaser and within 40 days
after award of sale, the printed and executed bonds and the
unqualified approving legal opinion of Messrs. Dorsey, Colman,
Barker, Scott & Barber of Minneapolis, Minnesota. Delivery
will be made without cost to the purchaser at St. Paul,, or
Minneapolis$ 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 unecacltional except as to legality of the issue,
and must be accompanied by a cashier's or certified check
or bank draft in the amount of $1.*700, payable to the Village
Treasurer, to be forfeited as liquidated damages in case the
bid be accepted and the bidder shall fail to comply there-
with. Bids will be preferred according to lowest net interest
cost to the Village. No oral bid, and no bid of less than
par and accured 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 30th, 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
foregoing form of notice are hereby adopted as the terms
and conditions of said bonds and of the sale the eof.
f
® Aayor
Attest
The moticfn for the adoption of the foregoing resolution was
duly seconded by Member Rahn and upon vote being taken thereon,
the following members voted in favor thereof: Bies, Foss,
156
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,
I