#148 03-19-56 Provide Bonds Lateral Sewer No. 1 Improvement-03
Resolution No. 148
March 19, 1956
Member Rahn introduced the following resolution and moved its adoption:
RESOLUTION PROVIDING FOR SALE OF $375,000
LATERAL SEATER, NO. 1 INPROVEEENT BOND AND
$1,0009000 TRUNK SEWER NO. 2 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 warding the sale of $375,000 Lateral Sewer
No. 1 Improvement Bonds and $1,000,000 Trunk Sewer No. 2 Improvement
Bonds df 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 forms
NOTICE OF BOND SALE
$375.,000 LATERAL SEM IMPROVEMENT N0. 1 BOND (Second Series)
AND
$1,000,000 TRUNK SEWER. IMPROVES NO. 2 BONDS
VILLAGE OF GOLDEN VALLEY,
HENNEPIN COUNTY, MINNESOTA
NOTICE IS HKREBY GIVEN that the Village Council of the Village of Golden
Valley, Minnesota, will meet at the Village Hall in said Village on April 3,
1956, at 8:00 oiclock P.M., for the purpose of opening and considering
sealed bids for, and awarding the sale of, $375,000 negotiable coupon
general obligation.Lateral Seger Improvement No. 1 Bonds of said Village,
and $1,000,000 Trunk Sewer Improvement No. 2 Bonds of said Village, all
to be issued under the authority of Minnesota Statutes 1953, Chapter 429.
Bonds of both issues will be dated February 1, 1956, each in the denomination
of $1,000, bearing interest at the rate or rates tonbe designated by,the
successful bidder, expressed in integral multiples of 1/4 or 1/10 of 1%
per annum, payable on August 1, 1956 and semiannually thereafter on February
1 and August 1, of each year. Said bonds will mature serially on February l
in the following years and amounts:
Year
Lateral Sewer
Trunk Sewer
Year
Lateral Sewer
Trunk Sewer
No. -1 Bonds
No. 2 Bonds
No. 1 Bonds
No. 2 Bonds
1958
$15,000
$50,000..00
1968
$20,000
$50,000.00
19 9
20,000
$50,000.00
1969
20,000
50,000.00_1
$50.,000-00--
1920,,000
20,000
$50,000.00
1970
20,000
$502000.00
19 1
20,800
$,50,000.00
1971
20,000
$50,000.00
1962
20,000
$50,000.00
1972
20jOOO
$50,000.00
1963
20,000
$50,000.00
1973
20,000
$50,000.00
1964
20,000
$50,000.00
1974
20,OOO
$50,000.00
1965
20,000
$50,000.00
1975
20,000
$59,000.00
1966
20,000
$50,000.00
1976
20,000
$50,000.00
1967
20,000
$50,000.00
1977
-X0,400 %
$50,000.00
304
Bonds of both issues maturing in 1971 and later gears will each be
subject to redemption by the Village on February 1, 1970, and any
subsequent interest payment date, at par and accrued interest, in
inverse order of serial numbers. Principal of and interest on the
bonds will be'r-zade payable at any suitable nationalorstate 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 opinions of
Messrs. Dorsey, Owen, Barker, Scott & Barber, of Minneapolis, Minnesota,
and of Stanley D. Kane, Esq., Village Attorney, together with the customary
certificate evidencing absence of litigation affecting the validity of
the bonds. Delivery will be made without cost to the purchaser at St.
Paul or Minneapolis, Minnesota, or Chicago, Illinois, 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 re-
ceived 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 cashier's
check or bank draft in the amount of $27,500.00, 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 both the issues of bonds ($1,375,000.00
principal amount) above described. As to each issue, bids shall state
one basic rate of interest from the date of issue to maturity for all
bonds having a common maturity date. Not more than five such rates
(in integral multiples of 1/4 or 1/10 of one per cent per annum) are to
be specified for each issue and the maturities of each issue may be
split not more than five ways for the purpose of designation of such
rates. Bidders may protide that all or.some of the bonds shall bear a
higher interest rate and additional coupons for -any interest period or
periods of the term of the bonds. The bid offering the.lowest net
interest cost for both issues (total.interest from date of issue to
stated maturities, less any premium offered) will be deemed the most
favorable. leo bid for less than par plus accrued interest from date of
issue to date of bond delivery will be considered. Oral auction bids
will not be received. The right to waive any informality and the right
to reject any and all bids are reserved.
Dated March 14, 1956
BY ORDER OF THE VILLAGE COUNCIL
ROYCE W. OWENS
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 thereof.
yor
ATTEST:
r
The motion for the adoption of the foregoing resolution was duly
seconded by Member Stark, and upon vote being taken thereon, the following
voted in favor thereofs Bies, Nadasdy, Rahn, Stark and Teresi; and the
following voted against the same: bone, whereupon said resolution was
declared duly passed and adopted and was signed by the Mayor and his
signature attested by the Clerk.
STATE OF MINNESOTA )
COUM OF HENNEPIN ) ss
VILLAGE OF GOLDEN VALLEY )
T do hereby certify that at a regular meeting of the Village Coil of
Golden Valley, Minnesota, on the 19th- day -of March,_ 1956, at which a
majority of the members of said Council -were present, the foregoing
resolution was adopted.
Given under my hand and seal tr