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#019 03-19-57 Provide Improvement BondsM Resolution N6,19. March 19,1957 Member Rahn introduced the, following resolution and moved its adaptions RESOLUTION PROVIDING FOR SALE OF $12100,000 IMPROVEMENT BONDS OF 1957,SECON0 SERIES BE IT WMLVED by the Village Council of the Village of Golden Valley, Minnesota, as follcrrs: 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 $1,100,000 Improvement Bonds of 1957, Second Series, 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 Nest at least 10 days prior to the date of sale, which notice shall be in substantially the following forms NOTICE OF BOND SALE $1,100,000 IMPROVEMENT BONDS OF 1957, SECOND SERIES VILLAGE OF ODLDEN VALLEY, HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that the Village Council of the Village of Golden Valley, Minnesota, will meet at the Village Hall in said Village on April 18,1957, at 11:00 o'clock A.M. for the purpose of opening and considering sealed bids for, and awarding the sale of, $1,100,000 Improvement Bonds of 1957, Second Series, of said Village, to be issued under the authority of Minnesota Statutes 1953, Chapter 429. Said bonds will be dated May 1, 1957, each in the denomination of $1,000, bearing interest at a rate or rates to be designated b the successful bidder, expressed in integral multiples of 174 or lAO of 1% per annum, playable on February 1, 1958, and semiannually thereafter on August 1 and February 1 of each year. Said bonds will mature serially on February in the amount of $55,000 in each of the gears 1960 through 1979. Bonds maturing in 1972 and later gears will each be subject to redemption by the Village on February 1, 1961., and any subsequent interest payment date, in inverse order of serial numbers, at par and accrued interest plus a premium of $30 for each bond redeemed prior to February 1,1968, or a premium of $15 for each bond redeemed on or after February 1,1968, but prior to February 1, 1972, or no premium for any bond redeemed on or after February 1,1972. Principal of and interest on the bonds will be made payable at any suitable Resolution No. 19. (continued) March 19,1957 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 opinions of Messrs. Dorsey, Owen, Barker, Scott & Barber, of Hinneapolis,Minnesota, and of Stanley D. Kane, Esq., Village Attorney, together with the customary certificate evidencing absence of lititation 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 f or Improvement Bonds" may be de- livered or mailed to the undersigned for opening at said meet- ing, 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 cashier's or certified check or bank draft in the amount of $22,,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 shall state qne basic rate pf 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 providel"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 loweat net interest cost (total interest from date of issue to stated maturities, less any premium offered) will be deemed the most favorable. No 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 19,1957. BY ORDER OF THE VILLAGE COUNCIL HDYCE W, (NEMS Village Clerk 7830 6th Ave. No. 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 conditidns of said bonds and of the sale t of. ayor ES . age e 1 1 Resolution No. 19 (continued) March 19,1957 The motion for the adoption of the foregoing resolution was duly seconded by Member Teresis and upon vote being taken thereon, the following voted in favor thereoft Bies'Nadasdys Rahn,Stark., Teresi, and the following voted against the same t None, whereupon said resolution was declared duly passed and adopted and was signed by the Mayor, which was attested by the Clerk.