#051 06-11-57 Provide Sale Improvement Bonds Third SeriesResolution No. 51. June 11,1957
Member Teresi introduced the following resolution and moved its adoptionw
"RESOLUTION PROVIDING FOR SALE OF $3359000
IMPROVEMENT BONDS OF 1957,THIRD SERIES"
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 open
ing, receiving and considering bids for and awarding the sale of $335,000
Improvement Bonds of 1957, Third 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 West at least 10 days prior to the date of sale, which notice
shall be in substantially the following form:
NOTICE OF BOND SALE
$3350000 IMPROVEMENT BONDS OF 1957, THIRD SERIES
VILLAGE OF GOLDEN 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 July 2,1957, at 7:30 o'clock P.M., for the purpose of opening and con—
sidering sealed bids for, and awarding the sale of $335,000 Ihiprovement
Bonds of 1957, Third Series, of said Village, to be issued under the
authority of Minnesota Statutes 1953, Chapter 429.= Said bonds will be
dated August 1,1957, each in the denomination of $1,000, 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 February
1, 1958, and semiannually thereafter on August 1 and February 1 of each
year. Said bonds will mature serially on February 1, in the years and
amounts as follows:
Year
Amount
Year
Amount
1960
$20,000
1970
$20,000
1961
209,000
1971
15,000
1962
20,000
1972
15,000
1963
15,000
1973
15,000
1964
20,000
1974
15,000
1965
159000
1975
15,000
1966
20,000
1976
150,000
1967
151000
1977
15,000
1968
20,000
1978
15,000
1969
15,000
1979
15,000
1
1
1
Resolution No. 51. (continued) June 11,1957
Bonds maturing in 1972 and later years will each be subject to re-
demption by the Village on February 1, 1964, and any subsequent in-
terest 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 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
Minneapolis,Minnesota, and of Stanley D.Kane,Esq., Village Attorney,
together with the customary certificate evidencing absence of liti-
gation 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 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 $6,700, payable to the Village Treasurer, to be forfeited
as liquidated damages in case the bid be accepted and the bidder shall
fail to comply therewith. 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
provide that all or some of the bonds shall bear a higher interest
rate and additional coupons for any interest period or periods of the
terms of the bonds. The bid offering the lowest 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 June 11,1957.
BY ORDER OF THE VILLAGE COUNCIL
ROYCE W. OWENS
Village Clerk
7830 6th Ave. No.
Golden Valley, Minnesota