#110 12-04-57 Authorize Bond SaleResolution No..110
December 4. 1957
Member Teresi introduced the following resolutim and moved its adoption:
"RESOLUTION AUTHORIZIM BOND SALE"
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Minnesota, as follows.
1. At the regular meeting of the Village Council to be held on Tuesday,
January 7, 1958s at 7:30 otclock P. M., sealed bids shall be received, opened
and considered for the purchase of $62,000 Improvement Bonds of 1958, First
Series, of the Village, to be issued pursuant to Minnesota Statutes, Chapter
429, for the purpose of financing additional costs of construbting Trunk Sewer
Improvement No. 3 of the Village, and for the purchase of $73,000 Improvement
Bonds of 1958, Second Series, of the Village, to be issued pursuant to the
same authority, for the purpose of financing costs of various 1957 local
improvements.
2. T. G. Evensen & Associates, Inc., fiscal agents for the Village, are
hereby authorized and directed to issue an invitation to prospective purchas-
ers to submit sealed bids for the purchase of said bonds, such bids to be
submitted in conformity with the following notice of bond sales
NOTICE OF BOND SALE
$62,000 IMPROVEMENT BONDS OF 1958, FIRST SERIES,
AND $73,000 IMPROVEMENT BONDS OF 1958, SECOND SERIES
VILLAGE OF GOLDEN VALLEY
HENNEPIN COUNTY, MINNESOTA
NOTICE 15 HEREBY GIVEN that the Village Council of the Village of Golden
Valley, Minnesota, will meet at the Village Hall in said Village on Tuesday,
January 7, 1958, at 700 o'clock P. M., for the purpose of opening and con-
sidering sealed bids for, and awarding sale of, $62,000 Improvement Bonds of
1958, First Series, and $733000 Improvement Bonds of 1958, Second Series, of
said Village, to be issued under the authority of Minnesota Statutes 1953,
Chapter 1129, as amended. Said bonds will be dated January 1, 1.958, each in
the denomination of $1,000, bearing interest at a rate or rates to be desig-
nated by the successful bidder, expressed in integral multiples of 1/4 or
1%10 of 1% per annum, payable on July 1, 1958, and semiannually thereafter
on January 1, and July 1 of each year. Said bonds will mature serially, on
Januaryl, in the following years and amounts:
$62,000 First Series Bonds 173,000 Second Serie
Year
Amount
Year
Amount
Year
Amount
1959
$3,000
1969
$3,000
1960
$10,000
1960
3,000
19'70
3,000
1961
7,000
1961
3,000
1971
3,000
1962
7,000
1962
3,000
1972
3,000
1963
7,000
1963
3,000
1973
3,000
1964
7,000
19611
3,000
1974
3,000
1965
7,000
1965
3,000
1975
3,000
1966
7,000
1966
3,000
1976
3,000
1967
7,000
1967
3,000
1977
4,000
1968
7,000
1968
3,,000
1978
112000
1969
7,000
949
Resolution No. 110 (Continued) December 4, 1957
All Second Series bonds will be payable on their respective stated maturity
dates, without option of prior payment. Bonds of the First Series maturing
in the gears 1969 through 1978 will each be subject to redemption by the
Village, in inverse order of ..serial nwflbers, on January 1, 1968, and any
interest payment date thereafter, at par and accrued interest, plus a
premium of $20 for each bond redeemed prior to January 1, 197 ., and no
premium for any bond redeemed on or after January 1, 1974. Principal of
and interest on the bonds will be made payable at any suitable national
or state bank which the purchasbr may designate. The Village will furnish
without cost to the purchaser, and within forty days after award of sale,
the printed and executed bonds and the unqualified approving legal opinions
of Messrs. Dorsey, 0wen, Barker, Scott & Barber, of Minneapolis, Minnesota,
and of Stanley D. Kane, Esq., Village Attorney, together with the customary
certificate as to absence of litigation affecting the validity of the bonds.
Delivery will be made without cost to the purchaser in 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 Clerk for opening at said meeting, and must be re-
ceived at his office 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 above-described opinions and certificate, and must be accompanied
by a cashier's or certified check or bank draft in the amount of $2,700,
payable to the Village Treasurer, to be forfeited as liquidated damages in
case the bid is accepted and the bidder fails 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 4 such rates may be
specified for the First Series bonds, nor more than 2 such rates for the
Second Series bonds. The maturities of the First Series bonds may be split
not more than 4 ways, and the maturities of Second Series bonds may be split
not more than 2 ways for the purpose of designation of such rates. Bidders
may provide that all or some of the First Series bonds shall bear additional
interest, represented by separate coupons, for any interest period or periods
of the term of the bonds, but such additional interest or separate coupons
will not be permissible as to the Second Series bonds. The bid offering the
lowest net interest cost (total interest from date of issue to stated matur-
ities, 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, nor any bid for less than all of the $135,000
of bonds herein offered and described. Oral auction bids will not be receiv-
ed. The right to waive any informality and the right to reject any and all
bids are reserved.
Dated December 4, 1957
BY THE ORDER OF THE VILLAGE COUNCIL
7TITage Clerk
7830 6th Avenue North
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.
1
1
Resolution No. 110 (continued)
k
Mayor
Attest: /ZJ4—SW�
Village Clerk
December 4, 1957
The motion for the adoption of the foregoing resolution was duly
seconded by Fbmber Flannagan,, and upon vote being taken thereon,, the
following voted in favor thereof: Bies., Flaanagan, Nadascly,, Stark and
Teresi; and the following voted against the same: None.,
whereupon said resolution was declared duly passed and adopted and was
signed by the Mayor and attested by the Village Clerk.
I