#162 06-03-58 Authorize Bond Sale359
Resolution No. 162 June 31, 1958
Member Bies introduced the following resolution and MOVED its adoption:
"RESOLUTION' AUTHORIZING BOND SALE"
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Minnesota, as follows:
1. At the special meeting of the Village Council to be held on
Tuesday, June 24, 1958, at 7:30 o'clock P. M., sealed bids shall be received,
opened and considered for the purchase of $410,000 Improvement Bonds of 1958,
Third Series, of the Village, to be issued pursuant to Minnesota Statutes,
Chapter 429, for the purpose of financing additional costs of constructing
Lateral Sanitary Sewer Improvement Nos. 4(a) and 4(b) of the Village, and
for the purchase of $500,000 Improvement Bonds of 1958, Fourth Series, of
the Village, to be issued pursuant to the same authority, for the purpose of
financing costs of Lateral Sanitary Sewer Improvement No. 58-L.F.
2. T. G. Evensen and Associates, Inc., fiscal agents for the Village,
are hereby authorized and directed to issue an invitation to prospective
purchasers to submit sealed bids for the purchase of said bonds, and to
make such publication of the following notice of sale as may be deemed ad-
visable, bids for the purchase of said bonds to be submitted in conformity
with the following notice of bond sale:
NOTICE OF BOND SALE
$410,000 IMPROVEMENT BONDS OF 1958, THIRD SERIES
AND $500,000 IMPROVEMENT BONDS OF 1958, FOURTH SERIES
VILLAGE OF GOLDEN VALLEY
HENNEPIN COUNTY, MINNESOTA
NOTICE IS HFRIrBY GIVEN that the Village Council of the Village of
Golden Valley, Minnesota, will meet at the temporary Village Hall at 8030
Olson Highway in the Golden Valley Shopping Center (near Winnetka Avenue)
in said Village on Tuesday, June 24, 1958, at 7:30 o'clock P. Iii., Central
Daylight Saving Time, for the purpose of opening and considering sealed bids
for, and awarding sale of, $410,000 Improvement Bonds of 1958, Third Series,
and $500,000 Improvement Bonds of 1958, Fourth Series, of said Village, to be
issued under the authority of Minnesota Statutes 1953, Chapter 429, as amend-
ed. Said bonds will be dated May 1, 1958, each in the denomination of $1,000,
bearing interest at a rate of 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, 1959, and semiannually thereafter on August 1 and February 1 of
each year. Said bonds will mature serially, on February 1, in the following
years and amount:
$500,000 Fourth Series Bonds
Year Amount
1961 $251000
1962 $251000
1963 $25,000
Year Amount
1971 $25,000
1972 $25,000
1973 $25,000
$410,000
Third
Series
Bonds
Year
Amount
Year
Amount
1960
$20,000
1970
$20,000
1961
$20,000
1971
$20,000
1962
$20,000
1972
$20,000
�4
$500,000 Fourth Series Bonds
Year Amount
1961 $251000
1962 $251000
1963 $25,000
Year Amount
1971 $25,000
1972 $25,000
1973 $25,000
360
Resolution No.
162 (continued)
.June
3,
1958
1963
$201000
1973
$20,000
1964
$25,000
1974
1975
$251,000
$25,000
1964
$20,000
1974
$20,000
1965
$25,000
1965
$201000
1975
$20,000
1966
$25,000
1976
$25,000
1966
$20,000
1976
$20,000
1967
$25,000
1977
$25,000
1967
$200000
1977
$20,000
1968
$251,000
1978
$25,000
1968
$20,000
1978
$251000
1969
$251000
1979
$25,000
1969
$20,000
1979
$25,000
1970
$25,000
1980
$25,000
Bonds of each series maturing in 1976 and later years will each be sub-
ject to redemption by the Village, in inverse order of serial numbers,
on February 1, 1970, and any interest payment date thereafter, at par
and accrued interest, plus a premium of $20 for each bond redeemed prior
to February 1, 1976, and no premium for any bond redeemed on or after
February 1, 1976. Principal of an 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 forty days after award of sale, the printed and executed bonds and
the unqualified approving legal opinions of Messrs. Dorsey, Owen, Scott,
Barber and Marquart, 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 Chicago, Illinois, 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 received 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 certificates, and must
be accompanied by a cashiers or certified check or bank draft in the
amount of $18,200, 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 in erest 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 each series, and the
maturities of each series may be split not more than 4 ways. Bidders
may provide that all or some of the bonds of each series shall bear
additional interest, represented by separate coupons, for any interest
period or periods of the term of the bonds not exceeding one year, and
such additional interest may not be at a rate higher than 1% per annum.
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 6f issue to date of bond delivery will be considered, nor any bid
for less than all of the $910,000 of bonds herein offered and described.
Oral auction bids will not be received. The right to waive any inform-
ality and the right to reject any and all bids are reserved.
Dated June 3, 1958.
BY ORDER OF THE VILLAGE COUNCIL
ROGER K. ULSTAD
Village Clerk
7830 6th. Avenue North
Golden Valley, Minnesota
Resolution No. 162 (continued) June 3,.1958
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.
Or
Attest:
Village Clerk and Administrator
The motion for the adoption of the foregoing resolution was duly seconded by
Member Scherer, and upon vote being taken thereon, the following voted in
favor thereof: Bies, Flannagan, Nadasdy, Scherer, 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.
/s/ ROGER K. ULSTAD
Village Clerk and Administrator
STANLEY D. KANE
Village Attorney
1129 Plymouth Building
Minneapolis, 3, Minnesota
361