#010 03-17-59 Provide Sale Park Bonds9
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Resolution No. 10 March 17, 1959
Member Flannagan introduced the following resolution and MOVED its
adoption:
"RESOLUTION PROVIDING FOR THE
ISSUANCE AND SALE OF $2479000
VILLAGE HALL AND PARK 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
and considering sealed bids for and awarding the sale of $247,000 Village
Hall and Park Bonds of the Village, $150,000 thereof having been authorized
by the voters at an election held on December 3, 1957, for erecting and
equipping a civic center, and $97,000 thereof having been authorized by the
voters at the special election held on December 2, 1958, for park develop-
ment, improvement and equipment.
2. The Clerk is hereby authorized and directed to cause notice of the
time, place and purpose of said meeting to be published at least ten days
in advance of the time of said meeting in the Suburban Press, a legal news»
paper having general circulation in the Village, and in Commercial West,
a periodical publish0d`in Minneapolis, Minnesota, giving financial news
and of general circulation throughout the State, which notices shall be
in substantially the following form:
NOTICE OF BOND SALE
NOTICE IS HEREBY GIVEN that the Village Council of the Village of
Golden Valley, Hennepin County, Minnesota, will meet at 7840 Sixth Avenue
North (immediately adjacent to the present City Hall) in the Village of
Golden Valley, on April 21, 1959, at 7:30 o*clock P. M., Central Standard
Time, for the purpose of opening and considering sealed bids for, and
awarding the sale of $247,000 negotiable coupon general obligation Village
Hall and Park Bonds of said Village. Said bonds will be dated February 1,
1959, will be in the denomination 6f $1,000 each, will bear interest at a
rate or rates to be disignated by the successful bidder, payable on August
1, 1959, and semiannually thereafter on February 1 and August 1 of each
year, and will mature serially on February 1 in the amount of $12,000 in
1962, $15,000 in each of the years 1963 through 1975, and $10,000 in each
of the years 1976 through 1979, those bonds maturing after February 1,
1974, being each subject to redemption on said date and any interest pay-
ment date thereafter, in inverse order of serial numbers, at par and
accrued interest. 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 opinion of Messrs. Dorsey, Owen, Scott,
Barber and Marquart, of Minneapolis, Minnesota.
Resolution No. 10 (Continued) March 17, 1959
Delivery will be made without cost to the purchaser at Minneapolis, or
St. Paul, Minnesota, or Chicago, Illinois, or elsewhere at his expense.
Principal and interest may be made payable at any suitable banking
institution designated by the successful bidder.
Sealed bids marked "Bid for $2479,000 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, 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 $49940, payable to the Village Treasurer, to be forfeited as liqui-
dated 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 4 such
rates (in integral multiples of 1/4 or 1/10 of one percent per annum) may be
specified for the issue, and the maturities of the bonds may be split not
more than 4 ways for the purpose of designation of such rates. Bidders may
provide that all or some of the bonds shall bear a single additional interest
rate, represented by an extra set of coupons, for any interest period or
periods of the term 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 March 17, 1959.
BY ORDER OF THE VILLAGE COUNCIL
ROGER K. ULSTAD
Village Clerk and Administrator
Golden Valley, Minnesota
3. Each and all of the terms and provisions of the foregoing notice of
bond sale are hereby adopted as the terms and conditions of said bonds and
of the sale thereof.
Mayor
Attest:
-VI-1,14e Clerk ,6nd Administrator
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Resolution No. 10 (Continued)
March 17, 1959
The motion for the adoption of the foregoing resolution was duly seconded
by Member Teresi, 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, signed by
the Mayor, and his signature attested by the Clerk.
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