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#123 11-02-65 Issue Improvement BondsResolution No. 123 November 21 1965 Member Flannagan introduced the following resolution and moved its adoption: RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $49QQ00 IMPROVEMENT BONDS OF 1965 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 $490,000 Improvement Bonds of 1965• 2. The Clerk is hereby authorized and directed to cause notice of time, place and purpose of said meeting to be published at least ten days in advance of the time of said meeting in the Golden Valley Press, a legal news- paper having general circulation inthe Village, and in Commercial Nest, a periodical published in Minneapolis, Minnesota, giving financial news and of general circulation throughout the State, which notice shall_ be in substantially the following form: NOTICE OF SALE $4901000 IMPROVEMENT BONDS OF 1965 (Village of Golden Valley, Minnesota) NOTICE IS HEREBY GIVEN that the Village Council of the Village of Golden Valley, Minnesota, will meet at the Civic Center, 7800 Golden Valley Road in said Village, on Tuesday, November 16, 1965, at 7:30 o'clock P.M., C.S.T., for the purpose of awarding the sale of $490,000 general obligation Improvement Bonds of 1965 of said Village to be issued under Minnesota Statutes, Chapter 429, for the purpose of financing the cost of constructing local improvements. The bonds will be dated November 1, 1965, each in the denomination of $1,000 or $5,000, as the purchases may designate within 48 hours after award of sale, and will mature serially on February 1 in the years and amounts as follows: $45,000 in each of the years 1967 through 1971, $25,000 in each of the years 1972 through 1976, $15,000 in each of the years 1,077 through 1984, and $10,000 in each of the years 1985 and 1986. Those bonds maturing in the years 1979 through 1986 will each be subject to redemption at the option of the Village in inverse order of serial numbers on February 11 1978, and any interest payment date thereafter, at par and accrued interest. The bonds will bear interest at a rate or rates to be designated by the successful bidder, payable on August 1, 1966, and semiannually thereafter on each February 1 and August 1. 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, Marquart, Z^;d.ndhorst &West, of Minneapolis, Minnesota. Delivery will be made without cost to the purchaser anywhere in the continental United States, or elsewhere at his expense. Principal and interest will be made payable at any mutually satisfactory bank to be designated by the successful bidder within 48 hours after award of sale of bonds. 189 Resolution No. 123 November 2, 1965 Sealed bids marked "Bid for $490,000 Bonds" may be delivered or mailed to the undersigned, and must be received not later than 7:00 o'clock P.M. on November 16, 1965, at which time the bids will be opened and tabulated by the Village Manager and Village Clerk. 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 $9,800, payable to the Village Treasurer, to be for- feited as liquidated damages in case the bid is accepted and the bidder shall state one basic rate of interest from date of issue to maturity for all bonds having a common maturity date. Not more than 5 such rates may be specified, and the maturities of the bonds may be split not more than 5 ways for the purpose of designation of such rates. The lowest basic rate applicable to any bond may not be more than 1.50% lower than the highest basic rate applicable to any bond. 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; provided, that the total dollar amount of such interest shall aggregate not more than $4,900. Each interest rate, or any combined basic and additional rate, must be stated in a multiple of 1/10 or 1/4 of 1% per annum, and must not exceed 6% 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 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. BY ORDER OF THE LLAGE COUNCIL Vi age Clerk ROBERT M. SKARE, VILLAGE ATTORNEY 1200 First National Bank Building Minneapolis, Minnesota 55.02 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. ( f` C.` Mayor Attest: Village Clerk ` The motion for the adoption of the foregoing resolution was duly seconded by Member Schaphorst, and upon vote being taken thereon, the following voted in favor thereof: Flannagan, Garis, Nadasdy, Schaphorst 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.