#250 11-01-66 Issue Improvement Bonds and Park Bonds378
Resolution No. 250
November 1, 1966
Member Stockman introduced the following resolution and MOVED its
adoption:
RESOLUTION AUTHORIZING TIE ISSUANCE AND
SALE OF 44325000 IMPROVEMENT BONDS OF 1966
AND 4185,000 PARK BONDS of 1966
BE IT PISOLVED by the Village Council of the Village of Golden Valley,
Minnesota, as follows:
1. It is hereby found and determined to be necessary and expedient for
the Village to issue its general obligation Improvement Bonds of 1966 in the
amount of 4432,000 for the purpose of financing the construction of local
improvements, and its general obligation Park Bonds of 1966 in the amount of
4185,000 for the purpose of financing the development and improvement of
park properties and recreational areas, in accordance titirith authority conferred
by the voters at the election held on June 29, 1965.
2. This Council shall meet at the time and place specified in the form
of notice included in paragraph 2 hereof for the purpose of openeing and
considering sealed bids for and awarding the sale of said bonds.
3. 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 Golden Valley Press, a legal
newspaper having general circulation in the Village, and in Commercial West,
a periodical published in Minneapolis, I'innesota, giving financial news and
of general circulation throughout the State, which notice shall be in
substantially the following form:
NOTICE OF SALE
4432,000 IMPROVEMENT BONDS OF 1966
AND
4185,000 PARK BONDS OF 1966
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, 7900 Golden Valley Road in
said Village, on Wednesday, December 7, 1966, at 7:30 o'clock P. M., C.S.T.,
for the purpose of awarding the sale of 4432,000 general obligation Improve-
ment Bonds of 1966 of said Village to be issued under Minnesota Statutes,
Chapter 429, for the purpose of financing the cost of constructing local
improvements, and 4185,000 general obligation Park Bonds of 1966 to be issued
for the purpose of financing development and improvement of park properties and
recreational areas. The bonds will be dated December 1, 1966, each in the
denomination of 415000 or45,000, as the purchaser may designate within 48
hours after award of sale, and will mature serially on December 1 in the years
and amounts as follows:
379
Resolution No. 250
November 1, 1966
Improvement Bonds Park Bonds
$17,000 in 1967 $10,000 each year, 1967
$15-,:000 each year, 1968 through 1971 through 1983
$203,000 each .year, 1972 through 1976 $15,000 in 1981
$15,000 in 1977
$10,000 each year, 1978 through 1986
Those bonds maturing in the years 1978 through 1986 will each be subject to
redemption at the option of the Village in inverse order of serial numbers on
December 1, 1977, and any interest payment date thereafter, at par and accrued
interest plus a premium of l of par value for any bond redeemed on or
before June 1, 1980, or no premium for any bonds redeemed after June 1, 1980.
The bonds will bear interest at a rate or rates to be designated by the
successful bidder, payable on June 1, 1967, and semiannually thereafter on
each December 1, and June 1. The Village will furnish without cost to the pur-
chaser and within 40 days after award of sale, the printed and executed bonds
and the unqualified approving legal opinion of Messrs. Dorsey, Owen, Marquart,
Windhorst & West, of 11inneapolis, 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 the bonds.
Sealed bids marked "Bid for $617,000 Bonds" may be delivered or mailed
to the undersigned, and must be received not later than 7:00 o'clock P. M. on
December 7, 1966, 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 my 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 $12,340, payable to the Village Treasurer, to be forfeited as
liquidated damages in case the bid is accepted and the bidder shall fail to
comply therewith. Bids 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 of each issue
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, repre-
sented 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 $9,2S5. Each interest 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, nor any bid for less than all of ,$617,000
principal amount of bonds. 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 november 15, 1966.
BY ORDER OF TFC VILLAGE COUTICIL
FELMI' PES N-U-1AN, Village Clerk
Civic Center, 7800 Golden Valley Road
Golden Valley, 11innesota
380
Resolution No. 250
The motion for the
seconded by Member Garis
voted in favor thereof:
following voted against
declared duly passed and
attested by the Clerk.
November 1, 1966
adoption of the foregoing resolution was duly
and, upon vote being taken thereon, the following
Flannagan, Garis, Stockman, and Teresi; and the
the same: None, whereupon said resolution was
adopted, signed by the Mayor, and his signature
1
LI
D