#312 06-07-67 Issue Sale Park and Recreation BondsMe
Resolution No.312 June 7, 1967
Member Stockman introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING THE ISSUANCE AND
SALE OF $1.,350,000 PARK AND RECREATION
AREA BONDS OF 1967
BE IT RESOLVED 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 Park and Recreation Area
bonds of 1967 in the amount of $1,350,000, in accordance with authority con-
ferred by the voters at the election held on June 7, 1967, to issue bonds in
the amount of $1,600,000, the remaining bonds of said authorization to be
issued when ordered by further resolutions of the Council.
2. Sealed bids for the purchase of said bonds shall be received until
3.00 P.M. on Tuesday, August 1, 1967, at the Civic Enter, and shall at said
time and place be opened and tabulated by the Village Manager, Finance Director
and Clerk, or any two of them. The bids shall then be submitted to the Council
for consideration at its regular meeting to be held at said place on said date
at 7:30 o'clock P.M., and for such action thereon as may be deemed appropriate
at said time.
3. The Clerk is hereby authorized and directed to cause notice of
the sale of said bonds 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, Minnesota, giving financial news and of general
circulation throughtout the State, which notice shall be in substantially
the following form:
NOTICE OF SALE
$1,350,000 Park and Recreation Area Bonds of 1967
VILLAGE OF GOLDEN VALLEY, MINNESOTA
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of $1,350,000
general obligation Park and Recreation Area Bonds of the Village of Golden
Valley, Minnesota, will be received at the Civic Center, 7800 Golden Valley
Road in said time be opened by the Village Manager, Village Finance Officer
and Village Clerk. No bids will be received or may be withdrawn after said
time. The bids received by said time will be held and submitted to the Village
Council for consideration at a meeting of the Council to be held at the same
place on the same date at 7:30 P.M. At said time and place the Council will
award sale of the bonds to the best bidder, or reject all bids.
The bonds are to be issued for the purpose of acquiring and improving
a park and recreational area. They will be dated August 1, 1967, each in the
denomination of $1,000 or $5,000, as the purchaser may designate within 48.
hours after award of sale, and will mature serially on February 1 in the years
and amounts as follows:
Resolution No, 312 June 7, 1967
Year Amount Year Amount Year Amount
1969 $30,000 1979 $40,000 1989 $55,000
1970 30,000 1980 45,000 1990 55,000
1971 30,000 1981 45,000 1991 55,000
1972 35,000 1982 45,000 1992 55,000
1973 35,000 1983 50,000 1993 6o,000
1974 35,000 1984 50,000 1994 60,000
1975 35,000 1985 50,000 1995 60,000
1976 40,000 1986 50,000 1996 60,000
1977 40,000 1987 50,000 1997 60,000
1978 40,000 1988 55,000
Those bonds maturing in the years 1988 through 1997 will each be subject to
redemption at the option of the Village in inverse order of serial numbers
on February 1, 1987, and any interest payment date thereafter, at 101-1/4
and accrued interest. The bonds will bear interest at a rate or rates to be
designated by the successful bidder, payable on February 1, 1968, and semi-
annually thereafter on each August 1 and February 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, Marquart, Windhorst, West & Halladay, of Minneapolis,
Minnesota. Delivery will be made without cost to the purchaser at any bank
in the continental United States, or elsewhere at his expense, provided that
the charges (if any) made by the bank for handling delivery, must in any
case be paid by the purchaser. Payment for the bonds must be made in federal
or other immediately available funds. Principal and interest will be made
payable at any bank to be designated by the successful bidder within 48 hours
after award of sale of the bonds and to be approved by the Village Council.
Sealed bids marked "Bid for $1,350,000 Bonds" may be delivered or
mailed to the undersigned. 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 bankdraft in
the amount of $27,000, 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 6 such rates may be specified, and the maturities of the bonds may be
split not more than 6 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 pro-
vide 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 $16,875. 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 cash premium offered) will
be deemed the most favorable. No bid for less than par plus accrued interest
0
Resolution No. 312 June 7, 1967
from date of issue to date of bond elivery will be considered. Oral auction
bids will not be received. The right to waive any informality and the right
to reject ani' and all bids are reserved.
Dated June 7, 1967
BY ORDER OF THE VILLAGE COUNCIL
Helen Penniman
Village Clerk
Civic Center
7800 Golden Valley Road
Golden V • rlley,
Minneapolis 27, Minnesota
4. Each and all of the terms and provisions of the foregoing notice
of bond sale are hereby adopted as the terms and conditions of issuing said
bonds and of the sale thereof.
%yo
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was duly seconded
by Member Garis, and upon vote being taken thereon, the following voted in
favor thereof: Bies, Garis, Nadasdy, Stockman, 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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