#375 11-21-67 Issue Sale Improvements Bonds158
Resolution No. 375
November 21, 1967
Member Garis introduced the following resolution and Moved its adoption:
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE
OF $595,000 IMPROVEMENT 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 Improvement
Bonds of 1967 in the amount of $595,000 for the purpose of financing
the construction of local improvements, pursuant to authority vested
by the provisions of Minnesota Statutes 2129.091.
2. This Council shall meet at the time and place specified
in the form of Notice included in Paragraph 3 hereof for the purpose
of opening 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 TIE GOLDEN
VALLEY PRESS, a legal newspaper having general circulation in the
Village, and in C012,ERCIAL WEST, a periodical published in Minneapolis,
Minnesota, giving financial news and of general circulation through-
out the State, which notice shall be in substantially the following
form:
NOTICE OF SALE
$595,000 IMPROVEMENT BONDS OF 1967
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 Wednesday, December 28, 1967,
at 7:30 o'clock P. M., C.S.T., for the purpose of awarding the sale of
$595,000 general obligation Improvement Bonds of 1967 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 December 1, 1967, each in the denomination of $5,000,
unless another denomination is requested by the purchaser within
48 hours after award of sale, and will mature serially on December 1
in the years and amounts as follows:
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Resolution No. 375
November 21, 1967
Year
Amount
Year
Amount
Year
Amount
1968
1969
$60,000
60,000
1975
1976
$35,000
1981
$10,000
7-970
1971
b0 000
60,000
35,000
000
1982
1983
15,000
10,000
1972
6o,,000
1978
1979
15,
5�000
000
1984
1985
15,000
1973
197.
35,0,00
35,ObO
1980
10 000
5,
1986
10,000
15,000
1987
10,000
Those bonds maturing in the years 1981 through 1987 will each be subject
to redemption at the option of the Village in inverse order of serial
numbers on December 1, 1980, and any interest payment date thereafter,
at par and accrued interest plus a premium of 10 of par value for any
bond redeemed on or before June 1, 1982, or no premium for any bond
redeemed after June 1, 1982. The bonds will bear interest at a rate or
rates to be designated by the successful bidder, payable on December 1,
1968, and semiannually thereafter on each June 1, and December I. 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, rdindhorst, West
and Halladay, of Minneapolis, Minnesota. Delivery will be made with-
out 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 $595,000 Improvement Bonds" may
be delivered or mailed to the undersigned, and must be received not
later than 1:00 o'clock P.M. on December 28, 1967, 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 $11,900, payable to the Village Treasurer, to be forfeited
as liquidated damages in case the bid is accopted 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. Plot more than 5 such rates may be specified, and the
maturities of the bonds of each issue may be split not more than 5 mays
for the purpose of designation of such rates. The lowest basic rate
applicable to any bond may not be more than 1.500 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 o f the bonds; provided, that the total dollar amount of
such interest shall aggregate not more than $8,925. Each interest rate
must be stated in a multiple of 1/20 of 10 per annum, and no rate or
combination of rates may exceed 60 per annum. The bid offering the lowest
net 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 from date of issue to date
Resolution No. 375
November 21, 1967
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 November 21, 1967
BY ORDER OF THE VILLAGE COUNCIL
HELEN PE�dNIl`iAN
Village Clerk
Civic Center
7800 Golden Valley Road
Golden Valley, 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
A nnri nf the sale thereof.
The motion for the adoption of the foregoing resolution was duly
seconded by Member Stockman and upon vote being taken thereon, the
following voted in favor thereof: Bies, Garis, 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.
STATE OF MINNESOTA )
SS.
COTRITY OF HE, NNE )
I, the undersigned, being the duly qualified and acting Clerk
of the Village of Golden Valley, Minnesota, hereby attest and certify
that:
(1) As such officer, I have the legal custody of the original
record from which the attached and foregoing extract
was transcribed;
(2) I have carefully compared said extract with said
original record;
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Resolution No. 375
November 21, 1967
(3) I find said extract to be a true, correct and complete
transcript from the original minutes of a meeting of the
Village Council of said Village held on the date in-
dicated in said extract, including any resolutions
adopted at such meeting, insofar as they relate to
$595,000 Improvement Bonds of 1967; and
(4) Said meeting was duly held, pursuant to call and notice
thereof as required by law.
WITNESS my hand and the seal of said Village this 21st day of
December, 1967.
Vi lage Clerk