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#282 10-18-71 Issue Sale Improvement Bonds96 Resolution No. 282 October 18, 1971 Member Stockman introduced the following resolution and MOVED its adoption: RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $2,030,000 IMPROVEMENT BONDS OF 1971 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 1971 in the amount of $2,030,000 for the purpose of financing the construction of local improvements, pursuant to authority vested by the provisions of Minnesota Statutes 429.091. 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 the Golden Valley Sun, a legal news- paper having general circulation in the Village, and in Commercial West, 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 $2,030,000 IMPROVEMENT BONDS OF 1971 VILLAGE OF GOLDEN VALLEY, MINNESOTA Sealed bids will be received until 2 P.M., November 15, 1971 at the Civic Center, 7800 Golden Valley Road, Golden Valley, Minnesota, for the purchase of $2,030,000 Improvement Bonds of 1971 to be dated November 1, 1971, maturing on February 1 in the amount of $280",000 in 1972 and $250,000 in each of the years 1973 through 1979, without option of prior payment. The bonds are issued for the purpose of financing local improvements. Bids must be for purchase at not less than $2,000,000, plus accrued interest. Maximum coupon and net rate 7% per annum. No "B" coupons. Legal opinion by Dorsey, Marquart, Windhorst, West & Halladay, Minneapolis, Minnesota. BY ORDER OF THE VILLAGE COUNCIL HELEN PENNIMAN Village Clerk 97 Resolution No. 282 October 18, 1971 4. The official notice of sale shall be in the following form: NOTICE OF SALE $2,030,000 IMPROVEMENT BONDS OF 1971 VILLAGE OF GOLDEN VALLEY, MINNESOTA NOTICE IS HEREBY GIVEN that sealed bids for the purchase of $2,030,000 general obligation Improvement Bonds of 1971 of the Village of Golden Valley, Minnesota, will be received at the Civic Center, 7800 Golden Valley Road in said Village, until 2 P.M., C.S.T., on Monday, November 15, 1971, and will at 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 providing funds to be used to pay for the construction of local improvements. They will be dated November 1, 1971, each in the denomination of $5,000, unless the purchaser designates another denomination within 48 hours after award of sale, and will mature serially on February 1 in the amount of $280,000 in 1972 and $250,000 in each of the years 1973 through 1979, all without option of prior payment. The bonds will bear interest at the rate or rates to be designated by the successful bidder, payable on February 1, 1972, and semiannually 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 place in the continental United States. 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 desig- nated 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 $21,030,000 Improvement Bonds of 1971" 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 bank draft in the amount of $40,600, payable to the Village Treasurer, to be for- feited as liquidated damages in case the bid is accepted and the bidder shall fail to comply therewith. Bids shall state one rate of interest from date of issue to maturity for all bonds having a common maturity date. No supplemental or "B" coupons will be allowed. Each interest rate must be stated in a multiple of 1/20 of 1% per annum, and must not exceed 7% per annum. The bid offering the lowest net interest cost (total interest from date of issue to stated maturities) less any cash premium offered or plus any amount by which the purchase price is less than $2,030,000) will be deemed the most favorable. No bid for less than $2,000,000 plus accrued interest from date of issue to date of bond delivery will be considered. Oral auction bids will not be recieved. The right to waive any informality and the right to reject any and all bids are reserved. Resolution No. 282 Dated October 18, 1971. October 18, 1971 BY ORDER OF THE VILLAGE COUNCIL HELEN PENNIMAN Village Clerk Civic Center 7800 Golden Valley Road Minneapolis, Minnesota 55.27 5. Each and all of the terms and provisions of the foregoing official notice of bond sale are hereby adopted as the terms and conditions of said bonds and of the sale thereof. �A� Mayor /' Attest: Village Clerk The motion for the adoption of the foregoing resolution was duly seconded by Member Ulstad, and upon vote being taken thereon, the following voted in favor thereof: Hoover, Paulson, Stockman, Teresi, and Ulstad; 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.