#420 09-18-72 Issue Park and Recreation BondsResolution No. 420 September 18, 1972
Member Stockman introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING THE
ISSUANCE AND SALE OF $980,000
PARK AND RECREATION BONDS OF
1972
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 Bonds of 1972
in the amount of $980,000, in accordance with authority conferred by the voters
at the election held on September 12, 1972, to issue bonds in the principal
amount of $980,000. Of said principal amount of bonds, $10,000 shall represent
interest, as authorized by Minnesota Statutes, Section 475.56.
2. Sealed bids for the purchase of said bonds shall be received until
2:30 P.M. on Monday, October 16, 1972, at the Civic Center, 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 Sun, 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
throughout the State. Such published notice of sale may be abbreviated from
the following official notice of sale:
NOTICE OF SALE
$980,000 PARK AND RECREATION BONDS OF 1972
VILLAGE OF GOLDEN VALLEY, MINNESOTA
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of $980,000
general obligation Park and Recreation Bonds of 1972 of the Village of Golden
Valley, Minnesota, will be received at the Civic Center, 7800 Golden Valley Road
in said Village, until 2:30 P.M., C.D.S.T., on Monday, October 16, 1972, and
will at said time be opened by the Village Manager, Finance Officer and 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No bids will be received or may be withdrawn after said time.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 developing and improving
park and recreational areas. They will be dated November 1, 1972, each in
the denomination of $5,000 or such multiple thereof as the purchaser may
designate within 48 hours after award of sale, and will mature serially on
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Resolution No. 420 September 18, 1972
February 1 in the amount of $30,000 in 1971 and $50,000 in each of the years
1975 through 1993, the bonds maturing in the years 1984 through 1993 to be
each subject to redemption at the option of the Village in inverse order of
serial numbers on February 1, 1983, 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 each August 1 and
February 1, commencing on August 1, 1973. 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. 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 $980,000 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 bank draft in the amount of
$19,600, payable to the Village Treasurer, to be forfeited as liquidated
damages in case the bid is accepted and the bidder shall fail to comply there-
with. Bids shall state one rate of interest from date of issue to maturity
for all bonds having the same maturity date. Not more than 10 such rates may
be specified, and no bond may bear interest at a rate lower than the rate
applicable to any earlier -maturing bond. 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 excess of the purchase price over
$980,000 or plus any amount by which the purchase price is less than $980,000)
will be deemed the most favorable. No bid for less than $970,000 plus
accrued interest from date of issue to date of bond delivery will be con-
sidered. 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 September 18, 1972
BY ORDER OF THE VILLAGE ODUNCIL
HELEN PENNIMAN
Village Clerk,
Civic Center
7800 Golden Valley Road,
Golden Valley, Minnesota 55427
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.
Resolution No. 420 September 18, 1972
Mayoriv
Attest:
r
Village Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Member Paulson,and upon vote being taken thereon, the following voted in favor
thereof: Hoover, Paulson, Riggs, Stockman, and n stad; 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 Village Clerk.
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