Resolution 2201 - Laserfiche WebLink

Home Browse Search

"",.( ...... OFFICIAL NOTICE OF BOND SALE t I $685,000 .. Temporary Improvement Bonds of 1979 City of New Brighton, Ramsey County, Minnesota NOTICE is hereby given that the City of New Brighton, Minnesota, will receive sealed bids at the City Hall in said City on Tuesday, June 12, 1979, for the purchase of $685,000 Temporary Improvement Bonds of 1979. The City Manager and the City Clerk e will receive and open the bids at 2:00 o'clock P.M. and the City Council will meet at 7:30 o'clock P.M. to award the sale of the bonds. The bonds will be dated July 1, 1979, will bear interest payable July 1, 1980 and semiannually thereafter on January 1 and July 1 until maturity at the rate designated by the successful bidder, and will mature on July 1, 1982, all bonds being subject to redemption at the option of the City on July 1, 1981 or January 1, 1982 at par and accrued interest. The bonds are being issued pursuant to Chapter 429, Minnesota Statutes, to finance the cost of various local improvements. To the extent that principal of and inte:rest on the bonds cannot be paid from special assessments or other municipal funds appropriated to their payment, the City intends to offer for sale general obli- gation permanent improvement bonds prior to maturity of the temporary bonds. The permanent improvement bonds will be payable primarily from special assessments to be levied and pledged to their payment. Both principal and interest will be payable at any suitable bank recommended by the purch~ser and approved by the Council, and the City will pay reasonable and customary charges for this service provided that such recommendation is received within 48 hours after.the sale and the. Council will select the paying agent if the recommendation is not approved. The bonds will be in the denomination of $5,000 each unless other denomina- tions are designated by the purchaser within 48 hours after the sale. The City will furnish printed bonds and approving legal opinion of Messrs. Faegre & Benson, f.1inneapolis, Minnesota, both without expense to the purchaser; at the option of the purchaser a copy of the legal opinion will be reproduced on the printed bonds. The City will assume no obligation for the assignment or printing of CUSIP numbers on the bonds or for the correctness of any numbers printed thereon, but will permit such printing to be done at the expense of the purchaser. The bonds will be delivered to the purchaser within 40. days from the date of sale, accompanied by an unqualified approving legal opinion and customary final delivery papers, including a certificate showing absence of litigation. Delivery will be made at the.expense of the City against payment of the purchase price in immediately available funds at any office designated by the purchaser in the continental united States. e All bids must be in writing and enclosed in a sealed envelope suitably marked as a bid for bonds, be unconditional except as to the above opinion, state a single interest rate within the limitations prescribed belpw, and be delivered or mailed for delivery and received by the undersigned prior to the time of bid opening,. accompanied by a certified check, bank draft or cashier's check in the amount of at least $13,700, payable to the order of the City, to be forfeited as liquidated damages in event the bid is accepted and the bidder fails to comply therewith. -2-