Resolution 065-53 - Laserfiche WebLink

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- . . . At the option of the purchaser, a copy of the approving opinion will be reproduced on the printed bonds. The bonds will be delivered to the purchaser within 30 days from the date of sale at the office designated by the purchaser within the State of Minnesota or in Chicago, Illinois at the expense of the Village or elsewhere at the purchaser's expense, accompanied by an unqualified approving legal opinion and customary final delivery papers, including a certificate showing absence of any litigation respecting the bonds, incumbency of officers, and the jurisdiction of the Village to make or levy special assessments or taxes for the improvements. All bids must be in writing enclosed in a sealed envelope, suitably marked as a bid for bonds, be unconditional except as to the above opinion, specify one or more rates of interest within the limitations prescribed below, and be delivered or mailed for delivery and received prior to the time of bid opening, accompanied by a certified check, bank draft or cashier's check, in the amount of at least $17,500, payable to the order of the Village, to be forfeited as liquidated damages in event the bid is accepted and the bidder falls to comply therewith. Bids shall state one basic rate of interest from the date of issue to maturity for all bonds having a common maturity date. Any bid may also provide that all or some of the bonds shall bear a single additional interest rate represented by extra coupons for any portion of the term of the bonds, but the aggregate amount of such additional interest may not exceed $13,125. The basic rate and the additional rate for each bond, and the combination of both rates, must be in a multiple of one-fourth or one-tenth of 1% per annum and may not exceed 6% per annum. The maximum differential between the highest and lowest basic rate shall not exceed 1 1/2%, and if an additional extra coupon rate is specified, no basic rate shall be less than a basic rate specified for any prior maturity. The bid offering the lowest net interest cost (total interest from date of issue to stated maturity less any premium offered) will be deemed the most favorable. The motion for the adoption of the foregoing resolution was duly seconded by Trustee Haglund and upon vote being taken thereon the following voted in favor thereof: Anderson, Andersen, Haglund, Hipp, Jeffers and the following voted against the same: None whereupon said resolution was declared duly passed and adopted.