Resolution 201 - Laserfiche WebLink

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- ., - " . .. . , sealed bids for the purchase of said bonds. The Village Clerk is authorized and directed to give notice of such meeting by publication at least ten days in advance in the official newspaper and in Commercial West, a financial paper published in the City of Minneapolis. Said notice shall recite substantially the following: The Village will furnish printed bonds and approving legal opinion of Messrs. Faegre & Benson, Minneapolis, Minnesota, both without expense to the purchaser. 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 thirty 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 litigation. All bids must be in writing enclosed in a sealed envelope, suitably marked as a bid for ronds, be unconditional except as to the above opinion, specify one or more rates of interest within the limitations prescribed below, and be eelivered or mailed for delivery and received prior to the time of meeting, accompanied by a certified check, bank draft or cashier's check in the amount of at least $5,320, payable to the order of the Village, to be forfeited as liquida~ed damages in event the bid is accepted and the bidder fails to comply therewith. Bids shall state one rate of interest from the date of issue to maturity for all bonds having a common maturity date. Not more than four such rates are to be specified for the issue and the maturities of the bonds may be split not more than four ways to designate such rates. 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 $3,990. 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% per annum. 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 A.nders en and upon vote being taken thereon the following voted in favor thereof: Anderson, A,,-"ldersen, Eipp, Jeffers aIle. ~Jabozney and the following voted against the same: None whereupon said resol~tion was declared duly passed and adopted.