Resolution 796 - Laserfiche WebLink

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,. , 10 2 . The Village Council further deems it necessary and expedient to issue and sell $408,000 general obligation negotiable coupon Permanent Improvement Bonds of 1970 for the purpose of providing money for the permanent financing of Village Improve- ments 68-3 to 68-7 inclusive and 68-9 to 68-12 inclusive and refunding the Temporary Improvement Bonds of 1968, dated June 1, 1968 issued to provide temporary financing for said improvements, and also for the financing of Villaqe Improvement No. 68-14, a street improve- ment duly constructed and assessed under Chapter 429, Minnesota Statutes, in the aggregate principal amount of $400,000; and in connection therewith and pursuant to the authority granted by Chapter 481 of the Laws of 1967 to issue additional obligations not exceeding 2% of the $400,000 in principal amount to be borrowed for such purposes. Said bonds are to be dated May 1, 1970, to bear interest payable November 1, 1970 and semiannually thereafter on May 1 and November 1 in each year at the rate or rates designated by the successful bidder and to mature serially on May 1 in the years and amounts as follows: $ 8,000 in 1971, $15,000 in 1972 and 1973, $25,000 in 1974 and 1975, $30,000 in 1976 to 1985, and $20,000 in 1986, all years inclusive, all bonds maturing after May 1, 1982, being subject to redemption at the option of the Village and in inverse numerical order on May 1, 1982 and any interest payment date thereafter at par, accrued interest and a premium of 2% of the principal amount of bonds called for prior redemption. Both principal and interest will be payable at any suitable bank designated by the purchaser within 48 hours after the award of sale of the bonds, and except as otherwise specified by the successful bidder, the bonds will be in the denomination of $1,000 and $5,000 each. 3. The Village Manager and Clerk shall meet at the Village Hall in said Village on Tuesday, the 14th day of April, 19,70 at 7: 00 0' clock P.M., for the purpose of receiving and opening sealed bids for the purchase of said bonds. The Village Council shall meet at 8:00 o'clock P.M. for the purpose of awarding the sale of the bonds. The Village Clerk is authorized and directed to give notice of sale of the Temporary Improvement Bonds of 1970 and notice of bond sale of the Permanent Improvement Bonds of 1970 by publication at least ten days in advance of such meeting in the official newspaper and in Commercial West, a financial paper published in the City of Minneapolis. Each such notice shall recite substantially the following: The Village will furnish the bonds and approving legal opinion of Messrs. Faegre & Benson, Minneapolis, Minnesota, both without expense to the purchaser. The bonds will be delivered to the purchaser within forty 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 bonds, be unconditional except as to the above opinion, specify one or more rates of interest in integral multiples of 5/100 of one per cent and be delivered or mailed for delivery and received prior to the time of opening. accompanied by a certified check, bank draft or cashier's check in the amount of at least 2% of the principal amount of bonds, payable to the order of the Village, to be forfeited as liquidated damages in event the bid is accepted and the bidder fails to comply therewith.