Resolution 796 - Laserfiche WebLink

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~ . No oral auction bids will be received. The Village reserves the right to waive any informality and the right to reject any and all bids and to adjourn the sale if deemed expedient. 4 . The notice of sale of such Temporary Improvement Bonds shall further require bids of not less than par plus accrued interest and recite substantially the following: Split rate bids may be submitted, but only one basic rate of interest from date of issue to maturity shall be specified for any bond. Any bid may also provide that all or some of the bonds shall bear a higher interest rate with two sets of coupons for any portion of the term of the bonds, in the aggregate not exceeding 7% per annum and each in integrals above provided. Bidders are asked but not required to state total and rate of average annual net interest cost. 5. The notice of sale of such Permanent Improvement Bonds shall further recite the following: At the option of the purchaser, a copy of the legal opinion will be reproduced on the printed bonds. The purchase price for the issue shall be specified in each bid in an amount not less than $400,000 plus accrued interest on the entire principal amount of bonds. 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 six such rates shall be specified for the issue, and maturities of the bonds may not be split more than six ways for the purpose of designating such rates. Extra coupon bids will not be considered. No rate may exceed the maximum rate authorized by law on the date of sale. The bid offering the lowest net interest cost will be deemed the most favorable. Net interest cost will be computed by adding the amount of any discount ($408,000 less amount of purchase price) to, or subtracting the amount of any principal (excess of purchase price over $408,000) from, the total interest coupons from date of the bonds to stated maturities. Bidders are asked but not required to state total and rate of average annual net interest cost. 6. The Village Council hereby finds that each of the above identified improvements has been duly authorized and contracted for, that special assessments have been or will be levied in amounts more than 20% of the cost of the improvement in each case and that, as to the improvements being permanently financed and identified in paragraph 2 above, the remaining installments of special assess- ments on account of such improvements will be collected at times and in amounts sufficient to pay principal of and interest on the $408,000 Permanent Improvement Bonds above described. The motion for the adoption of the foregoing resolution was duly seconded by Councilman Rebelein and upon vote being taken thereon the following voted in favor thereof: Bromander, Moen, Morris, Nesser and Rebelein and the following voted against the same: None whereupon said resolution was declared duly passed and adopted.