Resolution 935 - Laserfiche WebLink

Home Browse Search

, . , \.- .t NOTICE OF BOND SI~LE ~ $600,000 TEMPORARY IMPROVEMENT BONDS OF 1971 VILLAGE OF NEW BRIGHTON, MINNESOTA . NOTICE is hereby given that the Village of New Brighton, Minnesota, will receive sealed bids at the Village Hall in said Village on Tuesday, the 11th day of May, 1971, for the purchase of $600,000 Temporary Improvement Bonds of 1971. The Village Manager and the Village Clerk will receive and open the bids at 7:00 o'clock P,M. and the Village Council will meet at 8:00 o'clock P.M, to award the sale of the bonds. The bonds will be dated June 1, 1971, bear interest payable December 1, 1971 and semiannually thereafter on June 1 and December 1 until maturity at the rate or rates designated by the successful bidder, and will mature on June 1, 1974, all bonds being subject to redemption at the option of the village at any time on or after December 1, 1973 at par and accrued interest. Both principal and interest shall be payable at any suitable bank designated by the purchaser within 48 hours after the award of sale of the bonds and the bonds will be in such denominations as may be specified by the purchaser. The Bonds are being issued to finance the cost of local street, water and sewer improvements. 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 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 else- where 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 percent and be delivered or mailed for delivery and received prior to the above time, accompanied by a certified check, bank draft or cashier's check in the amount of at least two percent of the principal amount of the bonds, pqyable 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, Split rate bids may be submitted, but only one rate of interest from date of issue to maturity shall be specified for any bond.not exceeding 7% per annum and in an integral above provided. Extra coupon bids will not be considered, The purchase price for the issue shall be specified in each bid in an amount not less than $590,000 plus accrued interest on the entire princi- pal amount of bonds. The bid offering the lowest net interest cost will be deemed the most favorable, Bids providing a total net interest cost greater than $123,900 (7% per annum on $590,000 to maturity) will not be considered. Net interest cost will be computed by adding the amount of any discount ~600,000 less amount of purchase price) to, or subtracting the amount of any premium (excess of purchase price over $600,000) from, the total interest coupons from date of the bonds to stated maturity. Bidders are asked but