Resolution 1197 - Laserfiche WebLink

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-', ' -", , f" , the bonds to be issuedo The Village Council further finds that t_he outstanding Temporary Improvement Bonds of 1970 are subject to re= demption and prior payment at any time on or after November 1, 1972 at par plus accrued interest and that it is necessary and desirable to refund such Bonds on or prior to May 1, 19730 20 The Village Council shall meet at the Village Hall in said Village on Tuesday, March 27, 1973 at 8:00 o'clock PaMo, CoSoTo, for the purpose of awarding the sale of said bondso The Village Manager and the Village Clerk shall receive and open bids at 7:00 o'clock PaMo on the day of saleo The Village Clerk is authorized and directed to give notice of sale of said Permanent Improvement Bonds of 1973, 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 Minneapoliso Such notice shall recite substantially the following: The Village will furnish the printed bonds and approving legal opinion of Messrso Faegre & Benson, Minneapolis, Minnesota, both without expense to the purchasero At the option of the purchaser, a copy of the approving opinion will be reproduced on the printed bondsa The bonds will be delivered to the purchaser within thirty days from the date of sale at the office designated by the purchaser anywhere within the continental United States, at the expense of the Village or elsewhere at the purchaser8s expense, accompanied by an unqualified approving legal opinion and customary final delivery papers5 including a certificate showing absence of litigationo 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 5 specify one or more rates of in- terest in integral multiples of 5/100 of one percent and be delivered or mailed for delivery and received prior to the time of meeting/! accompanied by a certified check5 bank draft or cashier's check5 bank draft or cashier's check in the amount of at least $105000, 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 0 The purchase price for the issue shall be specified in each bid in an amount not less than $4805400 plus accrued interest on the entire principal amount of bondso Bids shall state one rate of interest from the date of issue to maturity for all bonds having a common maturity dateo Not more than six such rates shall be specified for the issue5 and maturities of the bonds may not be split more than six ways for the purpose of designating such rateso Extra coupon bids will not be consideredo No rate may exceed 7% per annum 0 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 ($490,000 less amount of purchase price) to, or subtracting the amount of any principal (excess of purchase price over $4905000) from/! the total interest coupons from date of the bonds to stated maturitieso Bidders are asked but not required to state total and rate of average annual net interest costo No oral auction bids will be receivedo The right to waive any informality and the right to reject any and all bids are reservedo The motion for the adoption of the foregoing resolution was duly seconded by Councilman Fisher and upon vote being taken thereon the following voted in favor thereof: Bromander, Anderson, Eagon, Fisher, Rebelein and the following voted against the same: None whereupon said resolution was declared duly passed and adoptedo