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Resolution 1196
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Resolution 1196
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7/8/2008 7:45:59 AM
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<br />. <br />"'" r , <br /> NOTICE OF BOND SALE <br /> $535,000 <br /> TEMPORARY IMPROVEMENT BONDS OF 1973 <br /> VILLAGE OF NEW BRIGHTON, MINNESOTA <br /> NOTICE is hereby given that the Village of New Brighton, <br />Minnesota, will receive sealed bids at the Village Hall in said <br />Village on Tuesday, March 27, 1973, for the purchase of $535,000 <br />Temporary Improvement Bonds of 19730 The Village Manager and the <br />Village Clerk will receive and open the bids at 7:00 o'clock P.Mo <br />and the Village Council will meet at 8:00 o'clock PoMo to award the <br />sale of the bondso The bonds will be dated April 1, 1973, will bear <br />interest payable October 1, 1973 and semiannually thereafter on <br />April 1 and October 1 until maturity at the rate or rates designated <br />by the successful bidder, and will mature on April 1, 1976, all <br />bonds being subject to redemption at the option of the Village at <br />any time on or after October 1, 1975 at par and accrued interesto <br />Both principal and interest shall be payable at any suitable bank <br />designated by the purchaser within 48 hours after the award of sale <br />of the bonds, and the bonds will be in such denominations as may be <br />specified by the purchasero The bonds are being issued to finance <br />the cost of local street, water and sewer improvementso <br /> The Village will furnish printed bonds and approving legal <br />opinion of Messrso Faegre & Benson, Minneapolis, Minnesota, both <br />without expense to the purchasero The bonds will be delivered to <br />the purchaser wi thin thirty days from the date of sale at the office <br />designated by the purchaser within the continental United States <br />at the expense of the Village, or elsewhere at the purchaser!s <br />expense, accompanied by an unqualified approving legal opinion <br />and customary final delivery papers, including a certificate <br />showing absence of litigation" All bids must be in writing <br />enclosed in a sealed envelope, suitably marked as a bid for bonds, <br />be unconditional except as to the above opinion, specify one or <br />more rates of interest in integral multiples of 5/100 of one percent <br />and be delivered or mailed for delivery and received prior to the <br />above time, accompanied by a certified check, bank draft or cashier's <br />check in the amount of at least two percent of the principal amount <br />of the bonds, payable to the order of the Village, to be forfeited <br />as liquidated damages in event the bid is accepted and the bidder <br />fails to comply therewith, <br /> Split rate bids may be submitted, but only one rate of <br />interest from date of issue to maturity shall be specified for any <br />bond, not exceeding 7% per annum and in an integral above providedo <br />Extra coupon bids will not be considered. The purchase price for <br />the issue shall be specified in each bid in an amount not less than <br />$527,200 plus accrued interest on the entire principal amount of <br />bonds 0 <br /> The bid offering the lowest net interest cost will be <br />deemed the most favorable. Bids providing a total net interest <br />cost greater than $110,712 (7% per annum on $527,200 to maturity) <br />will not be consideredo Net interest cost will be computed by <br />adding the amount of any discount ($535,000 less amount of pur- <br />chase price) to, or subtracting the amount of any premium (excess <br />
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