Resolution 1338 - Laserfiche WebLink

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, , - , ' .. . I"" . . I levied in amounts more than 20% of the cost of the improvement in each case and that the remaining installments thereof will be collected at times and in amounts sufficient to pay principal of and interest on the bonds to be issued. 2. The City Council shall meet at the City Hall in said City on Tuesday, April 23, 1974 at 8:00 o'clock P.M., for the purpose of awarding the sale of said bonds. The City Manager and the City Clerk shall receive and open bids at 7:00 o'clock P.M. on the day of sale. The City Clerk is authorized and directed to give notice of sale of said Permanent Improvement Bonds of 1974, by publication at least ten days in advance of such meeting in the official newspaper and in Commercial West, a financial paper. Such notice shall recite substantially the following: The City will furnish the printed bonds and approving legal opinion of Messrs. Faegre & Benson, Minneapolis, Minnesota, both without expense to the purchaser. At the option of the purchaser, a copy of the approving opinion will be reproduced on the printed bonds. The bonds will be delivered to the purchaser within forty days from the date of sale at the office designated by the p'1rchaser anywhere within the continental United States, at the expense of the City 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 percent and be delivered or mailed for delivery and received prior to the time of meeting, accompanied by a certified check, bank draft or cashier's check in the amount of at least $7,800, payable to the r , to be forfeited as liquidated damages in event order of the City, the bid is accepted and the bidder fails to comply therewith. The purchase price for the issue shall be specified in each bid in an amount not less than $382,500 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 maturi.ty 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 7% per annum. 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 ($390,000 less amount of purchase price) to, or subtracting the amount of any principal (excess of purchase price over $390,000) 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. No oral auction bids will be received. The right to waive any informality and the right to reject any and all bids are reserved. 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 Anderson Eagon Fisher Rebelein -2-