Resolution 1497/1498 - Laserfiche WebLink

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. Notice of Bond Sale $1,220,000 Temporary Water Improvement Bonds of 1975 and $1,035,000 Temporary Improvement Bonds of 1975 City of New Brighton, Minnesota NOTICE is hereby given that the City of New Brighton, Minnesota, will receive sealed bids at the City Hall in said City on Tuesday, March 11, 1975, for the purchase of $1,220,000 Temporary Water Improvement Bonds of 1975 and $1,035,000 Temporary Improvement Bonds of 1975. The City Manager and the City Clerk will receive and open the bids at 7:00 o'clock P.M. and the City Council will meet at 8:00 o'clock P.M. to award the sale of the bonds. The bonds of both series will be dated April 1, 1975, will bear interest payable October 1, 1975 and semi- annually thereafter on April 1 and October 1 until maturity at the rate or rates designated by the successful bidder, and will mature on April 1, 1978, all bonds being subject to redemption at the option of the City on October 1, 1977 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 pursuant to Chapter 429, Minnesota Statutes, to finance the cost of local street, water and sewer improvements. To the extent that principal of and interest of the bonds cannot be paid from special assessments or other municipal funds appropriated to their payment, the City intends to offer for sale general obligation permanent ", water improvement bonds and general obligation permanent general improve- ment bonds prior to maturity of the temporary bonds. The permanent general improvement bonds will be payable primarily from special assessments, and the permanent water improvement bonds will be payable primarily from special assessments and municipal water revenues to be pledged to their payment. The City will furnish printed 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 forty days from the date of sale at the office designated by the purchaser within the continental United States at the expense of the City, or elsewhere at the purchaser's expense, accompanied by unqualified' approving" legal opinions ,and customary final delivery papers, including certificates 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 opinions, 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, payable to the order of the City, to be forfeited as liquidated damages in event the bip is accepted and the bidder fails to comply therewith. Bidders shall submit a single bid to purchase all bonds of both series. Separate bids for the Temporary Water Improvement Bonds of 1975 or for the Temporary Improvement Bonds of 1975 will not be considered. 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. The purchase price for the Bonds shall be'specified in each bid in