Resolution 1497/1498 - Laserfiche WebLink

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" . r . Notice of Bond Sale $423,000 Permanent 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 $423,000 general obligation negotiable coupon Permanent Improvement Bonds of 1975 of the City. The City Manager and the City Clerk will receive and open 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 are to be dated April 1, 1975, to bear interest at the rate or rates designated by the successful bidder payable October 1, 1975 and semiannually thereafter on April 1 and October 1 in each year, and to mature serially on April 1 in the years and amounts as follows: $23,000 in 1976, $25,000 in 1977 to 1980, and $30,000 in 1981 to 1990, all years inclusive, all bonds maturing in the years 1987 to 1990 being subject to redemption at the option of the City and in inverse numerical order on April 1, 1986 and any interest payment date thereafter at par, accrued interest and a premium of 1% of the principal amount of bonds called for prior redemption. The bonds are being issued to provide permanent financing for City local improvements. All bids must be in writing and ~nclosed 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 $8,400, payable to the order of the City, to be forfeited as liquidated damages in event the bid is accepted and the bidder fails to comply therewith. Both principal and interest will be payable at any suitable bank designated by the purchaser within 48 hours after the award of sale of the bonds, and except as otherwise specified by the successful bidder, the bonds will be in the denomination of $5,000 and $1,000 each. The City will furnish printed bonds and approving legal opinion of Messrs. Faegre & Benson, of Minneapolis, Minnesota, both without expense to the purchaser; at the option of the purchaser, a copy of the legal opinion will be reproduced on the printed bonds. The bonds will be delivered to the purchaser within forty days from the date of sale, accompanied by an unqualified approving legal opinion and customary final delivery papers, including a certificate showing absence of litigation. Delivery will be made at the expense of the City at such office in the continental united States as the purchaser may designate, or elsewhere at the purchaser's expense, ag~inst payment of the purchase price in immediately available funds. The purchase price for the issue shall be specified in each bid in an amount not less than $415,000 plus accrued interest on the entire principal amount of bonds. t .