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; - . ~ I , I OFFICIAL NOTICE OF BGND SALE $685,000 Temporary Improvement Bonds of 1977 City of New Brighton, Ramsey County, 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 , April 26, 1977, for the purchase of $685,000 Temporary Improvement Bonds of 1977. The City Manager and the City Clerk will receive and open the bids at 2:00 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 will be dated May 1, 1977, will bear interest payable November 1, 1977 and semiannually thereafter on May 1 and November 1 until maturity at the rate designated by the successful bidder, and will mature on May 1, 1980, all bonds being subject to redemption at the option of the City on May 1, 1979 or November 1, 1979 at par and accrued interest. 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 on 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 improvement bonds prior to maturity of the temporary bonds. The permanent improvement bonds will be payable primarily from special assessments to be levied and pledged to their payment. Both principal and interest will be payable at any suitable bank recommended by the purchaser and approved by the Council, and the City will pay reasonable and customary charges for this service provided that such recommendation is received within 48 hours after the sale and the Council will select the paying agent if the recommendation is not approved. The bonds will be in the denomination of $5,000 each unless other denomina- tions are designated by the purchaser within 48 hours after the sale. The City will furnish 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 legal opinion will be reproduced on the printed bonds. The City will assume no obligation for the assignment or printing of CUSIP numbers on the bonds or for the correctness of any numbers printed thereon, but will permit such printing to be done at the expense of the purchaser. The bonds will be delivered to the purchaser within 40 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 against payment of the purchase price in immediately available funds at any office designated by the purchaser in the continental united States. All bids must be in writing and enclosed in a sealed envelope suitably marked as a bid for bonds, be unconditional except as to the above opinion, state a single interest rate within the limitations prescribed below, and be delivered or mailed for delivery and received by the undersigned prior to the time of bid opening, accompanied by a certified check, bank draft or cashier's check in the amount of at least $13,700, 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. The purchase price for the issue shall be specified in each bid in an amount not less than $685,000 (par) plus accrued interest on the entire principal amount of bonds.