|
<br /> ,
<br /> ,
<br /> ~
<br /> ,-,
<br /> .
<br /> .
<br /> OFFICIAL
<br /> NOTICE OF BOND SALE
<br /> $950,000
<br /> General Obligation Water Revenue Bonds of 1978
<br /> City of New Brighton, Ramsey County, Minnesota
<br /> NOTICE is hereby given that the City of New Brighton,
<br /> Minnesota, will receive sealed bids at the City Hall in said City
<br /> on Tuesday, February 28, 1978, for the purchase of $950,000
<br /> General Obligation Water Revenue Bonds of 1978. The City Manager
<br /> and the City Clerk will receive and open the bids at 2:00 o'clock
<br /> P.M. and the City Council will meet at 8:00 o'clock P.M. to award
<br /> the sale of the bonds. The bonds will be dated February 1, 1978,
<br /> will bear interest payable August 1, 1978 and semiannually
<br /> thereafter on February 1 and August 1 at the rate or rates desig-
<br /> nated by the successful bidder, and will mature serially on
<br /> February 1 in the years and amounts as follows:
<br /> $10,000 in 1981 and 1982,
<br /> $75,000 in 1983 and 1984,
<br /> $80,000 in 1985 and 1986,
<br /> $85,000 in 1987 and 1988, and
<br /> $90,000 in 1989 and 1990, all years
<br /> inclusive,
<br /> all bonds maturing in the years 1988 to 1990, inclusive, being
<br /> subject to redemption at the option of the City on February 1,
<br /> 1987 and any interest paYment date thereafter at par and accrued
<br /> interest. The bonds are being issued pursuant to Section 444.075,
<br /> Minnesota Statutes, to provide permanent financing for a portion
<br /> of the City's waterworks system. . .
<br /> .
<br /> Both principal and interest will be payable at any
<br /> suitable bank recommended by the purchaser and approved by the
<br /> Council, and the City will pay reasonable and customary charges
<br /> for this service provided that such recommendation is received
<br /> within 48 hours after the sale and the Council will select the
<br /> paying agent if the recommendation is not approved. The bonds
<br /> will be in the denomination of $5,000 each unless other denomina-
<br /> tions are designated by the purchaser within 48 hours after the
<br /> sale. The City will furnish printed bonds and approving legal
<br /> opinion of Messrs. Faegre & Benson, Minneapolis, Minnesota, both
<br /> without expense to the purchaser; at the option of the purchaser
<br /> a copy of the legal opinion will be reproduced on the printed
<br /> bonds. The City will assume no obligation for the assignment or
<br /> printing of CUSIP numbers on the bonds or for the correctness of
<br /> any numbers printed thereon, but will permit such printing to be
<br /> . done at tpe expense of the purchaser. The bonds will be delivered
<br /> to the purchaser within 40 days from the date of sale, accompanied
<br /> by an unqualified approving legal opinion and customary final
<br /> delivery papers, including a certificate showing absence of
<br /> litigation. Delivery will be made at the expense of the City
<br /> against paYment of the purchase price in immediately available
<br /> funds at any office designated by the purchaser in the continental
<br /> United States.
<br /> All bids must be in writing and enclosed in a sealed
<br /> envelope suitably marked as a bid for bonds, be unconditional
<br /> except as to the above opinion, state one or more interest rates
<br /> within the limitations prescribeq below, and be delivered or
<br /> mailed for delivery and received by the undersigned prior to the
<br /> time of bid opening, accompanied by a certified check, bank draft
<br /> or cashier's check in the amount of at least $19,000, payable to
<br /> the order of the City, to be forfeited as liquidated damages in
<br /> event the bid is accepted and the bidder fails to comply therewith.
<br />
|