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86-060
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86-060
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8/9/2005 1:54:00 PM
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8/9/2005 11:37:36 AM
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<br />Legal Opinion <br /> <br />An approving legal opinion on the bonds will be fur- <br />nished by O'Connor & Hannan, of Minneapolis, Minnesota. The <br />legal opinion will be printed on the bonds at the request of <br />the purchaser and will state that the bonds are valid and <br />binding general obligations of the City, payable primarily <br />from net revenues derived from water charges or from special <br />assessments against benefited property, and that, if <br />required for such purpose, the City is obligated to levy <br />taxes for the payment of principal of and interest on the <br />bonds as the same become due without limit as to rate or <br />amount. <br /> <br />Type of Bid - Amount <br /> <br />Sealed bids must be mailed or delivered to the under- <br />signed and must be received prior to the time they will be <br />opened. Each bid must be unconditional and must be accom- <br />panied by a cashier I s or certified check or bank draft in <br />the amount of $13,000, payable to the City Clerk-Treasurer, <br />to be retained by the City as liquidated damages if the bid <br />is accepted and the bidder fails to comply therewith. The <br />bid authorizing the lowest net interest cost (total interest <br />from date of bonds to stated maturities, less any cash pre- <br />mium or plus any amount less than $650,000 bid for pr in- <br />cipal) will be deemed the most favorable. No oral bid and <br />no bid of less than $637,650 for pr incipal plus accrued <br />interest on all of the bonds will be considered, and the <br />City reserves the right to reject any and all bids and to <br />waive any informality in any bid. <br /> <br />BY ORDER OF THE CITY COUNCIL <br /> <br />/s/ Margaret Egan <br />City Clerk-Treasurer <br /> <br />- 5 - <br />
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