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~4i~ Resolution for Issuance of Improvement Bonds (cont'd) - "The bonds maturing in the years 1959 through 1968 will not be subject to redemption prior to maturity but the remaining bonds maturing in the years from 19b9 to 1978 will each be sub3ect to redemption at the option of the Village on January 1, 1968, and any interest payment date thereafter, in inverse order of their serial numbers at a price of par .and accxeued interest and a premium of X15.00 for each bond prepaid on or before July 1, 1972, after which date all remaining bonds may be redeemed, at the option of the Village, at a price of par'and accrued interest for each bond redeemed. "The principal and interesto.may be made payable at any suitable banking institution named by the purchaser. The Village will furnish without cost to the purchaser and within !~0 days after award of sale, the printed and executed bonds and the approving legal opinion of Messrs. Briggs, Gilbert, Morton, Kyle and Macartney, together with the customary non-litigation certificate. "The bonds will be delivered anywhere in the State of Minnesota or at Chicago, Illinois without cost to the purchaser or elsewhere at purchaser's expense. "Sealed bids., marked 'Bid for X900,000 Sanitary Sewer System Improvement No. 1 Bonds' may be mailed or otherwise delivered to the undersigned Village Clerk, at his home at 1lt32 California Avenue W., Falcon Heights, Minnesota, and must be received prior to the time of said meeting. Each bid must be unconditional and must be accompanied by a cashier's or certified check or bank draft in an amount not less than X18,000, payable to 'Village Treasurer, Village of Falcon Heights, Minnesota,' to be retained by the Village as liquidated damages in case the bid is accepted and the bidder shall fail to comply therewith. "Bidders must state the desired interest rate, or not to exceed fine different rates, each in an integral multiple of 1/I~th or 1/10th of 1~ per annum, the. rate to be uniform for all bonds of a common maturity. Any bid may also provide that all or any of the bonds shall bear additional interest represented by separate coupons payable on any of the above specified interest due dates but the total interest payable for any interest period shall not exceed 6~ per annum. The bid containing the lowest net interest cost (total interest from July 1, 1957 to the stated maturity dates, less any premium offered), will be deemed the most favorable. No bid of less than par plus interest accrued from July 1, 1957 to the date of bond delivery will be considered, The right to reject any and all bids and the right to waive any informality in any bid are reserved. Dated: May 27, 1957 Clyde J. Stewart ifi lage lerk Village of Falcon Heights Ramsey County, Minnesota 1lt32 California Avenue W. Home Phone: Midway 6-3544" 8. Each and all the terms and provisions of the foregoing form of Notice are hereby adopted for the form of said bonds and the sale thereof. The motion for the adoption of the foregoing resolution was duly seconded by Trustee Warkentien „and upon vote being taken thereon, William R. Utecht, George J. Shavor, Harold C. Nilsen, Willis Warkentien and Clyde J. Stewart, voted in favor thereof and the said resolution was unanimously passed and adopted.