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i Minutes of. the May 239 1962 council meeting continued. The bonds maturing in the years 1976 through 1984 will be callable at the option of the village on January 1, 1972 and any interest paymentdate thereafter at par and accrued interest plus a premium of 2% of the par value thereof if prepaid on or before January 1, 1976. Of the bonds outstanding at the time of redemption, those bearing the highest coupon rate will be prepaid first,, in inverse order of their serial numbers. Principal and interest will be made payable at such banking insti- tution in the United States as shall be named by the purchasers. The Village will furnish, without cost to the purchaser, and within 30 days afterdate of sale, the printed and executed bonds and ap- proving legal opinion of Messrs. Dorsey, Owen, Marquart, Windhorst & West, of Minneapolis, Minnesota, and Messrs. Peterson & Popovich of St. Paul, Minnesota, together with the customary no -litigation certificate. Sealed bids marked "Bid for $190,000 Bonds" must be mailed or del- ivergdto the undersigned Villag e Clerk and must be received at his office prior to the time of the meeting. Oral auction bids will not be considered. Each bid must be unconditional except as to legality and must be accompanied by a certified check in the amount of $3,800. payable to the Village Treasurer to be retained as liq- uidated damages in case the bid will be accepted and the bidder shall fail to comply therewith. Eachbond is to b$ar a uniform basic rate of interest from date of issue untilpaid, but bidders may . specify that all or any of the bonds shall bear interest at an add- itional rate, to be represented by separate and detachable coupons, for a period expiring on or before July 1, 1964, provided that the aggregate amount of interest represented by such coupons does not exceed $3,800. The basic rate of interest payable oneach bond of the issue must not exceed the basic rate of interest payable on other bonds of the same or subsequent maturities. Bids will be compared according to the lowest dollar amount of net interest cost computed to stated maturities of said bonds, deducting therefrom the premium if any, and which is deemed most favorable tothe Village. No bid of less than par and accrued interest will be considered add theVillage reserves the right to reject tkmxa$ any and all bids and to waive any informality in any bid and to ad.1pourn the sale if deemed necessary. Dated May 239 1962 By ORDER OF THE VILLAGE COUNCIL Donald Mehsikomer Clerk 4.Eaeh and -all of the terms and provisions of the forgoing form of notice and hereby adopted as the terms and conditions of said bonds and the terms of sale thereof. The motion for the adoption of the forgding resolution was duly seconded by Roy Dornfeld and upon vote being taken thereon, the following voted in favor thereof: Roy Dornfeld, Lloyd Ebne, Don Mehsikomer Against None. Whereupon said resolution was declared duly passed and adopted. Respectfully submitted Don Mehsikomer Village Clerk: