08-04-70 CCM - Laserfiche WebLink

Home Browse Search

Page 3 Minutes of the Council Meeting of the Village of Lake Elmo August 4, 1970. NOTICE OF SALE: OF BONDS $122,000 STREET IMPROVEMENTS BONDS OF 1970 OF THE VILLAGE OF LAKE ELMO WASHINGTON COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that these bonds will be offered for sale accord- ing to the following terms: TIME; AND PLACE Village Hall, Lake Elmo, Minnesota at 7:30PM C.D.S.T. on August 269 1970. TYPE OF BONDS: Negotiable coupon general obligation bonds, $1,000 or 05,000 denominations at the option of the bidder, except for the bends nos.1 and 2 ( which shall be in the denomination of $B1,000 ea. DATE OF BONDS: September 1, 1970 PURPOSE: Street Mmprovements. INTEREST PAYMENTS: September. 1,1971, and March 1, 1972 and semi- annually thereafter. MATURITIES: September 1 in each of the years and amounts. as follows: 1972 $612,000 1973-74 109000 1975-80 15,000 REDEMPTION: All bends shall be without option of prior Pay8t. PAYING AGENT: Bidder's discretion.. DELIVERY: 40 days after award subject to approving; legal opinion of Messrs. Briggs and Worgan of S;t,„Paul Minnesota. Bend printing and legal opinion will be paid by issuer and delivery will be anywhere in the continental United States without cost to the purchaser. Legal op,i!nian will be printed on the bonds at the option of the purchaser. TYPE OF BID: Sealed bids of not less than $6119,621..09 and accrued interest on the principal sum of $1229000 from date of bonds to date of delivery must be filed with the undersigned prior to the time of sale, mxkm xkxkxx±.hxxamnm xxk together with a certified or cashier's check in.the amount of 32,440.00, payable to the order of the Treasurer of the issuer, to be forf i ted as liquidated damages if bidder fails to comply with accepted bid. Bids for the bonds should be addredsed to: Donald Mehs ikomer,Vil.lage Clerk, Villagi Hall, Lake Elmo, Minnesota 55042. RATES': All rates and combination of rates must be in integral multiples of 1/20th of 1% and may not exceed 7% per annum. Additional interest cau- pons may not be used. No limitation is placed upon the number of rates which may be used. \ AWARD; Award will be made soley on the basis of low- (' est dollar interest cost, determined by add- ition of any discount to: and deduction of any premium from the total interest on all bonds from their date to their stated maturity. The net effective average rate of the issue may not exceed 7% per annum. The issuer reserves the right to reject; any and all bids, to waive in- formalities, and to adjourn the mi sale.