Loading...
HomeMy WebLinkAboutResolution 0347RESOLUTION "PROVIDING FOR SALE OF $140,000 MUNI IPAL RIRTE -AID S'IItEET BONDS AND 250, 000 I PROVE MEN BCMD6 BE IT RESOLVED by the Village Council of the Village of Mounds View, Minnesota, as follows: 1. It is hereby found andldetermi*+ed that it is necessary and expeui ent to issue and offer at public sale $140,000 Muni cipal S tate Aid Street Bonds to be i ssued for the purpose of financing state -aid street improvements under Minnesota Statutes, Section 162. a nd $:15 0 0 00 Improvement Bonds to be issued for th purpose of financing costs of making various local improvment in the Village under iin Statutes, (apter'429. Lctra,:t of Minutes of Meeting of the Village Council of the Village of Mounds View, Ramsey County, Minnesota Reid November 6, 196( A regular it. tinj r +i the Village' Council of the Villa a of Mounds View, Ramsey County, Iannesotu, was duly held at the Village offices in said 13th Village on the*ib dai of Iiov a mber, 1967,' at ibe following members were present: and Johnson and the following were absent: Lang Member Wa leer introduced the following resolution and moved its adoption: 2. This Ccuncil shall meet at the Village Hall on December 11 1967, at 8:00 o'clock 11-14- for the purpose of receiving, opening and con- sidering sealed bids for and awarding the sale of said bonds, and the Village Clerk is hereby authorized and. directed to; cause notice of_ time and glace and purpose of said neeting t o be pu blished in the official newspaper and in the Cormses'cial West, at M Minnesota, not less than ten days befbr the date of said meeting. Attest: 'y~ (,f ,Village Clerk -1- 8:00 o'clock P. 11. Rustad, Malvin, Walser, t /t f, 4 i 4/ Mayor $1e motion lor.the adoption of the foregoing, resolution was duly seconded by Maaber Ytustad ,and upon vote being taken thereon, the following voted in savor ther Rustad Ma lvin, Walser, and Johnson and the following votes against the same: none whereupon said resolution wa.. declared duly passed and adopted and was signed by the Mayor, which wau attested by the Clerk. STATE OF )WINE5O COUNTY OF RAMSE! I, the undersigned, being the duly qualified and acting Clerk of the Village of Mounds View, Minnesota, do hereby attest and certify that (1) as such officer, I have the legal custody of the original record from which the attached and foregoing extract was transcribed; (C) (2) (3) (n) I have carefully compared said extract with said original record; I find said extract to be a true, correct and complete transcript from the original minutes of a meeting of the Village Couneil of said Village held on the date indicated in said extract, including any resolutions adopted at such meeting, insofar as they relate to bonds of the Village; and said meeting was duly held, pursuant to call and notice ther e f 13 required by law. WITNESS my hand officially as such Village Clerk, and the seal of said Village this 13th day of November -2- 1 9 6 7. f'1 Village Clerk NOTICE OF SALE $250,000 IMPROVEMENT BONDS $140,000 MUNICIPAL STATE -AID STREET BONDS VILLAGE OF MOUNDS VIEW, MINI'ESOTA XOTICE IS HEREBY GIVEN That the Village Council of the Village of Mounds View, Minnesota, will meet at the Village Hall, 2401 Highway #10, in said Village on Monday, December 11, 1967, at 8:00 o'clock P.M., CST, to open, receive and consider sealed bids for and award the sale of $250,000 Improvement Bonds and $140,000 Municipal State -Aid Street Bonds of said Village. The bonds shall be negotiable coupon, general obligations of the Village in denominations of $1,000 or $5,000 each (bidder's option), l hall be dated January 1, 1968, shall bear interest at the rate or rates designated by the successful bidder, subject to the limitations stated below, payable on July 1, 1968, and semiannually thereafter on January 1 and July 1 of each year, and shall mature serially on January 1 in the following years and amounts: $140,000 $250,000 IMPROVEMENT BONDS MUNICIPAL STATE -AID STREET BONDS 1970 $15,000 1980 $10,000 1969 5,000 1979 $10,000 x1971 15,000 1981 10,000 1970 5,000 198C 10,000 1972 15,000 1982 10,000 1971 10,000 1981 10,000 173 15,000 1983 10,000 1972 10,000 1982 10,000 74 15,000 1984 10,000 1973 10,000 1983 10,000 j75 15,000 1985 10,000 1974 10,000 1976 15,000 1986 10,000 1975 10,000 1977 15,000 1987 10,000 1976 10,000 1978 15,000 1988 10,000 1977 10,000 1979 15,000 1989 10,000 1978 10,000 Bonds of the improvement issue maturing in the years 1982 through 1989 will be callable at the option of the Village, in inverse numerical order, In January 1, 1981, and any interest payment date thereafter at a price of 102% of par, plus accrued interest. The Municipal State -Aid Street Bonds are without option of prior payment. Principal and interest will be made payable at a suitable banking institu- tion designated by the successful bidder within 48 hours after award of sale. The successful bidder will be furnished, without cost, the printed and executed bonds bearing the approving legal opinion of Messrs. Dorsey, Marquart, Windhorst, West, and Halladay, of Minneapolis, Minnesota. The -w ponds will be delivered anywhere in the continental United States within orty days after award without expense to the purchaser. aled bids will be received by the undersigned Village Clerk prior to the Mme of said meeting. Each bid must be unconditional except as to legality, which may be conditioned upon the opinion of the above -named attorneys, and must be accompanied by a cashier's or certified check or bank draft in the amount of $7,800, payable to the Village Treasurer, to be forfeited as liquidated damages should the bid be accepted and the bidder fail to comply therewith. The bid offering the lowest net interest cost for both issues, computed to the stated maturities of the bonds of both issues at the coupon rates specified, less the amount of any cash premium offered, will be onsidered the most favorable. All bonds of both issues which mature on the same date must bear interest at the same basic rate from date of issue to maturity, not exceeding the basic rate specified for any bond maturing on a later date. Not more than five such rates m,_,y be specified, and the maturities of the bonds may be split not more than five ways for the pur- pose of eesignating such basic rates. One additional rate of interest, to be represented by separate and detachable coupons, may be specified for any or all bonds for any portion of their term, but the total amount of such additional interest may not exceed $5,850. The aggregate interest rate nn a bond may not exceed 6% per annum for any portion of its term. r crest rates applicable to any bond must be expressed in integral i of 1/4 or 1/10 of 1 No bid of less than par and accrued .iterest from date of issue to date of bond delivery will be considered, and oral auction bids will not be received. The Council reserves the r..ght to reject any and all bids, to waive any informality in any bid, EL. ,a to adjourn the sale if deemed expedient. Further information may be obtained from and bids may be delivered to: AND ASSOCIATES, INC., Financial Consultants to the Village, First National -Soo Line Concourse, 507 Marquette Avenue, Minneapolis, nriesota 55402. Telephone: 339 -8291 (area code 612) Dated: November 13, 1967. BY ORDER OF THE VILLAGE COUNCIL R. A. Walser Village Clerk :y: