HomeMy WebLinkAboutMinutes - 1960/10/18N3i TI CE ,,OP BOND SALE„
VILLAGE OF MOUNDS VIEW, MINNESOTA
585,000 WATERWORIZS IMP ROVEME NT BOND
NOTICE IS HEREBY GIVEN That the Village Council of the
Village of Mounds View, Minnesota, will meet at the Village Offices
in said Village on:
at 8:00 o'clock p.m. C.S.T., to receive bids an d award the sal
of 585 000 general obligation, negotiable coupon Waterworks
provement Bonds of the Village, to be dated November 1, 1960, t.►
bear interest at the rate or rates to be designated by the success
ful bidder in integral multiples of 1/4 or 1/10 of 1% per annum,
payable on August 1, 1961 and semiannually„ thereafter,, to mature
serially on August 1 in the years and amounts as follows:
$35,000 in each of the years 1962 through 1977, inclusive
$25,000 in the year 1978;
with bonds maturing in the years 1974 through 1978 subject to
redemption and prepayment, in inverse numerical order, at the
Village's option, on February 1, 1972 or any interest payment date
thereafter, at 102% and accrued interest.
The Village will deliver in Chicago, Illinois, or any-
where in the State of Minnesota without cost to the purchaser within
40 days after award the printed and executed bonds and +the unqual
ified approving legal opinion of Messrs. Dorsey, Owen, Barber,
Marquart and Windhorst of Minneapolis, Minnesota. Delivery else
where' will be at the purchaser's expense. Principal and interest
will be payable at a suitable bank designated by the successful
bidder.
Sealed bids marked "Bid for $585,000 Improvement Bonds"
may be mailed or delivered to the undersigned Clerk and must be
received prior to the time of said meeting. Bidders may specify
not to exceed four basic rates of interest to maturity; for bonds
having common maturity dates; provided, however, bidders may specify
additional interest on all or part of the bonds for any period of
their term to be represented by supplemental coupons provided that
said interest represented by supplemental coupons shall not exceed
$8,775.00. Bids must be unconditional except as to the approving
opinion of the above attorneys, and must be accompanied by a
cashier's or certified check in the amount of $11,700 payable to
the Village Treasurer to be forfeited as liquidated damages should
the bid be accepted and the bidder fail to comply therewith.' Bids
will be preferred according to lowest net interest cost at the rate
or rates offered to maturity deducting any premium offered.
No oral bid and no bid of less than par and accrued in-
terest from date of issue to date of delivery will be considered
and the Council reserves the right to reject any and all bids, to
waive any informalities and to adjourn the sale.
Dated September 29, 1960
BY ORDER OF THE VILLAGE COUNCIL
/s/ Earl E. Smith
Village Clerk
5499 Adams Street
P.O. New Brighton, Minnesota
Further information may be obtained from and bids may delivered
to EHLERS -MANN ASSOCIATES, Fiscal Agents, 807 Title Insurance
°".Iriinq, 40C South Second Avenue Minneapolis, Minnesota.
(d) The terms of said uoLica are .u::ep adopted as Lie
terms of said bonds and the sale thereof.
Lice motion for tie adoption of the i_ore:ioing resolut_on
was duly seconded by Member Malvin and upon a vote being;
taken, the followinj members voted infavor thereof:
Crane, Smith,
and the following voted ajainst tiie same:
done
whereupon said resolution was declared ;gassed and adopted.
STATE OF MINNESOTA
COUNTY OF RAMSEY ss.
VILLAGE OF MOUNDS VIEW)
I, the undersigned, being the duly qualified and acting
Clerk of the Village of Mounds View, Minnesota, DO HEREBY CERTIFY
That I have carefully compared the attached and foregoing extract of
minutes of a meeting of the Village Council of said Village held on
the date therein indicated with the original minutes thereof on file
in my office and that the same is a full, true and correct transcript
thereof insofar as said minutes relate to consideration of construc-
tion bids for Waterworks Improvement No. 1960 -3, awarding contracts
therefor, determining cost of Waters. rks Improvements No. 1960 -1,
1960 -2 and 1960 -3 and calling for vie sale of bonds.
WITNESS My hand officially and the official seal of the
Village this day of September 1960.
(SEAL)
4L.LiZ
VILLAGE CL^r.K
Members present:
Iembers Absent:
PROCEEDINGS CF TUE VILLAGE COUNCIL
VILLAGE OF KOUIIDS VIETI
RIUiSEY COUNTY
!INNESOTl.
Mayor Allan B. Crane
Clerk Earl E. Smith
Trustee Donald C. Hodges
Fiscal Agent Robert Ehlers
En:,inoor C. V. Comstock
Trustee Melford C. Christenson
Perry Malvin
Pursuand to duo call and notice thereof, a special Meeting of
the Village Council */as called to ardor at 8:02 P.N. on 'Tuesday,
October 18, 1960 at the Villa ;o Office, 5499 Adams St., New Drirhton
12, Minnesota.
Mayor Crane opened the mooting and announced that a quorum of
three members was present and called for bids on the sale of bonds
for Slater Works Improvement Projects 1960 -2, 1960 -3 and additional
expense incurred under Project No. 1960 -1, in the amount of
3585,000.00. Mayor Crane then called for bids a second time and
thereupon announced that the bids were closed.
1r. Ehlers, the Fiscal Agent for the Village, opened the bids
and announced the cont;nts of each bid as follows:
Bid Ile. 1 Allison filliar s Co.
Bid containing a net interest cost of
7 and net interest rate of 4.3415%.
Bid No. 2 3arcus Z_indred Co.
Net interest cost of 3253,195.00 with a net
interest rate of 4.5022
Third Last aid John Nuveen and Company
Net interest cost of 3244,621.25 and a net
interest rate of 4.3498
Iir. Ehlers, t Fiscal Agent, then computed the figures con-
tained in each bid to determine the accuracy and completeness of
the bids and declared the results to the Council. From these con
putations Mayor Crane announced that the firm of Allison Williams
Company had placed the lowest bid for the sale of the aforementioned
bonds.
Proceedings of the Villa ~o Council
Motion was thon' made by dodges, seconded by Smith to award the
contract for the sale of bonds for Tatar forks Improvement Project
1960 -2 and 1950 -3 and additional expense incurred under Contract
1960 -1. ayes for approval, notion carried.
Iho subject of a plumbin ormit for Donald Babinski for the
duplexes on Sunnysido Road was discussed by the Council in view o
the fact that application for such permit had been prepared for aa
apartment buildin„ and dosinated four sinks, four bathtubs, etc.,
which was assumed would to used to convert the duplexes (approved
by the Council in 1959) into four plexus, which was not authorized
by the present Council or previous Councils. After ouch discussion
on this matter the Council decided to hold it over until the regular
reetina of October 24th.
Motion by Hodges, seconded by Christenson that the meeting be
adjourned.
Meeting was adjourned at 10 :10 p.m.
Respectful
pitted,
arl Smith, Clerk