|
NOTICE OF BOND SALE
<br />$160, 000 WATERWORKS IMPROVEMENT BONDS
<br />VILLAGE OF HUGO, MINNESOTA
<br />NOTICE IS HEREBY GIVEN That the Village Council of -the Village of Hugo, Min-
<br />nesota, will meet at the Village Hall in said Village on Tuesday, March 21,
<br />1961, at 8:00 o'clock P.M., C.S.T. -to receive bids and award the sale of
<br />$160,000 general obligation, negotiable coupon Waterworks Improvement Bonds
<br />of the Village which shall be in denominations of $1,000 each, shall be
<br />dated May 1, 1961, shall bear interest at the rate -or rates designated by the
<br />successful bidder expressed in integral multiples of 1/10 or 1/4 of 1% per
<br />annum payable on February 1, 1962, and semiannually thereafter on August 1
<br />and February 1 of each year; and shall mature serially on February 1 in the
<br />years and amounts as follows:
<br />$5,000 in the year 1963; $10,000 in each of the years 1964, 1966, 1968 and
<br />1970; $15, 000 in each of the years 1965, 1967, 1969, 1971 and 1972; $4, 000
<br />in each of the years 1973 through 1977, inclusive and $5,000 in the years
<br />1978 through 1981, inclusive;
<br />with bonds maturing in -the years 1973 through 1981 subject to redemption and
<br />prepayment at the Village's option, in inverse numerical order, on February
<br />1, 1972 or any interest payment date thereafter at a price of 102% of par
<br />plus accrued interest. Both principal and interest will be payable at any
<br />suitable banking institution in the United States designated by the successful
<br />bidder, and the Village agrees to pay the customary and reasonable charges of
<br />said paying agent. The Village agrees to furnish within 40 days after award
<br />and without expense to the purchaser, anywhere in the State of Minnesota, the
<br />printed and executed bonds together with the unqualified approving legal opin-
<br />ion of Messrs. Briggs and Morgan of St. Paul, Minnesota.
<br />Sealed bids marked "Bid for $160, 000 VQaterwor]cs improvement Bonds" must be
<br />received by the Village Clerk prior to the time of said meeting or by the
<br />undersigned Fiscal :gent prior to 2:00 P.M. the date of sale. Each bid must
<br />be unconditional except as to legality, which may be conditioned upon the
<br />opinion of -the above -named attorneys, and must be accompanied by a cashier's
<br />or certified check in the amount of $3,200 payable to the Village Treasurer,
<br />-to be forfeited as liquidated damages should the bid be accepted and the
<br />bidder fail to comply therewith. Bids will be preferred according to lowest
<br />net interest cost deducting any premium offered. Interest rates may be split
<br />not more than four ways, provided that each rate specified shall include all
<br />bonds With common maturity dates. Bids may specify that all or some bonds
<br />shall bear an additional interest rate represented by supplemental coupons
<br />for any portion of the term of the bonds, but the total amount of interest
<br />represented by said supplemental coupons shall not exceed $2,400. No bid
<br />for less than par and accrued interest from date of bonds to date of deli-
<br />very will be considered and oral bids will not be received. The Council
<br />reserves the -right to waive informalities and to reject any and all bids.
<br />February 21, 1961
<br />BY ORDER OF THE VILLAGE COUNCIL
<br />/s/R-obert Burkard
<br />Village Clerk
<br />Further information may be obtained from and bids may be delivered to:
<br />EHLERS-MANN AND ASSOCIATES, INC., 807 Title Insurance Building, 400 Second
<br />Avenue South, Minneapolis 1, Minnesota. Telephone: FEderal 9-8291.
<br />
|