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<br />Councilman Crepeau
<br />lcs adoption
<br />ti.ec� introduced the following resolution and moved
<br />.t1:SUiUTTOi� A6dAitilliiG SALE AATL` ESTABLIS:iI11C TitL
<br />FOP.i1 Ai1D TEt�r'1S OF $1,735r000 TEi•IPORARY Ii'SPROVEifENT
<br />SO1dDS, SERIES 3
<br />uE t'i t�:SOLVr:ll by the V111age Council of the Village of Arden liills,
<br />unnesoca, as follows:
<br />1. In accordance with ti�e provisions of tfinnesota Statutes, (;hapter 42y
<br />the Vi11aKe has by resolutions adopted by the requisite ma�oricy of the membera of
<br />tt�is Council, pursvant to hearings duly held, ordered the construction of each of
<br />tkie i�provements enumerated below, and a contract has been awarded to the lowest
<br />responsible hidder for the furnishing of part or all of the vork and materials re-
<br />uuired for each improvement, pursuant to adveriisement for bids theretofore pub-
<br />liehed in accordance with law, and the desi�nations of the respective improvements
<br />and the presently estimated expense incurred and to be incurred in the making of
<br />each improvement, in excess of funds on hand and appropriated for the payment of
<br />such expense, is as follows:
<br />Designation
<br />Sanitary Sewer Improvement iVo. 9
<br />Sanitary Sewer Improvement No. 10
<br />Consolidated.$anitary Sewer Inprovemencs ivos. 12 and 13
<br />Consolidated t7ater Improvements Nos. 68-2 and 68-3
<br />Gray Fox Road Improvement (extension)
<br />Red Fox Road lmprovement (Village's share of cost of
<br />sewer, water, curb and gutter, surfacin�, to be con-
<br />structed under contract awarded by Ramsey County
<br />pursuant to agreement)
<br />Estimated Cost
<br />to be Financed
<br />$ 38,000
<br />4,000
<br />692,559
<br />832, 441
<br />56,000
<br />78, 000
<br />$1,701,000.00
<br />�
<br />It is necessary at this time to borrow the sum of $1,701,000 by the issuance of tem- �
<br />porary improvement bonds purauant to the provisions of rlinneaota Statutes, Section
<br />429.091, Subdivision 3, for the purpose of payin� expenses incurred and estimated to
<br />be incurred in making these improvementa. It has also been determined to be desir-
<br />able in the offering of the bonds for sale to include in the issue additional bonds
<br />in the amount of $34,000, pursuant to the provisions of Minneaota Statutes 1967,
<br />Section 475.56, repreaenting part of the interest contracted to he paid on the bonds.
<br />Bonds in the aggregate amount of $1,735,000 have been duly advertised at public sale
<br />and the highest and best bid received therefor is that of Piper, Jaff ray & Hopwood
<br />, ofMinneapolis, Minnesota ,
<br />and associates named therein, to purchase the bonda at a price of $ 1,707,309.4,0
<br />plus accrued interest on the full principal amoun[ to the date of delivery, and
<br />upon the further terms and conditions set forth in this resolution. The sale of the
<br />bonds in accordance with thia proposal is approved and confirmed, and the *4ayor and
<br />Village Clerk are directed to en[er into a contract for such sale on the part of the
<br />Village. The Treasurer shall retain the check securing the succeasful bid until
<br />delivery of the bonds and payment of ihe purchase price, aad ehall return any other
<br />bidders' checks forthwith.
<br />2. The bonds so to be iseued shall be deslgnated Temporary Improvement
<br />eonds, Series 3, and ahall be in eubstantially the following form:
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