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HomeMy WebLinkAbout71-057 "'e 1 i ~ , , --e 1 ." Member ~. introduced the following resolution adoP~~ --iu, -'//- 5"'7 RESOLUTION PROVIDING FOR PUBLIC SALE OF $1,220,000 IMPROVEMENT BONDS BE IT RESOLVED by the Village Council of the Village of Arden Hills, Minnesota, as follows: and moved its 1. It is hereby found and determined that it is necessary at the present time to issue and sell improvement bonds of the Vil- lage in the amount of $1,220,000, for the purpose of paying the. cost of local improvements instituted under Minnesota statutes, Chapter 429, including the retirement of the Temporary Improvement Bonds, Series 3. 2. The Council shall meet at the time and place designated in the form of notice herein contained for the purpose of receiving, opening and acting upon sealed bids for the purchase of said bonds. The Village Clerk is hereby authorized and directed to cause notice of sale of said bonds to be published in the New Brighton Bulletin, the official newspaper of the Village, and in the Commercial West, a financial newspaper published at Minneapolis, Minnesota, which notice shall be in sUbstantially the following form: -1- . . . NOTICE OF SALE $1,220,000 IMPROVEMENT BONDS VILLAGE OF ARDEN HILLS RAMSEY COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that the Village Council of the Village of Arden Hills will meet in the Village Hall in said Vil- lage, on Thursday, December 16, 1971, at 8:00 o'clock P.M., to re- ceive, open and consider sealed bids for the purchase of $1,220,000 Improvement Bonds of the Village to be dated as of January 1, 1972. The bonds will be issued in denomination of $5,000 each and num- bered serially, will bear interest at a rate or rates designated by the successful bidder subject to the limitations stated below, payable July 1, 1972, and semiannually thereafter on January 1 and July 1 in each year, and will mature in order of serial num- bers on January 1 in the amount of $60,000 in each of the years 1973 through 1988 and $65,000 in each of the years 1989 through 1992. The bonds maturing in the years 1973 through 1980 will not be subject to redemption before maturity. The bonds maturing in the years 1981 through 1992 will be each subject to redemption and prepayment at the option of the Village in inverse order of their serial numbers on January 1, 1980, and any interest payment date thereafter, at par plus accrued interest to the redemption date. Principal and interest will be made payable at a suitable bank in the United States designated by the successful bidder, subject to approval of the Village Council. The Village will furnish without cost to the purchaser and within 30 days after award of sale, the printed and executed bonds and the unqualified approving legal opinion of Messrs. Dorsey, Marquart, Windhorst, West & Halladay, of Minneapolis, Minnesota, and Messrs. Peterson & Popovich, of st. Paul, Minnesota, and a certified transcript of proceedings authorizing the issue, including a certificate show- ing absence of litigation. The text of the legal opinion will be printed on the reverse side of each bond. Delivery will be made without cost to the purchaser at any point in the United States. Payment for the bonds must be made in funds immediately available to the Village on the date of delivery. Sealed bids may be mailed or delivered to the undersigned Village Clerk and must be received before the time of the meeting. Oral auction bids will not be considered. Each bid must be un- conditional except as to legality and absence of litigation, and must be accompanied by a cashier's or certified check or bank draft in the amount of $24,400, payable to the Village Treasurer, to be retained by the Village as liquidated damages if the bid is accepted and the bidder fails to comply therewith. Each bond must bear a single uniform rate from date of issue until paid, -2- . , ( i I , , c , . expressed in a multiple of five hundredths (5/100) of 1% per annum, not exceeding the rate specified for any other bond having the same or a subsequent maturity, and not exceeding 7% per annum. Interest on each bond to maturity will be represented by a single set of coupons. The bid offering the lowest net interest cost will be deemed the most favorable. Interest cost will be computed as the dollar sum of all interest payable on the bonds to their stated maturities, less any cash premium over par or plus any discount below par at which the purchase price is bid. No bid of less than $1,200,000 plus accrued interest on $1,220,000 at the coupon rates specified to the date of delivery will be considered. The right is reserved to reject any and all bids and to waive any informality in any bid, and to adjourn the sale if deemed necessary. Dated November 29, 1971. BY ORDER OF THE VILLAGE COUNCIL Lorraine Stromquist Village Administrative Clerk Arden Hills, Minnesota -3- . . I I i 1 J I 1 , 1 , , ~ . . 3. Each and all of the terms and provisions of the fore- going form of notice are hereby adopted as the terms and conditions of said bonds and of the sale thereof. Attest: Administrat e Clerk The motion for the adoption of the foregoing resolution was duly seconded by Member ~ , and upon vote being taken thereon, the following voted in favor thereof: atL~ and the following voted against the same: ~ whereupon the resolution was declared duly passed and adopted and was signed by the Chairman and attested by the Clerk. -4- . . . . CERTIFICATION OF MINUTES RELATING TO $1,220,000 Improvement Bond~ Issuer: Village of Arden Hills, Ramsey County, Minnesota Governing body: Village Council Kind, date, time and place of meeting: a .'P~ meeting, November 29,1971, at i;r7! o'clockP.M., atu,..... v~ ~ f.lembers present: ~ ~ ~ ~ . t Members absent :~~ Documents attached: Minutes of said meeting (pages): D 1 through 4 RESOLUTION PROVIDING FOR PUBLIC SALE OF $1,220,000. IMPROVEMENT BONDS I, the undersigned, being the duly qualified and acting record- ing officer of the public corporation .issuing .the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have t8en carefully compared with the ori- ginal records of said corporation in my legal custody, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such mee~ing given as required by law. WITNESS my hand officially as such recording officer this ~9 day of ~, 1971. . ~ Lorraine ~- Signature .- ::;tpolJl~t!.i_:3~ >"\IJllg.~e Clerk Name and ~itle . . (SEAL)