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<br />
<br />then introduced the following resolution and
<br />
<br />moved its adoption:
<br />
<br />~~.'O / u-7;t:; /y' A/o, 0 4L 7
<br />RESOLUTION AWARDING SALE OF $1,000,000 WATER
<br />IMPROVEMENT BONnS, SERIES 1, AND ESTABLISHING
<br />THE FORM AND TERMS AND DIRECTING THE EXECUTION
<br />AND DELIVERY THEREOF
<br />
<br />BE IT RESOLVED by the Council of the Village of Roseville, Minnesota, as
<br />
<br />follows:
<br />
<br />1. The Council has duly received and examined all bids presented pursuant
<br />to public notice of sale, for the purchase of $1,000,000 Water Improvement Bonds,
<br />Series 1 of the Village to be dated November 1, 1962, and does hereby find and de-
<br />termine that the highest and best of such bids is that of The American National ,ank
<br />, of St. Paul. Hinnesota , and
<br />associates, to purchase the bonds at par and accrued interest plus a premium of
<br />$ 0.00, and subject to the further terms and conditions set forth below. This bid
<br />is hereby accepted, and the Mayor and Village Clerk are directed to execute a con-
<br />tract for the sale of the bonds in accordance therewith. The check furnished to
<br />secure the successful bid shall be retained by the Village Treasurer until delivery
<br />of the bonds and payment of tile full purchase price, and the checks of other bidders
<br />shall be returned forthwith.
<br />
<br />2. Such bonds shall be issued and secured in accordance with the provi-
<br />sion of Minnesota Statutes, Chapters 429 and 475 and of the resolution adopted
<br />November 7, 1961, entitled "RESOLUTION ESTABLISHING A SINKING FUND FOR THE PAYMENT
<br />OF WATER IMPROVEMENT BONDS AND APPROPRIATING TO THAT FUND TAXES AND SPECIAL ASSESS-
<br />MENTS LEVIED FOR IMPROVEMENTS FINANCED BY SUCH BONDS", which is by reference incor-
<br />porated herein and made a part hereof. The bonds shall be 1000 in number and num-
<br />bered from 1 to 1000 , inclusive, each in the denomination of $ 1000 and in the
<br />aggregate amount of $1,000,000, designated Water Improvement Bonds, Series 1, dated
<br />as of November 1, 1962, and shall mature serially on November 1 in the amount of
<br />$50,000 in each of the years 1963 through 1982. The bonds maturing in the years
<br />1963 through 1972 shall not be subject to redemption before maturity, but those ma-
<br />turing in the years 1973 through 1982 shall be each subject to redemption and pre-
<br />payment at the option of the Village on November 1, 1972, and any interest payment
<br />date thereafter, at par plus accrued interest to the date specified for redemption,
<br />plus a premium of 2% of the par value of each bond prepaid on or before May 1, 1977,
<br />and without premium if prepaid on or after November 1, 1977. Of the bonds outstand-
<br />ing at the time of redemption, those bearing the highest coupon rates shall be pre-
<br />paid first, in inverse order of their serial numbers. Not less than thirty days be-
<br />fore the date specified for prepayment and redemption of any of the bonds, the
<br />Treasurer shall mail notice of the call thereof to the bank at which principal and
<br />interest are then payable and to the holder, if known, of each bond to be prepaid.
<br />The Treasurer and his successors in office shall maintain a record of the names and
<br />addresses of the holders of prepayable bonds of the issue, so far as such informa-
<br />tion is made available to them, for the purpose of mailing such notices. The bonds
<br />
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