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<br />Trustee Curley
<br />moved its adoption:
<br />
<br />then introduced the following resolution and
<br />
<br />RESOLUTION AWARDING SALE OF $1,250,000 WATER
<br />IMPROVEMENT BONDS, SERIES 2, AND ESTABLISHING
<br />THE FORM AND TERMS AND DIRECTING THE EXECUTION
<br />AND DELIVERY THEREOF AND LEVYING TAXES THEREFOR
<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 $1,250,000 Water Improvement Bonds,
<br />Series 2 of the Village to be dated March 1, 1963, and does hereby find and deter-
<br />mine that the highest and best of such bids is that of The First National Bank
<br />Saint Paul ,of St. Paul, Minnesota ,
<br />and associates, to purchase the bonds at par and accrued interest plus a premium of
<br />$ 0.00 ,and subject to the further terms and conditions set forth below. This
<br />bid is hereby accepted, and the Mayor and Village Clerk are directed to execute a
<br />contract 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 the 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 />sions 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 1250 in number and num-
<br />bered from 1 to 1250 , inclusive, each in the denomination of $1,000 and in the
<br />aggregate amount of $1,250,000, designated Water Improvement Bonds, Series 2, dated
<br />as of March 1, 1963, and shall mature serially on March 1 in the amount of $250,000
<br />in 1964 and $50,000 in each of the years 1965 through 1984. The bonds maturing in
<br />the years 1964 through 1973 shall not be subject to redemption before maturity, but
<br />those maturing in the years 1974 through 1984 shall be each subject to redemption
<br />and prepayment at the option of the Village on March 1, 1973, and any interest pay-
<br />ment date thereafter, at par plus accrued interest to the date specified for redemp-
<br />tion, plus a premium of 2% of the par value of each bond prepaid on or before Sep-
<br />tember 1, 1977, and without premium if prepaid on or after March 1, 1978. Of the
<br />bonds outstanding at the time of redemption, those bearing the highest coupon rates
<br />shall be prepaid first, in inverse order of their serial numbers. Not less than
<br />thirty days before the date specified for prepayment and redemption of any of the
<br />bonds, the Treasurer shall mail notice of the call thereof to the bank at which
<br />principal and interest are then payable and to the holder, if known, of each bond
<br />to be prepaid. The Treasurer and his successors in office shall maintain a record
<br />of the names and addresses of the holders of prepayable bonds of the issue, so far
<br />as such information is made available to them, for the purpose of mailing such
<br />notices. The bonds shall bear interest at the following respective rates from date
<br />
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