Res 75 - 67 Providing for Public Sale of $925,000 General Obligation Temporary Improvement Bonds of Series 1975Member Gutzmer
moved i#s adoption.
R��Q��r�a.� Ne.7s-�7
introduced the foliowing resolution and
RES4�UT 1 QN PRt�V ! C} ! NG FOR PUS� 1 C SAi.E
C1F � 925,OQ0 GENERAL OBLIGATION
TEMPR4ARY lMPROVEMENT BONDS 4F
SEREIES 1975
0
BE IT RESOLVED by the Cifiy Councit of the City of Mendota Heightsm Minnesota,
as follaws:
1, #t is hereby #ound, determined and deciared that this City shauid issue
$ g25,Q�d Generai Obiigation Temporary Improvement Bc►nds, Series 1975 to defray
the expense of sewer, water, street and starm sewer impravements. �
2. This Council shall meet at the time and place specified in the form of
natice here�na�ter contained for 1-he purpose of apening and considering sealed
bids for, and awarding the sale of $925,000 General Obligation Temporary Improve-
ment Bonds, Series 1975 of said City.
3. 7he City Clerk is hsrehy authorized and directed ta cause notice of the
time, place and porpase of said meeting fio be published in fihe offiiciai newspaper
of the City and in the Commercial West not less than ten days in advance of the
da*e of sale, as provlded by iaw, which notice sha11 be in substantia!!y fihe
form attached hereta.
4, Each of and all af the terms and provisions of the a-htached form of notice
are h�reby adopted as the tes-ms and canditions of said bands and of the sale
therof .
1"he motion for fihe adopts`on af the faregoir�g resalutian was duly seconded by
member Huber and upon vc�te being taken thereon, the foliowing
voted i n favar- fihereof :
Ali Yea
and fihe foliowing voted againsfi the same: none
Whereupon the resolufiion was declared duly passed and°adopted.
�. �.
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NOT I CI.: OF S/1LE_
$925,000
C I TY OF P�IENLh�TA HC I GFIT�
DAKOTA COUI�TY, M,I �JP�LS�T,1
TEP•1PQR/1FZY I P=1PROVEf�1[_P�lT E30NDS, �ERI ES 197•�
e
NOTICE IS HEREBY GIVEN that the City Council of the City of P1�ndota Iieights,
Dakota County, ���innesota, will meet in t�he City Flall in said City on Tuesday, the
?nd day ot September, I 9/5 at F3: 00 0' c I ocl; f'. ^n. Centra I Uay I i ghi' T i me, for the
�u r�ose of open i nc� and cons i der i nc� sea I c:d b i ds for $975, 00� Genc;r� IOt� I i��a-t� i c�n Tem-
porary Im�rovement E3onds, Series 1975 of the Ci1�y, and awarding �t�he s�jle; of i-he bonds.
Sa i d bonds ev i I I be i ssued for the purpose ot def ray i ng tt�e cost of sewer, �,13'f'E;r and
street improvements. Said bonds will be dated August I, 1975, will be in the denom-
ination of $S,UOU each. In�fierest v�ill be p�yable on February I, 197Ei, �and semiannually
t�hereafter on Auqust I and February I i n eact� yPar. Ttie bonus �ri I I ma-t-ure on August I,
1�37u, but will be subject� to redemption ar the option of ttie Cit�y in inverse order of
seri�l numbers on August I, 1977, or February I, 1�78, �1- par and accrued interest.
The City �•�ill furnish, without cost to the purcl�aser, a�ithin forty days after award,
�f�he executed bands and approv i nca I�qa I op i n i on �f flessrs .[3ri c�c�s and P1orc�an, St.Pau I,
�' i nne: ,�-ta . The hond � w i I I he de I i vered 41 i t�hout cast ��t St, f'au I or P�l i nne��p� I i,, I�1 i nne-
sota; Chicaoc�, Illinois; or elsewhere at the expense of ihE; purch�ser. Payment by the
purchaser must be in immediately �vailable funds. Principal of and the i�terest on
said bonds m�y be made �ay�ble afi any suitahle bank to be designated by the successful
r i dder w i th i n 4£3 hours after award of sa I e of the boncis . The bonds v� i I I be pr i nted
saithout CUSIP numbers unless requested by tt�e purchaser who rnust agree in the offer
for the bonds fio pay the cost thereof �nd to v�aive any extension of defivery time due
to use of fihe numbers. Hou�ever, if subsequent �ro award the issuer at its sole dis-
cretion selects a�rint�r who does not make �n additional char��e, it will then print
the honds w i th Cl1S I f' num�ers . I n no event vr i � I the i ssuer be rc; �pon> i b l e fcr the
correctn�ss of �uch ri��mbers and incorrect numbers shall no�t be cause for refusal to
accept del�very.
Bids for s�id issue marked 1°L'id for $��25,000 Temporary fmpr�vement Bonds" must be
received by the undersigned prior to the i�ime stated atnve, and may not fihereafter be
ti�� i thdrati��n. Fach b i d mus1� be uncond i t i ona I except as to 1 ega I i ty, v�h i ch may be cond i-�
tioned upon the opinion of �the above attorn�ys and must be accompanied by a cashier's
check or certifiied check or bank draft in the amoun�t of $9,?_50.00 payable to the City
Tre�surer, to �c: f�rf� i ted as I i c�u i dated dam���es i n c�se 'f�he b i ci bc� ��ccepted and the
b i dder sha 1 I f a i I to comp I y therew i th . [3 i ds o� i I I be pre f erred accord i nc� -rc� I o4�est net
interest cost (total interest from date of issue to stateci ma�t-uri'fy plus any discount
or less any cash premium offered) a�ill be deemed mosY favorable. AIl rates of interest
shall be �xpressed in multiples of I/20 of lo and no bid of less tf��n ;920,000 plus
accrued int�resT on $925,000 bonds trom da�te of issue �to date of delivery �aill be
considered. The net effective average rate of the issue may not exceed 7p per annum.
PJo eral bids will be considered. The Council reserves the righ�fi to reject any and all
bids and to a�aive any informality in any bid. ,
Dated: Augus-fi 5, 1975
Further Information may be
obtained from:
Shaughnessy Pk Company, Inc.
I 5 I Fnd i cc�tt Arcade
St. Pau I, I•1 i nnesota 55 I 01
BY ORDER OF THE CtTY COUPJCIL
/s/ M �. P�l. Radabau�c h
�Cii�y Clerk
P�1endata Me i cJh�fis
M i nne �c�t��
. �,