Res 75 - 09 Extract of Minutes of Meeting of the City Council of MH (1/21/1975)� ..�, -- .,�,
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EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MENDOTA HEIGHTS, MINNESOTA
HELD : January 21 19 7 5�
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Pursuant to due call and notice thereof, a regular
meeting of the City Covncil of the Cit,y of Mendota Heights,
Minnesota, was duly held at the City Hall in said City
on the 21st day of January , 1g75Y, at $��� o' clock
P .M.
The following members were present : Lockwood,
Gutzmer, Losieben, Wahl
and the following were absent : Huber
Member Losleben intr•oduced the follow-
ing resolution and moved its adcption:
RESOLUTION NO. 75-09
RESOLUTION PROVIDING FOR PUBLIC SALE,�
OF $360,000 STATE AID ROAD BONDS OF 1975
BE IT RESOLVED by the City Council of the City
of Mendota Heights, Minnesota, as follows:�
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l. It is hereby found, determined and declared that
this City should issue $360,000 State Aid Road Bonds of 1g7�5,
to defray the expense of road improvements in the City.
2. This Council shall meet at the time and place
specified in the form of notice hereinafter cor_tained for the
pur�ose of opening and considering sealed bi�s for, and award-
_ ing the sale of $360,000 State Aid Road Bonds of 1975�; of said
City. �
3. The City Clerk is hereby authorized and di-
rected to cause notice of the time, place and purpose of said
� meeting to be published in the official newspaper of the
i
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City and in Commercial West not less than ten days in
advance of date of sale, as provided by law, which notice
shall be in substantially the following form: ,
4. Each and all of the terms and provisions;•
• of the foregoing form of notice are hereby adopted as the
terms and conditions of said bonds and of the sale thereof.
The motion for the adoption of the foregoing
resolution was duly seconded by member Gutzmer
and upon a vote being taken thereon, the following vcted
in favor thereof : all yea
and the followir:g voted against the same: none
Whereupon said resolution was declared duly
passed and adopted.
G
a
STATE OF MINNESOTA
COUNTY C}F DAKOTA
GITY OF MENDOTA HEIGHTS
�
I, the undersigned, being the duly qual.ified and
acting Clerk of the City of Mendota Heights, Minnesota, DO HERE-
BY CERTZFY �hat I have carefully compared the attached and
fore�oing extract of min..utes with the original minutes of a
mee�ing af the City Cauncil held on the date therein ind�.-
� ca�ed, which are on fi2e and of reeord in my affice, and the
same is a full, true and complete �ranscript therefrom inso-
far as �he same relates to the proposed sale of $36Q,QQ4 Sta�e
Aid Road Bonds of 1g7� of said City. . �
WZTNESS my hand as such Clerk and the official sea1.
af the Gity this day of ,T�� , 1975�. �
(SEAL )
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' � ,, , N�`i'ICE OF BOND SALE
$360,000 `
� � CITY OF MENDOTA HEIGHTS
• � DAKOTII COIJI�,TTY, MINNESOTA .
� ' ' STATE AID ROAD BOITDS OF 1975
Sealed bids ��ill be received by the City Council. of the City of Mendota '
Heights, Minnesota, at the Council Chambers in the City, Dakota County, r�iinnesata,
Tuesday, February 18, 1975, unti]:'F3:00 P.M. CST'at which time they will be ,
publiclf opened and announced, for the purcha,se of $360,000 State Aid Roe� Bonds
oi 1975 of said City, for the purpose of providin� mor�ey to construct and irriprove
designated municipal state aid s�reets in the City, The bonds will be ci�,ted
March l, 1�75, will be in the denominations of �1,000 or �5,000, at the discretion
of bidder (who shall designa,te denomina�tion �aithin 4II hours oi' award ), �,nd will
mature scrially on June 1 in the .years t�nd amounts as .follot�rs : . '
Year Amount � ' Year Amount . Y�ar Amount ��
i977 . $lo,000 ' 1g83 $10,000 1��3� $30,000 �
i978 - lo,000 ' 1�n4 io,000 ' i990 30,00�
1�79 zo,000 • '� 1g85 � lo,000 i991 30,000 �
� 1980 l0,000 �� i9�6� 20,000 ' 1992 35,000
1,81., lo, o00 �.. 1g87 25 , o00 1993 35 , o00 �=- �
�.��2 io, o00 ' ;' 1�8� 25 , o0o ig9!} : lFo, o00
A11'bonds of said issue matur�n� in the years 1989 to 1�1�4, ir_clusive, are '� ,
callable at the option of the City in inverse oraer of their seri��,l riwnbers on ,.
June l, �988, and on a.ny interest payment date thereafter, t�,t �, pric� oF par and ,
accrued interest. � .
, The bonds will be issued in bearer form with the coupon� �.�Ltached and'w�ll
be payable �,s to both princi�al and interest a,t any �uitable baiilL desigriated by
the successi'ul bidder. � " � � �• '
E,a,ch bid mus•t be specified in multiples of 1�20th of l;o, wt a rate or r�,tes of
interest not in excess ot' 7p per annum, whieh interest saill be pa.ya,ble December 1,
1p75, and semiannually tYierea,fter on June 1 and December 1 of e�.ch year, No rate of
any rnatv.rity may be lower than the r�,te car.ried by any of the preceding rr.aturities.
Bids� will be �refer.red accordin� •to the lo�aest nei:� interest cost (total dollar
am�un�; of ir�terest payable to the date of stated maturity at the coupon rate speci-
fied, plus any discount used or less the amount of any premium offered), PIo bid of
less than �353,000 and acc.rued interest on �360,000 1ai11 be cotLsidered. riar •��ill
cor.sideration be given to any bid which provides for �,dditional or "B" coupor.
interest. No more than on� rate of interest sha,ll be bid for ariy single m�.turitJ ,
;�e�r. The City reserves the , right to Y�e ject any and a,ll bids, to ��aive any infor-
malities a?id -L-o adjourn the sale, if deemed expedient. No oral bids will be •
co�sidered. The City will assume no obligation for the assignment o� prii:ting oz'
Ci� IP r.umbers on the bonds or for the correctness of any numbers printed thereon,
bu.t will permit such numbers to be assigned an.d.printed at the expense of the
purch�,ser, if the purchaser �.�aives any extension of the tirne of delivery caused
thereby. -� • �
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• The successfu3. bidder will be furnish�d, without cost, th� printed bonds and' ,
th� approvin� le�al opa.nion of B.riggs and I�7organ of S�t. • Paul, MinriEsota to. the
eifec�; tha-L the bonds are,valid and bindin� general oUli�a,tions of the City. .Legal
opinio�is will be printec3. on the bonds, The bonds will be cl.elivered to.the purehaser .•
kfithin 40 days�from �;he date of sale without cost to -the purchaser if delivered �
a.t Mendota. Iieights, MinneapoliS or S�t, Paizl, hlinnesota. ,'111 bids must .be uncondi-
tional except as to legality, which mt�,y be conditioned upon t;he opinion of the
ai'oresaid attorneys and must be a;ccompaniec� by a cashier's checic, Ua�k draft or
certii'ied checl� i�z the amoun�t of $7,200.00 payable �to the City to be forfeited as �
liquidated da,ma,ges in the event the b:id is accepted a,rc1. -t;he bidcl�r sh�,ll fail to '
cornpl� therez•Titr. � � , �
• � Proposals should be addressed t;o G. NI. Rad�,baugh, City Clerk, Mendota Heights, .,
' " :1inr.^sota, �,izd ��zc1�.�ed in o, seale`d� envelope m�,rk�cl "on the ouL•side, "}3id for. �360,000
State ��id. �oad Bonds of 1975".
. B��dders �re requested tb submit comput�.�tions�of tot�l net int��est cost �.nd
effecti�re net interest rate, z•�hich cor:,putations i�aill uot b� considered �.s part of '
1;he oifer. . ' , . • : � . , � "
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Dated; Janua,ry 21, 1.975 � • . ,
, - ' BY ORDER OF THE CITY COUPICTL ,
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G.M.Radabaugt� ' '
� � , . City Cler.l� ` `
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Further. information m�y be oUtaiized from: : � �
Si3�-^.UG?iAlESSY•& CON�IINX, INC. . � • '
151 �'nd.icott Arcade . � ' , � , . - _ . '
� 5�;, . Paul, FSirnesota, 55101,. ` �
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