Res 73 - 69 Extract of Minutes of Meeting of the Village Council of MH (9/4/1973)EXTRACT OF MINUTES OF MEETING OF THE
VILLAGE COUNCIL OF THE VILLAGE OF
MENDOTA HEIGHTS, MINNESOTA
HELD : September 4 , 1973
- Pursuant to due call and notice thereof, a Regular
meeting of the Village Council of �he Village of Mendota Heights,
Minnesota, was duly held at the Village Hall in said Village on
the 4th day of September , 1973� at BsOp' oTclock
.M.
The following members were present : Losleban, Gutzmer
Lockwood, Wahl, Huber.
and the following were absent:None.
P�ember Gutzmer introduced the follow-
ing resolution and moved its adoption:
RESOLUTION NO. 73-69
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $385,000 TEMPORARY IMPROVEMENT
BONDS OF 1973
BE IT RESOLVED by the Village Council of the Village
of Mendota Heights, Minnesota, as follo�rs:
l. It is hereby found, determined and declared that�
this Village should issue $385,000 Temporary Improvement Bonds
of 1973 to defray the expense of Somerset II water, sewer and
street improvements (1972-6), Somerset View street improvements
(1972-8 ) and Rogers Lake level coritrol (1972-4 ).
"v �� � 2. This Council shall meet at tl�e t�.me and place �
specified in the form of notice hereinafter contained for the
purpose of opening and considering sealed bids for, and award-
ing the sale of $385,000 Temporary Improvement Bonds of 1973
of said Village.
3. The Village Clerk is hereby authorized and dir-
ected to cause notice of the time, place and purpose of said
meeting to be pub lished in the official newspaper of �he
Village and in Commercial West not less than ten days in
advance of date of sale, as provided by law, which notice
shall be in substantially the following form:
�J
4. Each and all of the terms and provisions of
the foregoing form of notice are hereby adopted as the terms
and conditions of said bonds and of the sale thereof.
The motion for the adoption of the foregoing
resolution was duly seconded by member t.ockwood
and upon a vote being taken thereon, the followin$ voted
in favor thereof : all yea
and the•following voted against the same: none.
Whereupon said resolution was declared duly passed
and adopted.
.�
f
STATE OF MINNESOTA
COUNTY OF DAKOTA
VILLAGE OF MENDOTA HEIGHTS
0
I, the undersigned, b eing the duly qualified and
acting Clerk of the Village of Mendota Heights, Minnesota,
DO HEREBY CERTIFY that I have carefully compared the attached
and foregoing extract of minutes �rith the original minutes of
a meeting of the Village Council held on the date therein in-
dicated, which are on file and of record in my office, and
the same is a full, true and complete transcript therefrom
insofar as the same relates to the proposed sale of $385,000.
Temporary Improvement Bonds of 1973 of said Village.
WITNESS my hand as such Clerk and the official sealy..
of the Village this
( SEAL )
day of , 1973.
�
NOTICE OF SALE
$385,000
VILLAGE OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
TEMPORARY IMPROVEMENT BONDS, SERIES 1973
NOTICE IS HEREBY GIVEN that the Village Council of
the Village of Mendota Heights, Dakota County, Minnesota,
will meet in the Village Hall in said Village on Tuesday, the
16th day of October, 1973, at 8:00 o'clock P.M. Central Day-
lite Time, for the purpose of opening and considering sealed
bids for $385,000 General Obligation Temporary Improvement
Bonds, Series 1g73 of the Village, and awarding the sale of
the bonds. Said b onds will be issued for the purpose of de-
fraying the cost of sewer, water and street improvements.
Said bonds will be datec� Novmeber l, 1973, will be in the deno-
mination of $5,000 each. Interest will be payable on November
1, 1974, and semiannually thereafter on May 1 and November 1
in each year. The bonds will mature on November 1, 1976, but
will,be subject to redemption at the option of the Village in
inverse order of serial numbers on November l, 1975, or May 1,
1976, at par and accrued interest. The Village will furnish
without cost toti�e purchaser, within forty days after award of
sale, the printed and executed b onds and the unqualified approving
legal opinion of Messrs. Briggs and Morgan, St. Paul, Minnesota.
The bonds will be delivered without cost at St. Paul or Minne-
apolis, Minnesota; or Chicago, Illinois, or elsewhere at the
expense of the purchaser. Payment by the purchaser must be in
immediately available funds. Principal of and interest on said
bonds may be mac�e payable at any suitable bank to be designated
by the successful bidder within 48 hours after award of sale
of the bonds. The Bonds will be printed without CUSIP numb.ers
unless requested by the Purchaser who must agree in the Offer
for the Bonds�to pay the cost thereof and to waive any extension
of delivery time due to use of the numbers. However, if sub-
sequent to award the Issuer at its sole discretion selects a
printer who does not make an additional charge it will then print
the Bonds with CUSIP numbers. In no event will the Issuer be
responsible for the correctness of such numbers and incorrect
numbers shall not be cause for refusal to accept�delivery.
Bids for said issue marked "Bid for $385,000 Temporary
Improvement Bonds" must be received by the undersigned prior to
the time stated above, and may not thereafter be withdrawn.
Each bid must unconditional except as to legality, which may be
conditioned upon the opinion of the above attorneys, and must be
accompanied by a cashier's check or certified check or bank draft
in the amount of $3,850.00 payable to the Village Treasurer, to
be forfeited as liquidated damages in case the bid be accepted
and the bidder shall fail to comply therewith. Bids will be
preferred according to lowest net interest cost (total interest
from date of issue to stated maturity, plus any discount or less
any cash premium offered) will be deemed most favorable. Al1
rates of interest shall be expressed in multiples of 1/20 of 1%,
and no bid of less than $382,000.00 plus accrued interest on
$385,000.00 bonds from date of issue to date of delivery will
be considered. The net effective average rate of the issue
may not exceed 7� per annum. No oral bids will be considered.
The Council reserves the right to reject any and all bids, and
to waive any informality in any bid.
Dated: September 4, 1973
BY ORDER OF THE VILLAGE COUNCIL
/s/ G.M, Radabaugh
Village Clerk
Mendota Heights
Minnesota
Further information may be obtained
from:
SHAUGHNESSY & COMPANY, INC.
151 Endicott Arcade
Saint Paul, Minnesota 55101