Res 72 - 467 Extract of Minutes of Meeting of Council of MH (3/7/1972)�, ,
,
� �, •
� ..
, EXTRACT OF MINUT� OF MEETING
' OF THE VTLLAGE COUNCIL OF THE VILLAGE OF
MENDOTA HEIGHTS, DAKOTA COUNTY, MINNF50TA
Pursuant to due call and notice thereof regular meeting of the Village
'Council of the Vi11a�e of Mendota Heights, Dakota County, Minnesota, was duly
- held at the Council Chambers in said Village on Tuesday, the 7th day of March,
1972 at 8:00 o'clock P.M.
_ The followi�n.g members were present: Huber, Wold, Gutzmer, Lockwood, and
`� ,
Blair. ,
` - � * � � . .: '.t � � _ =
and the following were absent: ,vv.fc.�.
Member -�-� �-�-�. intraduced the following resolution and
moved its adoption: _� . .- " . y. , ~ ;-
�y . ,. ._ • .
k` . RE50LUTION NO . 4 6 7
i _ � .. � }
A,Resolution Pro'viding for the Public Sale of
$300,000.00 Trunk Sewer Irriprovement Bonds Series B
BE IT RE50LVID by the Vill.age Council of the iTillage of Mendota Hei$hts,
Dakota County, Minnesota, as follows: •
1. This Council has heretofore issues $�+75,000 Temporary Trunk Sewer
Improvement Bonds of 1g69 dated May 1, lg6g, ma.turing May l, 1972. `
2. This Council is required under the provision of Chapter �+29, M.S.A. to
issue definite improvement bonds for the purpose of providing funds, which, together
with funds on hand, will be sufficient to refund said Temporary Improvement Bonds
and hereby authorizes the issua.nce of $300,000 Trunk Sewer Im�rovement Bonds
Series B for that purpose.
3. This Council shall meet at the time and place specified in the Form of
Notice hereinafter contained for the �urpose of opening and considering sealed bictis
for, and awarding the sale of, the $300,000 Trunk Sewer Impro�ement Bonds Series B
of said Village. - _
�. The Clerk is hereby authorized and directed to cause notice of"tY�e��;time,
place, and purpose of said meeting to be published in�',the official newspaper of the
Village and in the Commercial West, as provided by�law, which notice shall be in
substantially the following form: ,
a
s ! � •
F
�
�
. ; �o
5. Each and all of the terms and provisions of the foregoing Notice are
hereby adopted as the terms and conditions of said bonds and of the sale thereof.
The motion for the ado tion of the foregoing resolution was duly seconded
by member �� %t�ai� and upon vote being taken thereon, all members
present voted in favor thereof. Whereupon said resolution was declared duly
passed and adopted.
STATE OF MINNFS OTA)
�) ss.
COUNTY OF DAKOTA )
I, the undersi�ned, being the duly qualified and act,ing Clerk of the Village
of Mendota Heights, Dakota County, Minnesota, DO HEREBY CEftTIFY that I have
carefully comp�,red the attached and foregoing extract of minutes with the original
minutes on file and of recQrd in m�.office, and the same is a full, true, and
correct transc�ipt'-: of the minut.es of a meeting of the Village Council held on
the date therein indicated insofar as such minutes relate to the pro�osed issuance
and sale of $300,000 Trunk Sewer Improvement Bonds Series B of said Village.
WITNFSS my ha.nd as such Clerk and the official seal of said Village this
day of March, 1972.
( SEAL ) �"
m
� • � r
• �, ..
0
� � f.
,;�'•" '
:� .
y
� °_ �'
�
� � �
�
NOTICE OF BOND SALE
$300,000
VILLAGE OF MENDOTA �iEIGHTS
DAKOTA COUNTY, P4INNESOTA
Trunk Sewer Improvement Bonds Series B
e
Sealed Uids will be received by the Village Council of the Village of Mendota Heights,
�tinnesota, at the Council Chambers in the Village Hall, 2010 South Lexington Avenue, Dakota
County, Minnesota 55118 on Tuesday, April 4, 1972 until 8:00 P.ri., at which time they will
be publicly opened and announced, for the purchase of $300,000 Trunk Sewer Improvement Bonds
Series B of said Village, for the purpose of providing money to refund Temporary Trunk Sewer
Improvement Bonds of 1969. The bonds �aill be dated February 1, 1972, will be in the denom-
ination of $1,000 or $5,000, at the discretion of bidder (who shall designate denomination
�aithin 48 hours of award), and will mature serially on August 1 in the years and amounts as
follows: ,
Year Amount
1973 $25,000
1974 25,000
1975 25,000
1976 25,000
Year Amount
1977 $25,000
1978 25,000
1979 25,000
1980 25,000
Year AmQunt
1981 $25,000
1982 25,000
1983 25,000
1984 25,000
All bonds of said issue maturing in the years 1983 to 1984, inclusive, are callable
at the option of the Village in�inverse order of their serial numbers on August 1, 1981,
and on any interest payment date thereafter, at a price of par and accrued interest.
The bonds will be issued in bearer form with the coupons attached and will be pay-
able as to both principal and interest at any suitable bank designated by the successful
bidder.
Each bid must specify in multiples of 1/4 or 1/io of 1% a rate or rates of interest
not in excess of 7% per annum, which interest will be payable August 1, 1972 and semi-
annually thereafter on February 1 and August 1 of each year. No rate of any maturity may
be lower than the rate carried hy any of the preceding maturities.
The bonds of each annual maturity shall bear interest at a single rate per annum,
which shall be uniform from date of issue to maturity, and shall be represented by a
single set of coupons. No mroe than 6 different rates may be specified for the bonds. The
bid offering the lowest net interest cost (total interest from date of issue to stated
maturities, plus any discount or lPSs any cash premium offered) will be deemed the most
favorable. No bid of less than ;i9�,000 plus accrued interest on $300,000 bonds from date
of issue to date of bond delivery will be considered. Oral auction bids will not be
received, The Village Board reserves the right to reject any and all bids, and to waive
any informality in any bid.
The successful bidder will be furnished, without cost, the printed bonds and the
approving legal opinion of Dorsey, Marquart, Windhorst, West & Halladay to the effect that
the bonds are valid and binding general obligations of the Village. Legal opinions�will
be printed on the bonds. The bonds will be delivered to the purchaser within 40 days f rom
the date of sale without cost to the purchaser if delivered anywhere in the continental �
United States. Payment by the purchaser must be in immediately available funds. All bids
must be unconditional except as to legality, which may be conditioned upon the opinion of
the a£oresaid attorneys and must be accompanied by a cashier's check, bank draft or certi-
fied check in the amount of $6,000.00 payable to the Village to be forfeited as liquidated
damages in the event tt�e bid is accepted and the bidder shall fail to comply therewith.
Proposals should be addressed to G. M. �adabaugh, Village Clerk, Mendota Heights,
Minnesota and enclosed in a sealed envelope marked on�the outside, "Bid for $300,000
Trunk Sewer Improvement Bonds Series B",
�
�Bidders are requested
effective net interest`rate,
,.,, of f,e r . _ _ _ _ _. _
Dated: March 7, 1972
r
to submit computations of total net interest cost and
which computations will not be considered as a part of the
BY ORDER OF t1�IE VILLAGE COUNCIL
/s/ G. M. Radabaugh
Village Clerk