Res 72 - 466 Extract of Minutes of Meeting of the Council of MH (3/7/1972)�
EXTRACT OF N�TUTES OF MEETING OF THE VILLAGE COUNCIL OF THE
VILLAGE OF NIENDOTA I3EIGHTS, DAKOTA COUNTY, MINNFSOTA HELD
March 7, 1972
Pursuant to due call and notice thereof, a regular meeting of the Vi11a$e
Council of the Village of Mendota Heights was duly called and held at the Council�
Chambers in the Village Hall in said Village on Nlarch 7, 1972 at 8;00 o'clock P.M.
The following members were present: Blair, Lockwood, Wo1d, Iiuber and Gutzmer,
and the following were absent:
Member �v��".�� n� R- introduced the following resolution and moved its
adoption: -
RESOLUTION NO. 466
RESOLUTION AUTHORIZIIVG THE ISSUANCE OF
�48¢,000 GENERAL OBLIGATTON PARK BONDS
o� 1972
BE IT RFSOLVID by the Village Council of the Village of Mendota Heights,
Minnesota as follows: �
l. It is hereby foiind and declared that it is necessary and expedient for
the Village to forthwith issue the �$0,000 Genex�.al Obligation Park Bonds approved
by the electors of said Village on November 2, 1971, for the �urpose of acquiring
and improving park and recreation facilities and e,quipment. ��
2. TYiis Council sha11 meet at the time and place specified in form of the
notice included in paragraph 3 hereof for the purpose of opening and considering
sealed bids for and awarding the sale of $�+$f�,000 Park Bonds of 1972.
3• The Village C1erk is hereby authorized and directed to cause not less
than 10 days��ublished notice of the time, place and purpose of said meeting to
be published in the offn:ci.al newspaper and in Commercial West in the manner
provided by law, which notice shall be in substantially the following form:
0
�+. Each and all of the terms and provisions of the foregoing notice of
bond sale are hereby adopted as the terms and conditions of said bonds, and the
sale thereof.
The mo ion for e adoption of the foregoing resolution was duly seconded
by member �--��� and upon the same being �ut to the meeting, the
following voted in favor thereof: Mayor Huber, Councilmen Lockwood,
Wahl, Gutzmer and Blair. - .
and the following voted against the same: None
Whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA )
COUNTY OF DAKOTA ) ss.
VILLAGE OF MENDOTA HEIGHTS)
T, the undersigned, being the duly qua.lified and acting Clerk of said
Villa,ge, DO IiEREBY CERTTFY that I have carefl.i].ly compared the attached and
foregoing extract of minutes with the original thereof in my office, and the
foregoing is a full, true and correct transcript of the minutes of a meeting
of the Vil].a,ge Council duly called and held on the date therein indicated,
insofar as the same relate to the issuance by the Village of �+8�,000 Park
Bonds of 1972.
WITN�S my hand as such Clerk and the Village Se this 7th day of
March, 1972. _; / � . ��
�
(�SEAL )
_ ...� ��'1�1Oi1P111111� Y
___ � q
NOTICE OF SALE
$480,000 PARK AND RECREATIQN BONDS 0�' 1972
NOTICE 7S HEREBY GIVEN that the Village Council o� the Village of Mendota Heights,
Dakota County, Minnesota, wi11 meet at the Uillage Haii in said Viliage on Tuesday,
April 4, 1972 at 8:Q0 P.M., C.S.T., to open, receive and canside� sealed bids for and
award the sale of $480,OOQ Park and Recreation Bonds af 1972 0€ said ViZlage Co be
issued for the purpose of acquiring and improving park and recreational facilities and
equipment. Said bonds wi11 be in'the denamination of $1,000 or $5,00�1, whichever �he
successful bidder may designate within 4$ haurs after award of sa2e, and will bear
i.nterest at a rate or rates to be designated bp the successful bidder, expressed in
zntegral multiples of 1/24 of il per annum, The bonds taill be dated May l, 2972 anc3
inter�st thereon will be payable on February 1, 1973, and se�tiannually thereafter an
August .t and February I o£ each year, Said bonds will mature seria3ly on August l, i�
the years and amounts as foll.ows: .
Y ear
3.974
:1975
3976
197%
1978
1979
, Amount
$10,000
10,000
�Qy �QQ
10,0�0
15,000
15,000
Year
19$fl
1981
Z982
1983
1984
1985
Amount
��.�,aoo
20,000
20,004
20,000
25,OOQ
25,040
Year
i98b
1987
I988
1989
1990
I991
1992
Amount
�3o,aoo
35,000
35,Q00
40,000
45,000
50,000
SO,OqO
Bonds maturing in 1985 and laCer years are each subject t�o redemption at the`option of
the Villa�e in inverse order of serial numbers on Augus� i, 1984 and any subsequent
interest payment date a� a price of par plus accrued interest, p].us a premium of 1% of
�he par value if call an or before February 1, 1}87, and a� a prs.ce of par glus accrued
interest on August i, 1987 and thereaiter. Principal and interest wi11 be made payable
at any suitable national or state bank in the United States designated by the successful
bidder within 48 hours after award of sale. The Viiiage wil1. furnish, without cost ta
the purchaser attd within 40 days after award of sale, the printed and executed bonds
and the unquali.fied approving Iegai opinion of Messrs. Dorsey, Marquart, Windharst,
West and Halladay of Minneapalis, Minnesota, together w3th the customary certi£icate as
to absence of litigation. Delivery wili be made without cost to the purchaser anywhere
in the continental United States.
Sealed bids marked "Bid for $4$0,000 Par3c and Recreation Bonds" may b e mailed or deli-
vered to the undersigned and must be received p�ior to the time af said meetin�. Oral
auction bids or bids far �nly one af said issues will nat be conszdered. �ach bid must
be uncanditional except as to'legality, in which respect bids may be condiCioned upon
the opinion of the above attorneys, and must be accomganied by a cashier's or certified
check or bank draft in the amount of $9,60Q, payable to the Village Treasurer, to be
' retained by the Village as liquidated damages if the bid is accepted and the bidder
fails to comply therewith.� Bids shall state one rate of interest frotn date'of issue to
maturity for all bonds having a common maturity date. Na rate may be lower than the
rate applicab2e ta any earlier maturing bond. No bid of less than $475,000 plus accrued
interest on $480,000 fr'om da'te of'issue to date of delivery will be considered. No
more than 6 rates o� iziterest may be specified. No rate ar cambinatian.`of rates may
ex�eed 7% per annum.� The bid offering the lowest net interest'cost (total interest
from date of issue to staeed maturities, Iess any cash p�remium offered ar plus any dis-
count)'wi11 be deemed the most favorab].e. No bid far less th�n $475,000 plus'accrued
interest from date af issne to date of bond delivery will be'considered. The right to
c.�aive any informality and the right ta reject any and a11 bids are reserved.
Dated: March 7, I972
�
BY OFi.DER OF THE VILLAGE COUNCIL �,
G. A. Radabaugh
Village Glerk
Mendata Heights, Minnesota