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Res 71 - 426 Authorizing Issuance of $340,000 Temporary Improvement Bonds of 1971EXTRACT OF MINUTES OF MEETING OF THE VILLAGE COUNCIL OF THE VILLAGE OF MENDOTA HEIGHTS, DAKOTA COUNTY, MINNESOTA HELD August 17, 1971 Pursuant to due call and notice thereof, a regular meeting of the Village Council of the Village of Mendota Heights was duly called and held at the 6yuncil Chambers in the Village Hall in said Village on August 17, 1971 at 8:00 o'clock P.M. The following members were present: Stringer, Blair, Lockwood, Gutzmer and the following were absent: Huber Member Stringer Introduced the following resolution and moved its adoption: RESOLUTION NO. 426 RESOLUTION AUTHORIZING THE ISSUANCE OF $ 340,000 TEMPORARY IMPROVEMENT BONDS OF 1971 BE IT RFSOLVED by the Village Council of the Village of Mendota Heights, Dakota County, Minnesota as follows: 1. It is hereby found, determined and declared that it is necessary and expedient that the Village issue its negotiable coupon general obligation bonds in the amount of $ 340;000 to provide funds to defray the costs of the construction of the following improvements: Project 1970-5 Sibley High School Improvement. To complete project partially financed by Improvement Bonds of 1970. 2. Contracts have heretofore been let on all or a part of the aforesaid improvements and no bonds or other obligations have heretofore been issued to defray costs of said improvements. 3. This Council shall meet at the time and place specified in form of the notice included in paragraph 4 hereof for the purpose of opening and considering sealed bids for and awarding the sale of $ 340,000 Temporary Improvement Bonds of 1971. 4. The Village Clerk is hereby authorized and directed to cause not less than 10 days published notice of the time,. place and purpose of said meeting to be published in the official newspaper and in '"mmercial West in the manner pro- vided by law, which notice shall be in substantially the following form: 5. 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 motion for the adoption of the foregoing resolution was duly seconded by member Lockwood and upon the same being put to the meeting the following voted in favor thereof: all yea 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) I, the undersigned, being the duly qualified and acting Clerk of said Village, DO HEREBY CERTIFY that I have carefully 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 Village Council duly called and held on the date therein indicated, insofar as the same relate to the issuance by the Village of $ 340,000 Temporary Bonds of 1971. WITNESS my hand as such Clerk and.the Village seal this 17th day of August, 1971. cSEAL)-_. r s 3 _ 7 r NOTICE OF SALE r $340,000 VILLAGE OF MENDOTA HEIGHTS DAKOTA COUNTY, MINNESOTA TEITORARY IMPROVEMENT BONDS, SERIES 1971 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 day of October, 1971, -at 8:00 o'clock P. M., Central Daylite Time, for the purpose of opening and considering sealed bids for $340,000.00 general obligation Temporary Improvement Bonds, Series 1971 of the Village, and awarding the sale of the bonds. Said bonds will be dated November 1, 1971, will be in the denomination of $5,000 each. All interest will be payable on May 1, 1972, and semiannually thereafter on November 1, and May 1 in each year. The bonds will mature on November 1, 1974, but will be subject to redemption at the option of the Village on November 1, 1973, or May 1, 1974, at par and accrued interest. The Village will furnish without cost to the purchaser, within forty days after award of sale, the printed and executed bonds and the unqualified approving legal opinion of Messrs. Dorsey, Marquart, Windhorst, West & Halladay of Minneapolis, Minnesota. The bonds will be delivered without cost at St. Paul or 'Minneapolis, 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 made payable at any suitable bank to be designated by the successful bidder within 48 hours after award of sale of the bonds. Bids for said issue marked "Bid for $340,000 Temporary Improvement Bonds" must be delivered or mailed to the undersigned prior to the time stated above, and may not thereafter be withdrawn. Each bid must be unconditional except as1to legality, which may be conditioned upon the opinion of the above attorneys, and must be accompanied by a cashier's or certified check or bank draft in the amount of $3,400.00 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,£avorable. All rates of interest shall be expressed in multiples of 1/20 of 1%, and no hid of less than $337,000.00 plus accrued interest on $340,000.00 bonds from date of issue to date of delivery will -be considered. 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: August 17,'1971 ' BY ORDER OF THE VILLAGE COUNCIL ' /s/ G. M. RadaVau h Village Clerk Mendota Heights Minnesota