Res 71 - 427 Extract of Minutes of Meeting of Council of MH (8/17/1971)EXTRACT OF MINUTES OF MEETING
OF THE VILLAGE COUNCIL OF THE VILLAGE OF
MENDOTA HEIGHTS, DAKOTA COMM, MINNESOTA
Pursuant to due call and notice thereof a regular meeting of the Village
Council of the Village of.Mendota Heights, DakotavCounty, Minnesota, was duly held
at the'Council-Chambers in said Village on Tuesday, the 17th day of August, 1971
at 8:00 o'clock P.M.
The following members-were.present:
and the following were absent: Huber
Stringer, Blair, Lockwood, Gutzmer
Member Gutzmer introduced the following resolution and
moved its adoption:
RESOLUTION NO. 427
A Resolution Providing for the Public Sale of $400,000
Improvement Bonds of 1971
BE IT RESOLVED by the Village Council of the Village of Mendota Heights,
Dakota County, Minnesota as follows:
1. This Council has heretofore issued $500,000 Temporary Improvement Bonds
of 1968 dated December l' 1968 maturing December 1, 1971.
2. This Council is required under the provision of Chapter 429, M.S.A. to
issue definitive improvement bonds for the purpose of providing funds, which,
together with funds on hand, will be sufficient to refund said Temporary Improve-
ment Bonds and hereby authorize the issuance of $400,000 Improvement Bonds of 1971
for that purpose.
3• This Council shall meet at the time and place specified in the Form of
Notice hereinafter contained for the purpose of opening and considering sealed
bids for, and awarding the sale of the $400,000 Improvement Bonds of 1970 of
said Village.
4. The Clerk is hereby authorized and directed to cause notice of the 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:
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 adoption of the foregoing resolution was duly seconded
by member Lockwood and upon vote being taken thereon, all members
present voted in favor thereof. Whereupon said resolution was declared duly
passed and adopted.
STATE OF MINNESOTA )
) ss
COUN'T'Y OF DAKOTA )
I, the undersigned, being the duly qualified and acting Clerk of the Village
of Mendota Heights, Dakota County, Minnesota, DO HEREBY CERTIFY that I have care-
fully compared the attached and foregoing extract of minutes with the original
minutes on file and of record in my office, and the same is a full, true, and
correct transcript of the minutes of a meeting of the Village Council held on the
date therein indicated insofar as such minutes relate to the proposed issuance
and sale of $400,000 Improvement Bonds of 1971 of said Village.
WITNESS my hand as such Clerk and the offici-1--eal of said Village this
17th day of August, 1971. '17, T)
;a NOTICE OF BOND SALE
$400,000
VILLAGE OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
Improvement Bonds, Series 1971
Sealed bids will be received by the Village Council of the Village of Mendota Heights,
Minnesota, at the Council Chambers in the Village Hall, 2010 South Lexington Avenue, Dakota
County, Minnesota 55118 on Tuesday, October Z , 1971 until 8:00 P. M., at which time they
will be publicly opened and announced, for the purchase of $400,000.00 Improvement Bonds
Series 1971 of said Village, for the purpose", --of froviding money to refund Temporary
Improvement Bonds of 1968. The bonds will be dated August 1, 1971, will be in the denomination
,of $1,000 or $5,000, at the discretion of bidder (who shall designate denomination within 48
hours of award), and will mature serially on August 1 in the years and amounts as follows:
YEAR
AMOUNT
YEAR
AMOUNT
YEAR
AMOUNT
1972
$15,000
1978
$25,000
1984*
$25,000
1973
25,000
1979
25,000
1985*
25,000
1974
25,000
1980
25,000
1986*
20,000
1975
25,000
1981
25,000
1987*
20,000
1976
25,000
1982*
25,000
1988*
20,000
1977
25,000
1983*
25,000
All bonds of said issue maturing in the years 1982 to 1988, 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, plus a
premium of 1% of the par value if called on or before February 1, 1985 and without premium
if called on or after August 1, 1985.
The bonds will be issued in bearer form with the coupons attached and will be payable
as to both principal and interest at any suitable bank designated by the successful bidder.
Each bid must specify in multiples of 1/4 of 1/10 of 1% a rate or rates of interest
not in excess of 7% per annum, which interest will be payable February 1, 1972 and semi-
annually thereafter on August 1 & February 1 of each year. No rate of any maturity may be
lower than the rate carried by 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 more 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 less any cash premium offered) will be deemed the most favorable. No bid of
less than $394,000.00 plus accrued interest7on $400,000.00 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.
1. 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 anywhere in the continental United States.
Payment by the purchaser must be in immediately available funds. The bonds will be delivered
to the purchaser within 40 days from the date of sale without cost to the purchaser. All
bids must be unconditional except as to legality, which may be conditioned upon the opinion
of the aforesaid attorneys and must be accompanied by a cashier's check, bank draft or certified
check in the amount of $8,000.00 payable to the Village to be forfeited as liquidated damages
in the event the bid is accepted and the bidder shall fail to comply therewith.
Proposals should be addressed to Mr. G.'M. Radabaugh, Village Clerk, Mendota Heights,
Minnesota and enclosed in a sealed envelope marked on the outside, "Bid for $400,000
Improvement.Bonds Series 1971.
Bidders are requested to submit computations of total net interest cost and effective
net interest•rate,-which computations will not be considered as fart of the offer.
Dated: August 17, 1971
BY ORDER OF THE VILLAGE COUNCIL '
/s/ G. M. Radabaugh
Village Clerk
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