Res 69 - 246 Extract of Minutes of Meeting of the Council of MH (7/15/1969)#246
EXTRACT OF MINUTES OF MEETING
OF THE VILLAGE COUNCIL OF THE
VILLAGE OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
Held July 15, 1969
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 Council Chambers in the Village Hall
in said Village on July 15, 1969, at 8:00 o'clock p.m.
The following members were present: Mayor Donald L. Huber,
Councilmen Edward C. Stringer, William J. Blair and Clerk—Treas—
urer Radabaugh,
and the following were absent: Councilman Robert G. Lockwood.
Member Clerk—Treasurer Radabuagh introduced the following
resolution and moved its adoption:
RESOLUTION AUTHORIZING -THE ISSUANCE OF $1,820,000.00
TEMPORARY IMPROVEMENT BONDS OF 1969
BE IT RESOLVED by the Village Council of the Village of
Mendota Heights, 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 $1,820,000.00
to provide funds to defray the costs of the construction of the
following improvements:
1. Highland Heights South
water,sewer and street 68-5 $1329000.00
2. Somerset Hills water and sewer 68-6 4349000.00
3. Southwest Industrial Park 68-9 6769000.00
4. Cherry Hills sewer 69-3 2259000.00
5. Tilsen sewer and water 69-2 3532000.00
$1,8209000.00
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 pur—
pose of opening and considering sealed bids for and awarding the
sale of $19820,000.00 Temporary Improvement Bonds of 1969.
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 offic—
ial newspaper and in Commercial West in the manner provided by
law, which notice shall be in substantially the following form:
NOTICE OF SALE
$1,820,000.00
TEMPORARY IMPROVEMENT BONDS, SERIES 1969
VILLAGE OF MENDOTA HEIGHTS, MINNESOTA
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 12th
day of August, 1969, at 8:00 o'clock p.m., Central Daylite
Time, for the purpose of opening and considering sealed bids
for $1,820,000.00 general obligation Temporary Improvement
Bonds, Series 1969 of the Village, and awarding the sale of
the bonds. Said bonds will be dated September 1, 1969, will
be in the denomination of $5,000.00 each or such multiple
rate for a portion of their term to be represented by a seper—
ate set of "B" coupons, but the amount of all such additional
interest may not exceed $18,200.00. All interest will be pay—
able on March 1, 1970, and semiannually thereafter on September
1 and March in each year. The bonds will mature on September
11 1972, but will be subject to redemption at the option of
the Village on September 1, 1971, or March 1, 1972, 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, or Chicago, Illinois, or elsewhere at
the expense of the purchaser. Principal of and interest on
said bonds may be made payable at any suitable bank to be de—
signated by the successful bidder within 48 hours after award
of sale of the bonds.
Bids for said issue marked "Bid for $1,820,000.00 Tempor—
ary Improvement Bonds" must be delivered or mailed to the under—
signed prior to the time stated above, and may not thereafter
be withdrawn. Each bid must be undonditional except as to leg—
ality, 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 $18,200.00, 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 int—
erest cost (total interest from date of issue to stated maturity,
less any premium offered). All interest rates shall be expressed
in multiples of 1/20 of 1%. No oral bid, and no bid of less
than par and accrued interest from date of issue to date of bond
delivery will be considered, and the Council reserves the right
�- to reject any.and all bids, and to waive any informality in any
bid.
Dated July 15, 1969
BY ORDER OF THE VILLAGE COUNCIL
/s/ Gilbert M. Radabaugh
Village Clerk
Mendota Heights, Minnesota
5. Each and all of the terms and provisions of the fore—
going 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 mayor Huber and upon the same being
put in 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 in—
dicated, insofar as the same relate to the issuance by the
Village of $1,820,000.00 Temporary Improvement Bonds of 1969.
WITNESS my hand as such Clerk and the
day ofQ,, y , 1969.
(SEAL)
Village Seal this /'�'