Res 67 - 75 Providing for the Pubilc Sale of $320,000 Improvement Bonds of 1967Village of Mendota Heights
Dakota County, Minnesota
RESOLUTION N0, 75
A Resolution Providing for the Public Sale
of $320,000 Improvement Bonds of 1967
BE IT RESOLVED by the Village Council of the Village of
Mendota Heights, Dakota County, Minnesota, as follows:
1. This Council has heretofore issued $360,000 Temporary
Improvement Bonds of 1965 dated July 1, 1965, maturing July 1, 1967.
2. This Council is required under the provision of Chapter
4290 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 Improvement Bonds, and hereby authorizes the
issuance of $320,000 Improvement Bonds of 1967 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 $320,000
Improvement Bonds of 1967, of said Village.
4. The Clerk is hereby authorized and directed to cause t
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:
NOTICE OF BOND SALE
$320,000
VILLAGE OF MENDOTA HEIGHTS
Dakota County, Minnesota
IMPROVEMENT BONDS OF 1967
Sealed bids will be received by the Village Council of the
Village of Mendota Heights, Minnesota, at the Council Chambers in
the Village, (2144 -Dodd Road), Dakota County, Minnesota, on Tuesday,
June 6, 1967, until 8:00 o'clock P.M., at which time they will be
publicly opened and announced, for the purchase of $320,000
Improvement Bonds of 1967 of said Village, for the purpose of pro-
viding money to refund Temporary Improvement Bonds of 1965. The
bonds will be dated May 1, 1967, will be in the denomination of
Page two of Resolution No. 75
$1,000 or $5,000, at the discretion of bidder (who shall designate
denomination within 48 hours of award), and will mature serially
on February I in the years and amounts as follows:
1968
$100000
1977
$200000
1969
$200000
1978
$20,000
1970
$20,000
1979
$20p000
1971
$200000
1980
$20p000
1972
$20,000
1981
$20p000
1973
$200000
1982
$100000
1974
$200000
1983
$100000
1975
$20p000
1984
$100000
1976
$200000
1985
$100000
1986
$100000
All bonds of said issue maturing in the years 1980 to 1986,
both inclusive, are callable at the option of the Village in inverse
order of'their serial numbers on August 1. 1977, 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 before February 1.
1981 and without premium if called on or after February 1, 1981.
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 k or 1/10 of 1% a rate or
rates of interest not in excess of 6% per annum, which interest will
be payable February 1, 1968 and semiannually thereafter on February
1 and August 1 of each year. No basic rate of any maturity may be more
than the highest basic rate carried by any of the preceding maturities.
Bids will be preferred according to the lowest net interest cost
(total dollar amount of interest payable to7 th * e date of stated maturity
at the coupon rate specified, less the amount of any premium offered).
No bid of less'than par and accrued interest will be considered nor.*ill
consideration be given to any bid which provides for additional or
UBIt coupon interest in a total amount in excess of $3,200. No more
than one basic rate of interest shall be bid for any single maturity
year. The Village reserves the right to reject any and all bids., to
waive any informalities and to adjourn the sale., if deemed expedient.
No oral bids will'be considered.
The successful bidder will be furnished, without cost, the
printed bonds, and the approving legal opinion of Dorsey, Owen.,
Marquart, Windhorst and West to the effect that the bonds are valid
and binding general obligations of the Village. Legal opinion will
be printed on the bonds. The bonds will be delivered to the purchaser
within 40 days from the date of sale without cost to the purchaser if
delivered at Mendota Heights, Minneapolis, or St. Paul, Minnesota. All
bids must be unconditional except as to legality,
gality, 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
Page three of Resolution No. 75
$6,400 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 William Calkins, -Village
Clerk, Mendota Heights, Minnesota, and enclosed in a sealed
envelope marked on the outside, IfBid for $320,000 Improvement
Bonds of 1967-11
Bidders are requested to submit computations of total net
interest cost and effective net interest rate, which computations
will not be considered as part of the offer.
Dated April 4, 1967.
BY ORDER OF THE VILLAGE COUNCIL
/s/ William Calkins
Village Clerk
Further information may
be obtained from:
Shaughnessy & Company, Inc.
W-1352 First National Bank Bldg.
St. Paul, Minnesota 55101
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.
Adopted by the Village Council this 4th day of April, 1967.
VILLAGE COUNCIL
VILLAGE OF MENDOTA HEIGHTS
By -
Donald -L. Huber
Mayor
ATTEST:
William F. Calkins, Clerk
bt