Res 67 - 74 Authorizing the Issuance of $220,000 Temporary Improvement Bonds of 1967, Improvement #4-5a
Village of Mendota Heights
RESOLUTION NO. 74
RESOLUTION AUTHORIZING THE ISSUANCE OF
$220,000 TEMPORARY IMPROVEMENT BONDS OF
1967, IMPROVEMENT 4-5
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 $220,000 to provide
funds to defray the costs of the construction of the following
improvements:
1. Somerset Hills Water Improvement
Improvement 4-5
2. Contracts have heretofore been let on all or a part of the
aforesaid improvements and no bonds or other obligations have here-
tofore 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
$220,000 Temporary Improvement Bonds of 1967, Improvement 4-5.
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 Commercial West in the manner provided by law, which notice shall
be in substantially the following form:
NOTICE OF BOND SALE
$220,000.00
TEMPORARY IMPROVEMENT BONDS
OF 1967, IMPROVEMENT 4-5
VILLAGE OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
NOTICE IS GIVEN that these bonds will be offered for sale according
to the following terms:
TIME AND PLACE: June 6 (Tuesday) 1967, at 8:00 o'clock P.M.
at the Council Chambers of the Village Hall
in the Village of Mendota Heights, Minnesota.
TYPE OF BOND: Negotiable coupon, general obligation $5,000
each, unless a different denomination is
requested by the purchaser within 48 hours
of the award.
PURPOSE: Temporary financing of local improvements
consisting of water main construction.
DATE OF BONDS: June 1, 1967
INTEREST PAYMENTS: December 1, 1967 and June 1, and December 1,
thereafter.
MATURITIES: All bonds mature on June 1, 1970.
REDEMPTION: All bonds of this issue are subject to
redemption and prior payment at the option
of the Village in inverse order of their
serial numbers on June 1, 1969 and on
December 1, 1970 at a price of par and
accrued interest.
PAYING AGENT: Bidders' discretion. Issuer will pay
customary charges.
DELIVERY: 40 days after award subject to approving
legal opinion of Messrs. Dorsey, Owen,
Marquart, Windhorst and West of Minneapolis,
Minnesota. Bond printing and legal opinion
will be paid for by the issuer and the de-
livery will be anywhere without cost to the
purchaser. Legal opinion will be printed
on the bonds.
TYPE OF BID: Sealed only and must be filed with the under-
signed prior to time of sale, together with a
certified or cashierts check in the amount of
$4,400, payable to the order of the Treasurer
of the Issuer, to be forfeited as liquidated
damages if bidder fails to comply with accept-
ed bid.
RATES:- Only one basic rate of interest shall be
bid. Additional or "B" coupons shall be
permitted at a single interest rate, but
the total amount represented by such addi-
tional interest coupons shall not exceed
$1,100.00. All rates and combinations of
rates must be in integral multiples of one-
quarter (4) or one-tenth (110) of one
per cent (1%) amd may not exceed six per
cent (6/) per annum.
AWARD: The award will be made solely on the basis
of lowest dollar interest cost.
The Issuer reserves the right to reject any and all bids, to waive
informalities and to adjourn the sale
DATED: April 4, 1967.
BY ORDER OF THE VILLAGE COUNCIL
/s/ William Calkins
Village Clerk
Village of Mendota Heights, Minnesota
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 of bond sale are hereby adopted as the terms and conditions
of said bonds, and the sale thereof.
Adopted by the Village Council this 4th day of April, 1967.
ATTEST:
William F. Calkins
Clerk
VILLAGE COUNCIL
VILLAGE OF MENDOTA HEIGHTS
By
Donald L. Huber
Mayor