Res 65 - 6 Extract of Minutes of Meeting of the Village Council of MH (12/7/1965)EXTRACT OF MINUTES OF MEETING OF
THE VILLAGE COtJNCIL OF THE VILLAGE
OF MENDOTA HEIGHTS, DAKOTA COUNTY
MINNESOTA, HELD DECEMBER 7, 1965
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 December 7, 1965, at
o'clock P.M.
a The following members were present:
and the following were absent:
Member - introduced the following
ri-solutlon and moved its adoption:
RESOLUTION AUTHORIZING THE ISSUANCE
OF $260,000 TEMPORARY IMPROVEMENT BONDS OF 1966
BE IT RESOLVED! "by the Village Council of the Vi.l-
,.a,,;e of Mendota Heights. Minnesota as follows:
1. It is hereby found, determined and declared
is _at iA, .: nece5sar;r and expedient that the Village issue
t.;; negoi,l.ab.le couon general obligation bonds in the amount
of $26,0,600 to provide funds to defray the costs of the con -
..ruction of the following improvements:
2. Contract alio heretofore been let on all or a
Farr, of the aforesaid :improvements and no bond; or other
,LliUat:iar_" 1.ave been issued to defray c est;, of
'Lid ::'":r,
3. This Couxc-J.l :,hall meet at the time and pace
:�:e:iY'iE.d J. form of t;,zi i_c,;i�.Ea included in paragrap h r here -
:'1. frr thy:: purpost� oi" op,3,ni'.:,t'; and considering Sealed bicis for
-3,,-1 awardi,,.r. the sale +`' $26v.0�0 Temporary ImprovemelnL Bo'ids
1•.. t:., illa�; . C i .rk i,3 hereby authorized and
v:� i�aii, .. r_o', lE;: ti�ar. 1C days published notice o1. ;'.zF:
iro. ;):,.af::, aiLJ p-arposeoa d .,-eeting to be published in
c:._ai :.r:J;: pa��e a i.r1 ire Commercial `rlcst in the manner
law, -hall be iii substantially the
NOTICE OF BOND SALE
$26 000.00
TEMPORARY IMPROVEMENT BONDS
of 1966
VILLAGE OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
NOTICE IS GIVEN That these bonds will be offered for sale accord-
ing to the following terms:
TIME AND PLACE: January 18 (Tuesday) 1966, at 8:00
P.M. at the Council Chambers of the
Village Hall in the Village of Men-
dota Heights, Minnesota.
TYPE OF BOND: Negotiable coupon, general obligation,
$5,000 each, unless a different denom-
ination is requested by the purchaser
within 48 hours of the award.
PURPOSE:
Temporary financing of local improve-
ments consisting of storm sewer, water -
main and sanitary sewer improvements.
DATE OF BONDS:
January 1, 1966
INTEREST PAYMENTS:
January 1, 1967 and July 1, and Jan-
uary 1, thereafter.
MATURITIES:
All bonds mature on January 1, 1969.
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
January 1, 1968 and on July 1, 1968 at -
ta
aprice of par and accrued interest.
PAYING AGENT:
Bidder's discretion. Issuer will pay
customary charges.
DELIVERY:
40 days after award subject to approv-
ing legal opinion of Messrs. Briggs
and Morgan of St. Paul, Minnesota. Bond
printing and legal opinion will be paid
for by the issuer and the delivery 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 undersigned prior to time of
sale, together with a certified or
cashier's check in the amount of
$5,200, payable to the order of the
Treasurer of the Issuer, to be for -
f eited as liquidated damages if
bidder fails to comply with accepted
bid.
RATES: Only one basic rate of interest shall
be bid. Additional or "B" coupons
shall be permitted at a single inter-
est rate, but the total amount repre-
sented by such additional interest
coupons shall not exceed $1,300.00.
All rates and combinations of rates
must be in integral multiples of one-
quarter (1/4) or one-tenth (1/10) of
one per cent(lye) and may not exceed
six per cent A) 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 December 7, 1965.
BY ORDER OF THE VILLAGE COUNCIL
S/ William Calkins
Village Clerk
%Village of Mendota Heights,
Minnesota
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