1956-1138r.. . ~ ,~"`
RESOLUTION N0. 1138
RES0LUTION P~OV217L Nll FOR ~'HE ISSUANG~E
AND SAID OF $62,000 PARK BO1~DS.
BE IT R'g50~,VED By the Village Council of the Village of R3.chf1®ld,
Hennepin County, Minnesota as follows:
1. l:t is hereby determined to be expediont to the public health,
safety, prosperity, convenience and general welfar® to make certain
improvements to the parks and playgraunda of the Village of Richfield
and in order to provide financing therefor to issue and se11 the
negotiable coupon bonds crf the village in the amount of X62,000
pursuant to provisions of Minnesota Statutes, Chaptsr 475.
2. It is hereby determined to sell said honds~ 3n accordance
with the provisions which are set forth in the following ~+Notice
of Bond Sale~~, such nat3.ce being as follows, to wit:
NOTICE OF BOND SALE
~b2, 000 PARK IMPROVEMENT 80R~E?S
VILLAGE OF RICHFIELD, MINN.
NOTICE 3.s hereby given that the Village Council. of the Village
of Richfield, Minnesota, will meet at the Village Hall on Monday,
August 13, 1956, at $:00 PeM. for the purpose of receiving and con-
sidering sealed bads for the purchase of X62,000 Park Improvement
Bonds of the Village, bearing date August 1, 1956 i.n the deno~aination
os? X1,000 each, bearing interest at the rate designated by the
successful bidder, payable February 1, 195? and semi-annually
thereafter on August 1 and February ]. in each year, and maturing
serially on February 1, in the amount of X12,000 in i95$ and
~1O,00o in 1959 through 196, inclusive; all without option of prior
payment.
Roth principal and interest will be payable at any suitable
bank designated by the purchaser. The village will furnish printed
bonds and approving 1ega1 opinion of Messrs. Faegre & Benson,
Minneapolis, Minnesota, both without expense to the purchaser.. Tlmt
bonds+ will be delivered to the purchaser without expense at Minnea-
polis ar St. Paul, Minnesota or Chicago, Illinois within forty days
from the date of sale, accompanied by an unqualified legal opinion
and customary final delivery papers, including a c®rtifi.aate shawix
absence of litigation.
A11 bids must be in writing enclosed in a sealed envelope, be
unconditional except as to the above opinion, and be left with the
undersigned prior to the above time, accompanied by a certified
cheek, bank draft or cashier's ch®ek in the amount of at least
1, 240, payable to the order of the vi11a ge, to be forfeited ae
liquidated damages in the event the bid is accepted and the bidd®r
fails to comply therewith.
~I
-2-
No. ~.3$
A s~.ilgle rata of interest in a multiple of ]/]A or 1/!t of
must be submitted. The bid offering the lowest net interest coat
{total interest from date of issue 'to stated maturities, lens any
premium offered) wi11 be deemed the most favorable. No bid for
less thah par plug accru®d inter®s'~ from date of 3.sswe to date+ of
bond del3.very w~.ll be cansid®red. Oral auction bids w~.].l not be
received. No extra or separates coupons will be permitted. The
right to waive ~ informali~r and the right to reject any and all
bids are reserved.
i
i
I~3f dRDER OF THE VTLLAt~E COUNCIL:
T)A7~Ds July 9, ].956 Paul H. Reagan
V3.llage Clerk
67~ Portland Avenue
Minneapolis, Minnesota
3. The Village Council will meet at the Oillage Ha11 and will
receive bids on such bonds at the tame and date faxed in said notice
and the Vi.lla~e Mayors Clerk and Attorney are hereby authorised and
direotecl to ta~Ce such steps as may be required by law and as may be
nabe~sary to provide ~or tY,et sale of suo~a bonds in accordanoe w3~
the faregaing 1Votice df Bond Sale.
Passed by the iTillage Council of the Village of Richfield th3.s qth
day of July, 1956.
ATTEST:
Pa age ; V age er
re a yor
~~ ~ ~
~~ an ve n, onager