1957-1383r
RESOLUTION N0. 1383
RESOLUTION PROVIDING FOR THE ISSUANCE AND
SaLB OF $155,000 PARK BONDS
BE IT RESOLVED By the Village Council of the Village of Richfield, Henrie-.,
pin County, Minnesota as follows: ,_.
1.. It is hereby determined to be expedient to the public health, safety,
prosperity, convenience and general welf are to make certain improvements to
the parks and playgrounds of the Village of Richfield and in order to pro-
vide financing therefor to sell the negotiable coupon bonds of the Village
ii~the amount of $155,000 pursuant to the provisions of Minnesota Statutes,
Chapter 475. _
2. It is hereby determined to sell said bonds in accordance with the
provisions which are set forth in the following "Notice of Bond Sale",
-such notice being as follows, to wit:
'.NOTICE OF BOND SALB .
$155, 000 PARI{ II+~ROVEA~NT BONDS
VILLAGE OF RICHFIELD, MINNESOTA
NOTICE~I5 H}3REBY given that the Village Council'of the Village of Richfield,
Minnesota; will meet at.the Village Hall on Monday,. August 2b, 1957, at
8:OO P1M~, Central Daylight Saving Time, for the purpose of receiving and
considering sealed bids for the purshase'of $15Si000 Park Improvement Bonds
of 'the Villa ger bearing date September 1, 1957 in the denomination of
$1,000'each, bearing interest at the rate designated by the successful
bidder, payable March 1~ 1958 and semi~annuaily thereof ter on 5eptem#~er
1 and March 1 in .each year, and maturing serially on &iarch 1 in the~~mount
of $10,A00 in 1959; $15,000 in'1960 through i962; inclusive; and $20,000
in 1963 through 19b? inclusive, ail without option of prior payment.
Both principal and interest will be payable at any suitable bank de-
signated by the purchaser. The Village will furnish printed bands and ap-
proving legal opinion of Messrs. Paegre & Benson, Minneapolis, Minnesota,
both without expense to the purchaser. The bonds will be delivered to the'
purchaser without expense at Minneapolis or 5t. Paul, Minnesota or Chicago,
Illinois within forty days from the date of sale, accompanied by an unqual-
ified legal opinion and customary final delivery papers,. including a certi-
ficate showing absence of litigation.
all bids must be in writing enclosed in a sealed envelope, be uncondi-
tional except as to the above opinion„ and be left with the undersigned
prior to the above time, accompanied by a certified check„ bank draft or
cashier's check in the amount of at least $3,100, payable to the order of
the village,. to be forfeited as liquidated damages in the event the bid is
accepted and the bidder fails to comply therewith.
~~~
Resolution No. 1383 Page 2
A single rate of interest in a multiple of 1/10 or 1/4 of 1%. must be
submitted. The bid offering the lowest net interest cost (total interest
from date of issue to stated maturities,. less any premium offered) wi~.l
be deemed the most favorable. No bid for less than par plus accrued in-
terest from date of issue to date of bond delivery will be considered.
Oral auction bids will not be received. No extra or separate coupons
will be permitted. The right to waive any informality and the right to
reject any and all. bids are reserved.
BY ORDER OF THB VILLAGE COUNCIL
Paul H. Haugen
Village Clerk
6700 Portland Avenue
hiinneapolis* Minnesot m
3. The Village Council will meet at the Village Hall and will receive
bids on such 1'~ nds at the time and date set forth in said notice amd the
Village Mayor, Clerk and Attorney are hereby authorized and directed to
take such steps as may be required by law and as may be necessary to pro-
vide for the sale of such bonds in accordance with the foregoing Notice
of Bond Bale.
Passed bj~ the Village Council of the Village of Richfield this 22nd
day of Juiy, 1957.
r
Fred O. Kittell,, Mayor
O. R. Kre len„ Manager
ATTEST:
Paul auge Village Clerk