1962-2715r19®
RE50LUTION NO. 2715
RESOLUTION PROVIDING FOR ISSUANCE ~~ND SALE OF $2s500,000
IMPROVBMBNT ANDS ~ 1962
BE IT RE80LVE1 bq the Village Council of the villa ge of Richf ields Minne~
sofa, as follows. •
io It is hereby determined that the contract costs, miscellaneous costs,
and amounts to be financed for the following village pro,~ects are as
followsa
Village Pro3ect~No. 441 ~1Nater Laterals)
Contract Costs $ 18841,666m66
Miscellaneous Costs including engineerm
ing fees, costs of resident supervisions
legal, fiscal, interim interests contin- m
gencies and other e~cpenses 323,333,34
• Total Amount to be financed 281658000,00
_ Village Pro3ect. No, 441A CYJater Laterals)
Contract Costs 2868661,00_
Miscellaneous Costs including engineer®
' ing fees costs of resident supervisions
legal fiscais interim interests contin-
gencies and ®ther expenses 488339.00
Total Amount to be Financed 3358000.00
It is further determined that of the total cost of each of the foregoing im®
proyements, more than 20%. of the cost of each improvement will be paid from
.assessments levied against propertq benef itted bq the construction thereofg
and that it is necessary and e~zpedient to finance such pro3ects bq the issum
ante-.and sale of $285008000 Improvement Bonds, pursraant to the provisions of
Minnesota Statutes Chapter 4298 as herein provided,
~Z. This council shall meet at the tiffie and .place-:and for the purpose spe®
cif~.ed in the form of Notice of Bond Sale hereinafter set forths and
to take such further action in respect to the bonds therein described as shaii
' be further desirable and e9epedient,
3, The village clerlc~ is authorized aiad directed to give notice of the
tip, place arld purpose of said meetia~g bq causing notice thereof to
be published in the Richfie id News and in Commercial Tests a f~nanciai period®
ical published at Minneapolis Minnesota, each of such publications to be at
least ten'(10) dogs prior to the date o£ said meetings which -notice shaii read
substantiailq as follows.
NOTICE OF BOAT SALE
$2,500,000 IMPROVEMEAPT BONDS OF 1962 VILY~IGE OF RICHFIELD, MINIOT~;
NOTICB is hereby given that the Village Cou~cii of the Village of Richf i old g
Minnesota, will meet in the council chambers. in the village haix.of said village
Res. #2715 -2m April 26, 1962
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(6700 Portland Avenue, Minneapolis, Minnesota) on Thursday, May 17, 19Es2, a t
8:00 o'clock p.m., Central Standard Time, to receive sealed bids for the
purchase of $2,500,000 Improvement Bends of 1962. Such bonds will be general
obligation negotiable coupon bonds dated May 1, 1962., bearing interest at
the rate or rates designated by the successful bidder, in integral multiples
of one-quarter (1/4) or one-tenth (1/10) of one percent (i~a per annum, pay
able on February. 1, 1963, and semiannually thereafter on August 1 ~.nd Febru-
ary 1 of each year; and will be in the degominations of $1,000 each unless
the purchasers within 48 hours after award, spec if ies the denomination of
$5,000 each
The bonds shall mature serially on February 1 in the years and amounts
as follows: $125,000 stn each of the years 1965 through 1984, all bonds matur®
ing after February 1, 1977, being sub3ect to redemption, in inverse numbericai
order, on said date and any interest payment date thereat ter at par and accrued
interest. Both principal and interest will be payable at any suitable bank
designated by the purchaser within 48 hours after award. The village will f,sr
Wish to the purchaser, without cost and within 40 days after said date of sale,
the printed bonds with the approving legal opinion of Messrs. Howard, Peterson,
LeFevere, Lef ler and Ha.ertzen, Minneapolis, Minnesota, together with the custo®
many final delivery papers including a certif irate showing the absence of liti~
gation. The text of the legal ®pinion will be printed on the back of each bond
and certified by the village clerk.. Provision for registration as to principal
will be made if the purchaser so requests,
A11 bids must be in writing, enclosed in a sealed envelope, be unconditional
except as to the above opinion, and left with the undersigned prior to the above
time, accompanied by a certified checlc, bank draft or cashier's check in the
amount of at least $50,000, payable to tl~e order of the village, to be f orfeited
as liquidated damages in the event the bid. $s accepted and the bidder fails to
comply therewith. Split rate bids may be s9lbmitted stating the same rate or
rates of interest from date of issue to anat9arity for all bonds having a common
maturity, but rates shall not be split more thatn five ways. Repeating any basgc
rate w3.A] ce~rstfto~t~ aa~ss~:}xe&° °°split rate°B. Bi~1s rBay also provide for es~tra inter
est •coupons in a trst~.l am~9cnt not e~ece~^r]ir9g $?SQ~100. Interest must not exceed ~rnd
per annum on any bond for any portion of its terms. Bidders are also requeste~l•
to state total interest cost and average interest rate. .Delivery of the bonds
will be made without expense to the purchaser anywhere within the continental
United States.
Comparison of bids will be made o~ the basis of total interest costs trm~e
date of issuance to final maturity, less any premi~sm offered. No bid for less
than par plus accrued interest from date of issuance to date of bond delivery
will be considered and oral bids will not be received. The village reserves the
right to waive any informality in any bid, to reject any and all bids and to ad®
3ourn the sale.
BY ®ROER OF TI.1B COU1~1C7C y.,
1?dward J. Moline, ?~irector of }'inar?ce
Village of 2~ichf field, Minnesota
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Res.. #2715 ®3® April 26, 192
4. Each and ail terms and provisions of the foregoing form of notice
are herebq adopted and confirmed as the terms and conditions for
said bonds and for the sale thereof.
Passed by the council of the Village of Richfield this 23rd day of
April, 1962.
o o ~~~....~ , c9~-d,..r-.
Stanley ~N; t~lson, Mayor
Q. . n ~Cr elen, Manager
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ATTEST:
Edward J. ~ line, Cleriz®Treas.
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