1962-2846r- f
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RBSOLUTION NO. 2846
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RESOLUTION AU1HORt2~1VG IS~TANCE AND SALE OF $1,500,000
GENERAL OBLIGATION WATER BONDS OF 1962
BE IT RESOLVED, by the Village Council of the Village of Richfield,
Minnesota, as follows:
health, safety, convenience, prosperity and general welfare to iss.~ue
$1,500,000 ~DVater Bonds of 1962 of this village. Such bonds sha1S be general
obligation bonds of the village, heretofore authorized for issuance by the
voters of this village, and such bonds shall' also be repayable from the net
proceeds frpm the operation of the water utility of this village, in a manner
to be specified by subsequent resolutio n of this council.
1 It is hereby determined to be necessary and expedient to the public
2. This council sha1S meet at the time and place and for the purpose
specified in the form of Notice of Bond Sale hereinafter set forth,
and for the purpose of taking such fur ther action in respect to the. bonds
therein described-as shall be deemed desirable at~d expedient.
3. The village clerk is authorized and directed to give notice of the
time, place and purpose of said meeting, by causing notice thereof to be pub
fished in the Richfield News and in Commercial S~est, a f financial periodical
published at Minneapolis, Minnesota, each of such publications to be made at
least ten days prior to the date of speid meeting, which notice shall read subm
stantially as f ollows~i
NOTICE OP BOND S!@LE
$1,500,000 T~1~R BONDS OP 1962
VILLAGE OP RICHP IBLD, MINNE90Tt~1;
NOTICE I5 HEREBY GIVEN, that the Village Council of the Village of Rich-
field, Minnesota, will meet in the council chambers in the Village Hall of
said village (6700 Portland Avenue, Minneapolis, Minnesota) on Wednesday,
October 24, 1962, at 7:30 o'clock P„M., Central Standard Tim, to receive
sealed bids for the purchase of $1,500,000 Water Bonds of 1962. Such bonds
will be gene ral obligation negotiable coupon bonds dated November l~i-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
(1~) per annum, payable on May 1, 1963 and semiannualSy thereafter ora May 1
and November 1 of each year; and will be in the denomination of $1,000 each
unless the purchaser, within 48 hours after the award, specifies the denominar
tion of $5,000 each. -, __: ` ~~ -
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The bonds shall mature seriallq on November 1 in the years and'~~aanounts as
followar, $25,000 in each of the years 1966 and 1967; $75,000 in each of -the
years 1968 through 1972; $80,000 in each of the years 1973 through x;978; and
$85,000 in each of the years`1979 through 1985, all bonds maturing after~Hovem~
ber 1, 1978 being subject to redemption in inverse numberical order on squid
date and any interest payment date thereafter, at par and accrued interest.
Both .principal and .interest wi 11 be payable at any suitable bank designated
by the purchaser within 48 hours after award. The village wail furnish to
the purchaser without cost and within forty days of ter said date of sale the
printed bonds with the approving legal opinion of Messrs. Howard, Peterson,
LeFevere, Lefler and Hamilton, Minneapolis, kiinnesota, together with the cus~
teme„ry ~~nal del+.v@ry papers, 3.nclud3ng a certificate showing the absence of
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Resolution on dater Bond Sale
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litigation. The text of the legal opinion will be printed on the back of
each bond and certified by the Village Clerk, Frovision for registration
as to principal only will be made, if the purchaser so requests withsn 4S
hours after award.
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 cert~.fied check, bank draft o~ cashser's
.check in the amount of at leash $30,000, payable to the order of thca village,
to be forfeited as liquidated damages in the event the bid is accepted and
the bidder fails to comply therewith. Split rate bids may be submitted stator
ing the same rate or rates of interest from date of issue to maturi.~ for,. ail
bonds having a common maturity, but rates shall not be split more than five
ways.. Repeating any basic rate will constitute another °°split rate°°. Bids
shall not provide for extra interest t°B" coupons. Interest must not exceed
six percent (6%) per annum on any bond for any portion of its term,. Bidders
are also requested to state total interest cost and average interest rate.
Delivery of the bonds will be made, without expense to the purchaser, in -
Minneapolis or Saint Paul, Minnesota, Chicago, Illinois, or New York City,
New York.
Comparison of bids will be made on the basis of total interest ,costs:
from date of issuance to final maturi ty date, less: any premium 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 reser~res the right to waive anq informality in any bid, to re3ect any
and ail bids, and $o ad,$ourn the sale.
BY ORDER OF THE COUNCIL
Edward J¢ Moline
Director of Finance
Village of Richfield, Minnesota.
4s. Each and all terms and provisions of the foregoing notice are
hereby adopted and confirmed as the terms and conditions for said
bonds and for the sale thereof.
5. It pis hereby determiued that for the per~ad from the date of is~~i~
ante until ~ llection of the first tax levy made to repay such bonds,
the interest. on such-bond issue shall be capitalized.
Passed by the council of the Village of Richf field this 24th day of
September.; 1962.
ATTEST:
Edward J. Moll e, ClerkmTreasurer
Stan isort;~Ma~yor
O, n reve en, Manager