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1962-2869r~~ RBSOLUTION NO. 2869 RESOLUTION AUTHORIZING ISSUANCE AND SALB OP $1,500,000 GENERAL OBLIGATION ~gTATBR BONDS'. OF 1982 BB IT RB50LVED, bq the Village Council of the Village of Richfield, Minne= sots, as follows:: 1• It is hereby determined to be necessary and expedient to. the public health„ safety, convenience, prosperity and general welfare to i~aue $1,500,000 Water Bonds of 1962 of this village. Such bonds. shall be general obligation bonds' of the vii].a.ge, heretofore authorized for issuance by the voters of this village, and such bonds: shall. also be repayable from the net proceeds from the pperation of the water utility of this village, in a manner to be specified by subsegaent resolution of this council. 2. This Council shall meet at the time and place and for the purpose specified in the form of Notice of Band Sele hereinafter set forth, and for the purpose of taking such further action in respect to the bonds therein described as shall be deemed desirable and expedient. 3. The Village Clerk is authorized and directed to give notict of the time, place sad purpose of said meeting, bq causing notice thereof to be published in the Richf fie 1 d News and in Commer ciai 'West, a f financial periodical published at Minneapolis, Miruiesota, each of such publications to be made at least ten days prior to the date of said meeting, which notice shall read substantialiq as follower NOTICE OF BOND a~ALE '~ $1,500,000 WATBR BONDS'OF 1962 VILLAGE OP.. RICHFIIiLII, -MINNESOT~C NOTICE I3 HEREBY GIVEN, that the Village Council of the Village of Rich- field, Minnesota, will meet in the Council Chambers in the Village Hal ~ of said village (6700 Fortland ,Avenue, Minneapolis, Minnesota) on Wednesday, October 24, 1962, at 7s30 o*elock P.M., Central Standard Time, to receive sealed bids for the purchase of $1,500,000 mater Bonds: of 1962. Such bonds_ will be general obligation negotiable coupon bonds dated November 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°~) per annum, payable on Maq 1~ 1963 and semiannua111y thereafter on May l: and November 1 of each year; and will., ~ in the denomination of $1,000 each unless the purchaser, within 48 h©urs after the award, specifies the denomi- nation of $5,000 each. The bonds shall mature serially on November 1 in .the years and amounts as••f oliowss $25,000 in each of the years 1965 and 19668 $75,000 in each of the years 1967 through 1971; $80,000 in each of the years 1972 through 1977; and $85,000 in each of the years 1978 through 1984, all bonds: maturing of ter November 1, 1978 being sub3ect to r e demptio~ in im-erse numerical order do said date and any interest payment date thereaf ter, at-par and accrued inter- est. Both principal and interest wi11 be payable at any suitable bank desig- nated by the purchaser within 48 hours after award. The village ~rili farnish to the purchaser without cost anti within forty days after said date of dale the printed bonds with the approving legal opisxion of Messrs. Howard,' Peterson, LeFevere, Lefler and Hamilton, Minneapolis.,,.~~.r~r-esota,•itmgether with the custo- marq fin~.l delivery papers, includi a cert3;fica~e ~h©w3.ng' the absenos• of iiti~ Resolution on Water Bond Sale 2, ~~gation. The text of the 1ega1 opinion will be printed on the back of each bond and certified by the Village Clerk, Provision for registration as fi® principal only will be made, if the purchaser so requests, within 48 hourt~ after award. 1 Ali 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, bask draft or cashier*s check in the amount of at least $30,000, payable to the order of the village,. to be forfeited as liquidated damages in the event the bid is accepted and the bidder fails to comply therewith. Sp.iit rate bids may be submitted stating the same rate or rates of interest from date of issue to matuxity for ail bolds having a common maturitys but rates sha1P sot be spRi.t more than five wayst Repeating any basic rate will constitute another "split rater', Bids sha~.l not provide for extra interest r'Brr coupons. Interest must not exceed six percent (6%) per annum on axiy bond for any portion of its term. Bidders are also re-~ quested ~ state total interest cost and average interest rate, Delivery of the bonds will be made, without expense to the purchaser, fiat Minneapolis ®r Saint Faul* Minnesota, Chicrogo~ Illinois,. or New York Citym New York. Comparison of bids will be-made on the basis of total interest costs from date of issuance to final maturity date,.. less any premium offere$. Ito bid for less than par plus accrued interest from date of issuance to date of bond -deliv~» cry will be considered, and oral bids will not be received. The village reserve the right to waive any informality in any bid, to r e3ect any and a1i bides, and to adjourn the sale. BY ORDi?R OF THE CJOUIVCd L Edward J, M®line, Director of Finance, Richfield, Minnesota 4. Bach and all. terms and provisions of the ~aforegoing notice are hereby . adopted and confirmed as the term and conditions for said ~bgnd~ and for the sale thereof. ' S, It is hereby determined: that for the period from the date of issuance until collection of the first tam levy made to repay such bonds, the interest on such bond issue shall be capitalized. 1962, Passed by the counci 1 of the Village of Richf field this 8th day of October, ATI~ESTa ~~-~l~ ~~2~ /~~m .Edward J. Mo ne, Clerk-•Treas. _ W = ~-4sr _~ S-tame td. Olsonp Mayer P,~f/~ CGS 0. Krevelen,, Manager