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1967-3867r®~ RESOLUTION NOo 3867 RBSOLUTION AUTf~RIZINu ISSUANCE AND SALE OP $375x000 IMPROVEMENT BONDS OP 1:967 $E IT RBSOLVED:BY THE CITY COUNCIL OP THE CITY OP RICHFIELDe MINNESOTA ~.s follows S to It is hereby determined that the contract costs8 miscellaneous costs ' s,nd amounts rem~.inin~ to be financed on City Proaect Nofl xs 519s 5268 5398 5478 5428 5468 52?9 5298 5318 5348 5578 536 and :544 are substantially in ex~ case of the sum of $375s000a It is further determined that of the total cost of e~ich of the foreg®ing ~improvementse more than 20% of the cost of each improvement will be p~.id from the assessments levied against property benefitted by the conm struction thereof g anct it is necessary and eacpedient to finance such pro3ects by the issuance and sale of $-3758000 Improvement Bonds of 19678 pursuant to the provim signs of Minnesota 5tatutese Chapter 4298 as herein provideda 2a This council shall meet at the time and place and for the purpose specified 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 it shall determine to be necessary and expedient, 3, The city clerk is authorized and directed to give notice of the timee place and purpflse of said meeting by causing notice t© be published in-the Richfield News end in Commercial Waste a financial periodical published in Minneapolisx Minnesota8 each of such publications to be at least ten days.pri®r to the date of said meetings which notice shall read substantially as follows> NOTICE OP BOND SALB $375s000 IMPROVEMENT BONDS OP 1967 CIZY OP RICHPIELDe MINNffiOTA~. NOTICE IS HEREBY GIVEN that the City Counci 1 of the City of Richf fields Minnesotan will meet in the Council Chambers in the City Hall of said city (6700 Portland Avenues Minneapolisa Minnesota) on Mondaye November 13x 19678 at 7s~00 oecldclc FoM~e Central Standard Timee t® receive sealed bids for -the purchase of $375x000 Improvement Bonds of 1967a Such bonds will be general obligation negoti~ able coupon bonds dated November is'1967x bearing interest at-the rate or rates desig~iated by the successful bidders in integral multiples of 5/100 of 1%~per annumx pay~.ble on August ix 1965 and semiannually thereafter on February 1 and ~iugust 1 of each ye~ra and will be in~ the denomination ®f $1,x000 each unless- the purchasers uvithin 48 hours s.fter awards specifies the denomination of $5fl000 eacho The bonds shall mature serially on February 1 in the years and amounts as f®liowsa 1 Reso #3867 ®2® Octa 99 19b7 1969 $ 5;000 1979 $20;000 1970 20;000 1980 iS;000 1971: 20,000 1981 .20;040 1972 25;000 1982 15;000 1973 258000 1983 20;000 1974 ;000 20 1984 15;000 1975 _ 25;000 1985 20;000 1976 20;000 1986 159000 1977 25000 1987 20;000 1978 159000 1988 159000 Bonds maturing in 1982 and t hereaf ter wi 11 be subject tp redemption in inverse numerical order o n February 19 .1981 and any interest pay went date ther eaf ter ~.t par and accrued interest. Both principa3: and interest will be payable at any suitable bank designated by the purchaser within 48 .hours af ter the awarde The city will furnish to the purchaser9 without cost and within 40 days after said date of sale9 the printed bonds with the approving leg~.l opini®n ©f~Messrsa Howatd9 LeFeve re9 Lef ler9 Hamilton and Pearsen9 Minne~polis9 Minne~ svta9 together with the cust omary final delivery papers9 including a: cert~.ficate showing the ab sence of litigations Delivery of the bonds will'be made anywhere in the continental United States with out charge9 and elsewhere at purchaseres expenseQ The .text of the legal opinion will be printed. on the back of each bond and certified by the facsimile signature of the city cie.rk, X11 bids must be in writing9 enclosed in a'sealed env~lope9 be un® c©nditional except as to the abQVe opinion, and left with tkie underw signed pricar~:~to the above time9 accompanied, try a certified ch~ck9 bank draft or cashier °s check" in the sa-©unt of at least $75009 pay® able to.the order of the city9 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 subm3.t ted stating the same rate or rates of interest from date Qf issue to maturity for all bores; having a common maturity9 but rates shall npt be split-more than five ways and the spteead between any tw® basic-rates shall not exm teed 1050% per annum Repeating any basis rate will constitute another °0spiit rate°°0 Bids may also provide for-extra interest coupons in a to tai amount not exceeding $37500 Interest resulting from any_rate or combination ®f rates must no°t exceed 6% per annum on any bond for any part of its term, Bidders are asked to state total interest cost and average ~.nterest step Payment ~f the purm chase pricy sha11 be made ire immediately- availat)~le fµxxds 0 1 l 1 1 Res. #3867 -~- ~0-9~b7 ~©mparison gf bids will be made ®n the-bads ~f total interest cost from.date mf issu$nc.~. ta. final. m~.turi~ty less ~.riy premium af~- fered. N® bid for ~.es~ than par ~~us ~:Gc~u~d. interest ,fr®tri det~ cif issuance tca date;tnf '.band de~.ivery w~:ll bc?~, er~ne~dezed` and era]. bids wii.J. nQ~ b~ r~c~~.v~d '~h~ city re~serwes. fi right t~ ~re3ect any ir~farma~.ity in any bi:d, to re~jec~ any and a~.l. b~d~ anti 'tt~ ads 3ournthe.aale,. BY ~ {~ QOUNG~L, ~dvw~brd',~~ ~.~.z~e I~:xe~t4r ®f' Fir~s.~n~~ City p~' Reh£iQid, M3,nnesa~ta 4. each and a~,l terms ar~d provisfans Qf th® fnregaing fQ~m pf n~tic~-are. h~rel~y adopted clad canfirined as the terms axld conditi~ans for said;- ba+ncls .arri fqr the s~.~.e- tlxexeof. Passed by the cfluMCil,: ~f the Oily of R.~.e~?~eYd tnat~ .9th- tiay of October, 1967.