1973-4968r~~
RESOLUTION N0. 4968
RESOL~JTION A.TJTNORIZIr?G ISSLLANCE AND
ADVERTISEMENT FOR SALE OF $6,300,000
GENERAL OBLIGATION IMPROVEMENT BONDS
OF 1973
BE IT RESOLVED By the City Council of the City of Richfield,
Minnesota, as follows:
1. It is hereby determined:
(a) By resolution No. 48-36, dated the 11th day of
September, 1972, the City Council authorized the
issuance of a temporary improvement bond in the
amount of $1,125,000, Series 29, to provide temporary
financing for City Project Nos. 635, 642, 647 and 649.
(b) Such bond, according to its terms, matures on
September 1, 1975. Such bond is owned and held for
the account of various debt service funds of the City
of Richfield and may be redeemed by the city at any
time. It is necessary and desirable to redeem such
bond at this time and to provide definitive financing
for the improvements temporarily financed by such bond.
Such bond shall, therefore, be called for redemption
and shall be redeemed from the proceeds of the
definitive improvement bonds which are provided for in
this resolution.
(c} The citij has heretofore undertaken an assessable
..improvement known and designated as City Project 650
. at a total estimated project cost of $5,075,000
and it is hereby found and determined to be necessary
to provide definitive financing for said project by
the issuance of improvement bonds as provided for in
this resolution.
(d) The total amount of definitive improvement bonds
required to be issued to accomplish the purposes
herein set forth is determined to be $6,200,000.
General Obligation Improvement Bonds of 1973 of the
city in that amount shall be issued pursuant to the
provisions of this resolution.
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(e) The city shall sell additional bonds in the amount
of $100,000 to represent, in part, the entire interest
presently required to market such bonds, as authorized
by Minn. Stat., Section 475.56. The total amount of
such improvement bonds, therefore, to be sold pursuant
to this resolution, shall be $6,300,000.
2. The city shall offer and advertise for sale said General
Obligation Improvement Bonds of 1973 in accordance with
the following Notice of Sale:
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NOTICE OF SALE
$6,300,000 General Obligation
Improvement Bonds of 1973
City of Richfield, Minnesota
NOTICE IS HEREBY GIVEN That sealed bids will be received
by the City of Richfield, Minnesota, at the office of the City
Manager at the Richfield City Hall, 6700 Portland Avenue, Richfield,
Minnesota, until 11:30 a.m., CD5T, on Wednesday, May 16, 1973, for
the purchase of $6,300,000 General Obligation I provement Bonds of
1973. At that time all bids received on said bonds will be opened
and read aloud. The city council of said city will meet at 12:00
o`clock noon on said day for the purpose of considering such bids.
The `bonds will be dated May 1, 1973; will bear interest
payable February 1, 1974 acid each February 1 and August 1 thereafter
and will mature serially on February 1 in the years and amounts as
follows:
1976 $400,000
1977/80 350,000
1981/95 300,000
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all bonds maturing in the years 1986 through 1995 being subject to
redemption, in inverse numerical order, on February 1, 1985, and
any interest payment dame thereafter at par and accrued interest.
Both principal and interest will be made payable at a suitable
bank designated by the purchaser within 48 hours after the award
and accetable to the city, or otherwise at the selection of the
city..
" The borrower. will furnish .printed. bonds in "the denomination
of $5',000 each, or multiples thereof at pur.chaser's~ request within
48" hours after award, and the approving legal opinion of Messrs.
LeFevere, Lefler, Hamilton and Pearson, Minneapolis, Minnesota,
both without expense to purchaser. Delivery will be made without
expense to the purchaser anywhere in the continental United~States
within forty days after the date. of sale, accompanied by customary
final delivery papers, including a certificate shc~~;ing absence of
litigation, Payment shall be in immediately available funds. The
text of the legal opinion ;~i~.'_ be printed on the back of each bond
and certified by an officer if requested by the purchaser.
Bids shall sta~e r~.e basic rate of interest from date of
issue to maturity for all bonds having a common maturity date. Not
more than eight such rates shall be specified for the. issue and the
maturities may be split not more than eight days for t?~e purpose of
designation of such rates. No rate for any bonds may exceed the
rate for any subsequently maturing bond. No supplemental or "B"
coupons will be permitted. All rates must be stated in integral
multiples of five hundredths of one percent. The bid offering the
lowest net interest cost (total interest from date of issue to
stated maturities, less any premium offered, plus any discount)
will be deemed the most favorable. No bid of less than $6,200,000
plus accrued interest to date cf delivery or providing for a total
interest rate on any bond for any period exceeding 7o will be
coraidered. Oral auction bids will not be received.
The bonds will be printed without CUSIP numbers unless
requested by the Purchaser who must agree in the offer for the
bonds to pay the cost thereof and to waive any extension of delivery
time due to usF, of the numbers. However, if subsequent to award the
issuer at its sole discretion selects a printer who does not make an
additional charge it will then print the bonds with CUSIP numbers.
Iri no event will the issuer be responsible for the correctness of
suc~: numbers and incorrect numbers shall not be cause for refusal to
accept .delivery.
.All bids must be enclosed in a sealed envelope marked
"Bid for $6,300,000 General Obligation Improvement Bonds of 1973"
and delivered to the undersigned prior to the above stated. time.
Each bid must be unconditional except as provided in this notice
and must be accompanied by a cashier's check, certified check or
bank draft payable to the order of the treasurer, in the amount of
at least $124;000, to be forfeited as liquidated damages in event
the bid is accepted and the bidder fails to comply therewith.
Bidders are also asked to state total amount of interest and average
rate. The right to wave any informality, to reject any and all
bids and to adjourn the sale is reserved.
BY ORDER OF THE CITY COUNCIL
Thomas J. Moran
City Finance Director
Additional information may be obtained from:
T. G. Evensen & Associates, Inc.
First National Bank Building
Minneapolis, Minnesota 55402
Tele. 612-336-1637
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3. The City Council shall meet on Wednesday, May 16,
1973, at 12:00 o'clock noon, CDST, at the council
chambers in the city hall for the purpose of receiving and
considering sealed bids on said bonds. The manager, finance
director and a representative of the financial consultant for the
city are authorized to open and tabulate any such sealed bids
at 11:30 a.m. on said date and to present such bids and tabulation
thereof to the council for consideration at its said meeting.
4. The City Clerk .shall cause notice of the sale of
such bond issue to be published in the manner
required by law. The terms and conditions contained in the
foregoing Notice of Bond Sale shall constitute the terms and
conditions for the issuance and sale of said bonds.
Passed by the city council of the City of Richfiel~his 23rd day of April,
1973.
oren L. Law Mayor
Att~es~t:
'~liomas J. Mor'~n City Clerk
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