1974-5181rRESOLUTION No, 5181
RESOLUTION AUTHORIZING ISSUANCE AND ADVERTISEMENT
FOR SALE OF $3,300,000 GENERAL OBLIGATION IMPROVE-
MENT BONDS OF 1974
BE IT RESOLVED By the City Council of the City of Richfield, Minnesota, as
follows;
1. It is hereby determined:
(a) The city has heretofore undertaken assessable improvements known
and designated as City Projects 615, 657 a d 657A at total estimated
project costs of $3,250,000 and it is hereby found and determined to
be necessary to provide definitive financing for said projects by the
issuance of improvement bonds as provided for in this resolution.
(b) The total amount of definitive improvement bonds required to be
issued to accomplish the purposes herein set forth is determined to be
$3,250,000, General Obligation Improvement Bonds of 1974 of the city
in that amount shall be issued pursuant to the provisions of this reso-
ution,
(c) The city shall sell additional bonds in the amount of $50,000 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 $3,300,000.
2. The city shall offer and advertise for sale said General Obligation
Improvement Bonds of 1974 in accordance with the following Notice of
Sale,
NOTICE OF SALE
$3,300,000 General Obligation Improvement
Bonds of 1974 - 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
Ha11, 6700 Portland Avenue, Richfield, Minnesota, until 11:30 a.m,, CDST, on
Wednesday, May 29, 1974, for the purchase of $3,300,000 General Obligation
Improvement Bonds of 1974. 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, 1974; will bear interest payable February 1,
1975 and each February 1 and August 1 thereafter and will mature serially on
February 1 in the years and amounts as follows:
1977/88 $175,000
19 89 /9 6 150, 000
all bonds maturing in the years 1987 through 1996 being subject to redemption,
in inverse numerical order, on February 1, 1986, and any interest payment date
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 acceptable 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 purchaser's request within 48 hours
afterward, 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
showing absence of litigation, Payment shall be in immediately available
funds. The text of the legal opinion will be printed on the back of each
bond and certified by an officer if requested by the purchaser.
Bids shall state one basic rate of interest from date of issue to
maturity for all bonds having a common maturity date, Not more than ten
such rates shall be specified for the issue and the maturities may be split
not more than ten ways for the purpose of designation of such rates. No
rate for any bonds may exceed the rate for any subsequently maturing bond.
No supplemental or 1°B" coupons will be permitted. A11 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 $3,250,000 plus accrued interest to date
of delivery or providing for a total interest rate on any'bond for any period
exceeding 7% will be considered. Oral auction bids will not be received,
The Issuer will assume no obligation for the assignment or printing
of CUSIP Numbers on the bonds or for the correctness of any numbers printed
thereon, but will permit such printing to be done at the expense of the
purchaser, if the purchaser waives any extention of the time of delivery
caused thereby.
All bids must be enclosed in a sealed envelope marked "Bid for
$3,300,000 General Obligation Improvement Bonds of 1974" 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 $66,000, 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 waive 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 obtai:s~~d from;
T. G. Evensen & Associates, Inc,
First National Bank Building
Minneapolis, Minnesota 55402
Phone: 612-336-1637
3, The City Council shall meet on Wednesday, May 29th, 1974 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 s'.id 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
in the foregoing Notice of Bond Sale shall constitute the terms and conditions
for the issiance and sale of said bonds,
Passed by the City Council of the City of Richfield this 22nd day of
April, 1974.
L. Law l Y'`` _Mayor
Attest:
Thomas J. Mora City Clerk
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