1975-5350r373
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RESOLUTION N0. 5350
RESOLUTION AUTFTORIZING ISSUANCE AND
ADVERTTSEMENT FOR SALE. OF $4,600,000
GENERAL OBLIGATION IMPROVEMENT BONDS
OF 1975
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 Project 667 at total estimated
project costs of $4,780,000 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 de-
termined to be $4,530,000. General Obligation Improvement Bonds
of 1975 of the city in that amount shall be issued pursuant to
the provisions of this resolution.
(c) The city shall sell additional bonds in the amount of
$70,000 to represent, in part, additional interest 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 $4,600,000:
2. The city shall offer and advertise for sale said General
Obligation Improvement Bonds of 1975 substantially. in accordance
with the following Notice of Sale:
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Res. 5350
NOTICE OF SALE
$4,600,000 General Obligation
Improvement Bonds of 1975
City of Richfield, Minnesota
374
NOTICE IS HEREBY GIVEN That sealed binds 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 12:00 noon,
CDST, on Wednesday, May 14, 1975, for the purchase of $4,600,000 General
Obligation Improvement Bonds of 1975. At that tune all bids received on
said bonds will be opened and .read aloud. 'Z'he city council of said city
will meet at 12:30 p.m. on said day for the purpose of considering such
bids.
- The bonds will be dated May 1, 1975, will bear interest payable
February 1, 1976 and each February l and August 1 thereafter and will
mature serially on February l in the amount of $230,000 in each of the
years 1978 through 1997, all bonds maturing in the years 1988 through
1997 being subject to redemption, in inverse numerical order, on February
1, 1987, and any interest payment date thereafter at par and accrued interest..
Both principal and interest will be made payable at a suitable bank recom-
mended by the purchaser within 48 hours after the award and acceptable to the
city, or otherwise at the selection of -the city. The city will pay reason-
able and•customary charges for the services of such paying agent.
• 7.'he 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 United States -
within forty days after the date of sale, accompanied by customary-final
delivery papers, including a certificate showing absence of litigation. Fly-
meat 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 i-f ~re-
quested 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 eight
such rates shall be specified for the issue and the maturities may be split
not more than eight 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 "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 .$4,530,000 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. ~ ~. '
Res. 5350 ~ 375
All bids must be enclosed in a sealed envelope marked "Bid for
$4,600,000 General Obligation Improvement Bonds of 1975" 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 $92,000, 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, fo
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
Phone: 612-336-1637
3. The City Council shall meet on Wednesday, May 14, 1975, at
12:30 p.m., 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 con-
sultant for the city are authorized to open and tabulate any such sealed .
bids at 12:00 noon on said date and to present such bads 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 Richfield this 14th day of
April, 1975.
ATTEST:
r
Thomas J.. ran City Clerk
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