HomeMy WebLinkAboutCity Council Resolution 1969-142K�`..._ _,
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2. The Village Council deems it to be
neces9axy`fri order to provide for payment of said
' bonds at U&tur 4, to,levy assessments in the
amount, of 42,950.040 over a period of years.
begitiWLng in 1969..
3.' The ^f`11age Clark she11 causes the
above notice vt' such• e#t .e to be given by : +°
Public
at, Basic` ten `,t 4? in Advances ,of
said reale in '.tho''of n6i,al pe"pap; *, r. of the Village �
And in t�aisuefirtinl'Nest� a financial 11OWSpaper �
published in riinneapvlis, M6tu."
The -above mot on.`_was seconded by _Cogueiimari 1HinRz ~
and upon vote being taken thereon the folYoiwing voted it +favor
thereof. Mayor Hilde, Councilmen Hintz, Johnson and x
'Kindsoth. The following voted against. None.
M*m. upon laid zeso]d tion was decl>aked duly -p assod and
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NOTICE IS ILREBY GIVEN That the Village Council of the
Village of Plymouth, Minnesota, will meet at the Village Hall in said
Village on Tuesday, the 10th day of June, 1969, at 7:30 o'clock P. M.,
for the purpose of receiving and considering sealed bids for the purchase
of $2,S50,000 Improvement Bonds of the Village, dated July 1, 1969, bear-
ing interest payable July 1, 1970, and semiannually thereafter on January 1
and July 1 in each year at the rate or rates designated by the successful
bidder, and maturing serially on July 1 in the years and amounts as follows:
$85,000 in each of the years 1971 to 1982, both inclusive, $90,000 in each
of the years 1983 to 1999, both inclusive, all such bonds maturing after
July 1, 1984, being subject to redemption on said date and any interest
payment date thereafter in inverse numerical order, at par and accrued
interest and a premium of 2% if called prior to July 1, 1989, and plus
a premium of 1% for each bond called on or after July 1, 1989, and at par
if called on or after July 1, 1994. .Both principal and interest will be
made payable at any suitable bank designated by the purchased within 48
hours after the award or otherwise at the selection of the Village.
The Village will furnish printed bonds in the denomination
of $5,000 each, or at purchasers request in the denomination of $1,000
each, and the approving legal opinion of Messrs. Howard, LeFevere, Lefler,
Hamilton and Pearson, Minneapolis, Minnesota, both without expense to pur-
chaser. Delivery will be made without expense to the purchaser within forty
days after the date of sale, accompanied by customary final delivery papers
including a certificate showing absence of litigation. The text of the
legal opinion will be printed on the back of each bond and certified by the
Village Clerk if requested by the purchaser.
All bids must be enclosed in a sealed envelope marked "Bid
for Improvement Bonds, Village of Plymouth" 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, certi-
fied check or bank draft payable to the order of the treasurer in the amount
of -at least $S1,000 to be forfeited as liquidated damages in event the bid
3s accepted and the bidder fails to comply therewith.
Bids shall state one basic rate of interest from date of
issue to maturity for all bonds having a common maturity date. Bids may
specify varying rates of interest but only in ascending order as to maturities.
Supplemental coupons may not be included in any bid. All rates must be stated
in integral multiples of one -twentieth of one per cent. The bid offering.
the lowest net interest cost (total interest from July 1, 1969, to stated
maturities, plus discount less any premium offered) will be deemed the most
favorable. No bid of less than $2,500,020, plus accrued interest to date -of
delivery or providing for a total interest cost exceeding 7% per annum will
be considered. Oral auction bids will not be received. The right to waive
any informality, to reject any and all bids and to adjourn the sale are
reserved.
BY ORDER OF THE VILLAGE COUNCIL
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