HomeMy WebLinkAboutCity Council Resolution 1970-203n,A 94,0. 2n 1,
NOTICE OF SALE
VILLAGE OF PLYMOUTH, MINNESOTA
$2,010,000.PUBLIC IMPROVEMENT BONDS OF 1470-2
NOTICE IS HER€By GIVEN that the Village Council of the Village of
Plymouth, Hennepin County, Minnesota will meet at the Village 'Hall on
Wednesday, July 1 197 at 7:30 o'clock P.M., C.D.S.T., to receive, open
and consider sealed bids for and award the sale of $2,010,000 Public.
Improvement Bonds of 1970-2 of said Village to be issued for the purpose
of financing the cost of constructing sanitary sewer and water system.
extensions, storm sewers, curb, 'gutter, and street improvements. The
bonds will be general obligations of the Village, payable from unlimited
ad valorem taxes. Said bonds will be in the denomination of $1,000 or
$5,00P, whichever the successful bidder may designate within 48 hours
after award, of sale, and will bear interest at a rate or rates to be
designated by the successful bidder expressed in integral multiples of
1/20 of It per annum. The bonds will be dated July 1, 1970, and interest
thereon will be payable on January 1 and July 1, commencing on July 1,
1972. Said bonds will mature serially on July 1 in the years and
amounts as follows:
VeAk . Amount
1972
$220,000
1973
220,000
1974
220,000
1975
225,000
1976
225,000
1977
225,000
1978
225,000
1979
225,000
1980
225,000
All bonds shall be without option of prior payment. Principal and
interest will be made payable at any suitable bank in the United States -
designated by the successful bidder within -48 hours after award of sale,
subject to, approval by the Council, and the Village will pay the reasonable
and customary paying agency charges. The Village will furnish without
cost to the purchaser and within 40 days after award of sale the printed
and executed bonds, the unqualified approving legal opinion of Messrs.
.Howard, LeFevere, Lefler, Hamilton and Pearson of Minneapolis, Minnesota,
and the usual form of no -litigation certificate. Delivery will be made
without cost to the purchaser at any point in the continental United
States. Payment for the bonds must be made in funds immediately available
to the Village on the date of delivery.
Seaied bids marked Bid for $2,Oi0,000 Bonds may be ma.Lled or
delivered to the undersigned and must be received prior to the time
of said,meeting. Oral auction bids will not be considered. Each bid
dust be unconditional except ,as to legality, in which respect bids
may be conditioned upon the opinion of the above attorneys, and must
be accompanied by a cashier's or certified check or bank draft in the
amount of $40,200; payable to the Village Treasurer, to be retained by
the Villageasliquidated damages if the bid is accepted and the
bidder fails to comply therewith. Bids shall state one rate of
interest from date of issue to maturity for all bonds having a common
maturity date. No rate may be lower than the basic rate applicable to
any earlier maturing bond. No rate may exceed 7% per annum. The bid
offering the lowest net interest cost (total interest from date of
issue to stated maturities) less any excess of the purchase price over
$2,010,000 or plus any amount by which the purchase price is.less than
$2,010,000 will be deemed the most favorable; however, the net interest
rate may not exceed 7% per annum. No bid for less than $1,970,805
plus accrued interest on all bonds from date of issue to date of bond
delivery will be considered. The right to waive any informality and
the right to reject any and all bids are reserved.
Further information may
be obtained from:
JURAN & MOODY, INC.
114 East Seventh Street
St. Paul, Minnesota 55101
612-224-9661
2. The Council has further determined that the
tillage shall avail itself of _he powers granted by
Minnesota Statutes, Section 475.56 to issue additional
bonds in amount not exceeding 2% of the amount so
authorized to represent in part the higher rate of
interest required to market bonds. Said bonds shall
be issued in the total principal amount of $2,010,000
and bidders may bid not less than $1,970,805 for said
issue. Any amount received by the Village in excess
of $1,970,805 shall be credited to the sinking fund
for payment of interet't first. accruing.
3. The Village Council deems it to be
necessary in order to provide for payment of said
bonds at maturity to levy assessments in the
amount of $2,010,000 over a period of years beginning
in 197E
4. The Village Clerk shall cause the above
notice f such sale to be given by publication at
least ten ,(10) days in advance of said sale in the
official newspaper of the Village and in Commercial
West, a financial ..ewspaper published in Minneapolis,
Minnesota."
The above motion was secDnded by Councilman Spaeth and
upon vote being taken thereon the following voted in favor
thereof: Mayor Hilde, Councilmen_ Johnson and Spaeth. The
following voted against: Councilmen Kindseth and Hintz.
Whereupon said resolution was declared duly passed and
adopted,
STATE OF MINNESOTA
COUNTY OF HENNEPIN ) SS.
VILLAGE Or PLYMOUTH)
I, the undersigned, being the duly qualified and acting
Clerk of the Village of Plymouth, Minnesota, hereby certify
that I have carefully.compared the attached and foregoing
extract of minutes of a regular meeting of the Village Council
of said Village held June 1, 1970 with the original thereof on
films in my office and the same is a full, true and complete
transcript therefrom insofar as the same relates to providing for'
the issuance and sale of $2,010,000 Public Improvement Bonds of
1970-2.
WITNESS, My hand officially as such Clerk and the
corporate seal of the Village this 11th day of June, 1970.
Village rlc
Village of Plymou , Minnesota i
(Seal)