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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)