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(RESOLUTION NO.,.52, Continued) ; TO
<br />(5) It is hereby found., determined and de.:clar.ed that it is
<br />ne.c.es:sary and expedient for the. Village, to borrow money.,
<br />rand issue :its general "obligation,, negotiable coupon temporary.
<br />improvement `bonds in the amounts' of $2.00,..000; and 'that this Council
<br />shall.,me.et at the time. and place specified in the form of notice
<br />'hereinafter -contained..for. the_. purpose of. receiving and considering
<br />sealed :bids for..and awarding, the sale of said_ b-onds., and. that the
<br />Clerk :is,_he.r-e_by authorized and directed to caus-e notice of,said
<br />me:eting.. to be..pub.lishe..d. ,in the official newspaper and in Commercial
<br />West, pub
<br />lished'in Minneapolis, Minnesota, at least'once not later
<br />x: than 10 -days prior to the date of..said meeting, which notice shall
<br />be in -substantially the' following form:.
<br />NOTICE OF BOND. SALE`
<br />$200,000 TEMPORARY SANITARY SEWER IMPROVEMENT BONDS
<br />VILLAGE OF ORONO, MINNESOTA
<br />:NOTICE „IS HEREBY GIVEN That the village C.ounc1l of the Village of
<br />"Orono- Minnesota.,'willdeet at the Village Ha11in said .Village on
<br />Monday; .June' 29 f 1964,, at.* 6:OQ •o' clock P.M., CDST., to .receive sealed
<br />;bids for and award the sale .of $200,000 Temporary Sanitary Sewer
<br />mprofrement . Bonds of the.. Village . ,4 ; Said bonds will • be. general obli-
<br />fatibn:i' .negotiable .coupon bonds in" :d.enominations . of $5000 each
<br />or..,`_at the request of the successful bidder, within 48 hours,, in
<br />denominations: of,$1,000-each), shall be dated August 1, 1964, and
<br />shall"b.ear interest at the rate'designate.d by the successful -.bidder,
<br />in integral multiples of .1/4 or 1/10 of 1% per annum, _,payable on
<br />c February' 1,; 1965, and semiannually thereafter on August„.l and a
<br />February I .of each year. Said bonds shall all' -mature', on. August `l,
<br />:1966, :a11- being subject to redemption and prior payment at the option.
<br />of the Village on any- interest payment date at par and accrued interest..
<br />Principal and-i-nterest will.be..made payable at any suitable:.banking
<br />institution designated by the`.succes.sful bidder., and the --Village will
<br />.'pay the customary and reasonable charges of the paying agent,. The,
<br />Village will, furnish, within forty days after '.award., , the printed, and
<br />executed bonds. and, the approvindi legal opinion. of Messrs. Dorsey,
<br />Owen, Marquart,'Windhorst &West, of Minneapolis, Minnesota.. The
<br />bonds will be delivered. anywhere in Minnesolta without cost to: the
<br />purchaser:; delive�y'.els.ewhere will be at the purchaser's expense,.
<br />ty -
<br />Seal.e.d bids :,marked ', Bid for. $.2.00.,000 Temporary Sanitary Sewer..Improve-
<br />:ment Bonds”. must be...receive.d by the undersigned- Clerk prior to 'the
<br />,time of sale or .,by the undersigned Fiscal .Agent pri•or to 4:00: o' clock
<br />P.X. the date' of the .sale. Each bid must be. unconditional except as
<br />to legality, which may be -conditioned upon the above-described legal
<br />opinion which.°will;•.be printed on the. bonds.' Each bid .must be accom-
<br />,:parried by ra" cashier's or certified check or bank draft in the amount
<br />of $4,0.00; -.-;payable to the -Village, Treasurer,' to be forfeited as s ="
<br />liquidated- damages , if the bid is' accepted ,.and the bidder fails to
<br />comply therewith`.'', No split rate bids will be accepted and bids shall -.not provide for
<br />supplemental nBn :coupons.
<br />Bids will be preferred according to the slowest net interest :cost,,
<br />.deducting any premium offered. No bid A leg's than par and accrued
<br />y interest`;f,or the issue from :date of -the bonds to date . of delivery will
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