HomeMy WebLinkAboutResolution 375I
(Resolution #375, continued)
The motion for the adoption of the foregoing resolution was duly seconded
by Member Butterfield, and upon vote being taken thereon, the following
voted in favor thereof: Mayor Oberhauser; Councilmen Butterfield and'
Searles and the following voted against the same: None
Whereupon said resolution`was declared duly passed and adopted.
The Clerk presented a proposed form of -notice of sale of -the foregoing
bonds, which was examined, approved and ordered placed on file by the
Village Clerk.
NOTICE OF SALE
$1,1301000 IMPROVEMENT BONDS
VILLAGE OF ORONO
MINNESOTA -
NOTICE IS HEREBY GIVEN that the Village Council of the Village of Orono,
Minnesota, will meet in the Village Hall, County Road 1463, on January 12,
1971, at 5:00 o'clock P.M., to receive, open and consider bids for the,
purchase of $1,130,000 negotiable coupon, general obligation bonds to
be issued for the purpose of financing a.local water improvement and
on the following terms:
Date and Maturities
The bonds will be dated February 1, 1971, will be in denomination of $1,000
or $5,000 each (bidder's option) and will mature on February 1 in the
following years and amounts:
i Year Amount Year Amount
1973 $75,000 1981$75,000
1974 75,000 1982 75,000
1975 753,000 1983 75,000
1976 75,000 1984 75,000
1977 751000 1985 75,000
1978 75,000 1986 75,000
,1-979 75,00'0-' -1987 80,000
1980 75,000
Bonds maturing ih -the years 1979 through 1987 will each be subject to
redemption and prepayment at the option of the Village and in inverse
numerical order, on February 13, 1978, and any interest payment date,
thereafter, at 1017'1/2$ of par plus accrued interest.
Interest
Interest on the bonds will be payable on February 1, 1972, and semiannually
thereafter on each August 1 and February 1. All bonds maturing on the
same date must bear interest from date of issue until paid. or until duly
called for redemption at a single, uniform rate, not exceeding the rate
specified for bonds of any subsequent maturity. Not more than 6 interest
rates may be specified for the issue. Each rate must be in an integral
laultiple of 5/100'of 1%, and no rate may exceed 70. No supplemental or
;�8" coupons will be permitted.
(Resolution #375, continued)
Paying Agent
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 Village Council, and the Village-
will
illagewill pay the reasonable and customary paying agency charges.
.,�Dekivery
The Village will furnish, without cost to the purchaser and within forty
days after award of sale, the printed and executed bonds; the usual form
of no litigation certificate, and the unqualified approving legal opinion
of bond counsel designated below. Delivery will be made without cost
to the purchaser anywhere in the continental United States. Payment by
the purchaser must be in immediately available funds.
Legal Opinion
An unqualified legal opinion on the bonds will be furnished by Messrs.
Dorsey, Marquart, Windhorst, West $ Halladay, of Minneapolis, Minnesota.
The legal opinion will be printed on the bonds at the request of the
purchaser. The legal opinion will state that the bonds are valid and
binding general obligations of the Village and th-6 Village is obligated
and required to levy taxes for the principal and interest thereon as the
same become due without limit as to rate or amount.
Type of Bid - Amount
Sealed bids must be mailed or delivered to the undersigned and must be
received prior to the time of said meeting. Each bid must be uncondition-
al and must be accompanied by a cashier's or certified check or bank
draft in the amount of $22,600, payable to the Village Treasurer, to
be retained by the Village as liquidated damages if the bid is accepted
and the bidder fails to comply therewith. The bid specifying the lowest
net interest cost (total interest from date of bonds to stated maturities,
less any cash premium or plus any amount less than $1,130,000 bid for
principal) will be deemed the most favorable.. No oral bid and no bid
of less than $1,108,000 for principal plus accrued interest on all of
the bonds will be considered, and the Village reserves the right to
reject any and all bids and to waive any informality in any bid.
Dated December 14, 1970
BY ORDER OF THE VILLAGE COUNCIL
RALPH H. MARTIN
Village Clerk
.Box 66
:.. Crystal Bay, Minnesota