HomeMy WebLinkAboutResolution 94o U -X
RESOLUTION #94
• A RESOLUTION PROVIDING FOR SALE OF
$47,000 MUNICIPAL PARKING LOT BONDS
BE IT RESOLVED by the Village Council of the Village of
Orono, Minnesota, as follows:
1. It is hereby found and determined that it is necessary
and expedient to issue and offer at public sale $47,000 Municipal
Parking Lot Bonds for the purpose of financing the municipal parking
Lot improvement ordered by Resolution No. 57 adopted on June 29,
1964.
! 2. This Council -shall meet at the time and place specified
in the form of notice hereinafter contained for the purpose of re-
ceiving, opening and considering sealed bids for and awarding the
sale of said bonds, and the Village Clerh is hereby authorized and
directed to cause notice of the time, place and purpose of said
meeting to be published in the Commercial Nest, at 1inneapolis,
Minnesota, not less than ten days before the date of said meeting,
which notice shall be in substantially the following form:
NOTICE OF SALE
$47,000 MUNICIPAL PARKING LOT BONDS
VILLAGE OF OR.ONO, MINNESOTA
NOTICE IS HEREBY GIVEN that the Village Council of the
Village of Orono, Hennepin County,Minnesota, will meet at the Village
Hall in said Village on Monday, May 10, 1965, at 8:00 b!.clgck P.M.,
Central Standard Time, to open, receive and consider sealed bids for
and award the sale, of $47 000 negotiable coupon general obligation
Municipal Parking Lot Bonas,of said Village, to be issued under
authority of Chapter 459, Minnesota Statutes 1961, for the purpose of
-financing the cost of acquiring and improving a municipal parking
lot. Said bonds will be dated June 1, 1965,.in the denomination of
$1,000 each, will bear interest at a rate or'rates to be designated
• by the successful bidder, payable on March 1, 1966, and semiannually
thereafter on September 1 and March 1 of each year, and will mature
serially on March 1, in the amount of $3,000 in each of the years
1967 through 1980, and $5,000 in 1981. Bonds of said issue having
• stated maturity dates later than March 1, 1974, will be each subject
to call for redemption on said date or any subsequent interest pay-
'ment date, at a price of 100-1/2, at the option of the Village.
Principal and interest will be made payable at any suitable national
or state bank in the United States designated by the successful
bidder within 48 hours after award of sale. The Village will furnish,
without cost to the purchaser and within 40 days after award of sale,
the printed alid""executed bonds and the unqualified approving legal
opinion *of Messrs. Dorsey, Owen, Marquart, Windhorst & West, of
Minneapolis, Minnesota, together with the customary certificate as to
absence of litigation. Delivery will be made without cost to the
purchaser anywhere in Minnesota.
• (continued)
86—F
(Resolution x'949 Continued)
Sealed bids marked ''Bid for $47,000 Bonds" may be mailed
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
must 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 cashierts or certified check or bank draft in the
amount of $940, 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. Bids shall state one basic rate of
interest from the date of issue to maturity for all bonds having a
common maturity date. Not more than 3 such rates are to be specified
for the issue, and the maturities of the bonds may be split not more
than 3 ways for the purpose of designation of such rates. Bidders
may provide that all or some of the bonds shall bear a higher interest
rate and additional coupons for any interest period or periods of the.
term of the bonds; hog=sever, the maximum dollar amount payable on
account of any such rate shall be $705. Every basic or additional
rate, and the combination of such rates during any interest period,
shall be in an integral multiple of 1/4 . or 1/10 of 1% per ariitum. The
bid offering the lowest net interest cost (total interest from date
of issue to stated maturities, less any premium offered) will be
•(
I
deemed the mos t favorable. No bid for less than par plus accrued
interest from date of issue to date of bond delivery will be considered.
Oral auction bids will not be received. The right to waive any
informality and the right to reject any and all bids are reserved.
Dated April 129 1965
BY ORDER OF THE VILLAGE COUNCIL
FRANK MIXA
Village Administrator
P. 0. address: Crystal Bay,
Idim-iesota
3. Each and all of the terms and provisions of the fore—
going form of notice are hereby adopted as 'the terms and conditions
of said bonds and of the sale thereof.
Adopted at a regular meeting of the Village Council of the Village
of Orono April 12, 1965.
H. R. Ross, Mayor
t
Attest:. �-�
Frank llti±a, e
0
i
J