HomeMy WebLinkAboutResolution - 263 - Resolution Providing for Public Sale of $875,000 GO SSSD Bonds - 02/11/1969 f
RESOLUTION NO. 263
RESOLUTION PROVIDING FOR >''UBLIC SALE OP
$875 ,000 GENERAL OBLIGATION SOUTHUEST
SANITARY SEITER DISTRICT BONDS OF THE
VILLAGE OF EDEN PRAIRIE
BE IT RESOLVED by L'-he Council of the Village of Eden Prairie, as follows :
1. Pursuant to the provisions of the Southwest Sanitary- Sewer District
Board Resolution dated August 22, 1968, which has been concurred in and approved
by the Councils of all of the Tdunicipalities referred to therein, it is directed
that the Village shall offer at public sale its general obligation Southwest
Sanitary Sewer District Bonds in the aggregate principal amount of $875,000, for
the purpose of providing for the ConstructionT'und of the District the sum of
$86o ,000 requested of the Village of Eden Prairie. The total sum so requested
does not exceed the Village's proportionate share of the capital costs of Phases
I and II of the acquisition and construction of the District System, under present
Ulans and specifications and cost estimates. Additional bonds in the amount of
$15,000 are also directed to be included in said issue pursuant to the provisions
of Minnesota Statutes , Section 475 .56, in evidence of a portion of the interest
cost on the bonds.
2. The Village Clerk is directed to cause notice of the sale of said
bonds to be published in the official newspaper of the Village and in the Commercia
West at Minneapolis , Minnesota, and in such other financial newspapers as may be
deemed expedient , in substantially the following form:
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NOTICE OF SALT;
VILLAGE OF EDE J PRAIRIE, HENNEPIN COUNTY, MINNESOTA
$875,000 GENERAL OBLIGATION
SOUTHWEST SANITARY SEWER DISTRICT BOPdDS
NOTICE IS HEREBY GIVEN that the Village Council of the Village of Eden
Prairie , Hennepin County, Minnesota, will meet at in
the Village of Eden Prairie on , the day of , 1969, at
O' clock P.M. to receive, open and consider sealed bids for, and award the sale of
$875 ,000 general obligation. Southwest Sanitary Sewer District Bonds of the Village.
The bonds will be designated as Southwest Sanitary Sewer District Bonds ,
dated April 1, 1969, will be issued in the denomination of $5 ,000 each, unless
the denomination of $1,000 is specified for all bonds of the issue by the success-
ful bidder within 48 hours after award of sale, will bear interest at a rate or
rates designated by the successful bidder , subject to limitations stated below,
payable October 1, 1969, and semiannually thereafter on April 1 and October 1 in
each year, and will mature in order of serial numbers on October 1 in the follow-
ing respective years and amounts;
Year Amount Year A-mount Year Amount
1970 $15 ,000 1980 $25,000 1990 $50,000
i 1971 10,000 1981 25 ,000 1991 502000
1972 102000 1982 25 ,000 1992 50,000
1973 10,000 1983 25 ,000 1993 501000
1974 10 ,000 1984 25 ,000 1994 50,000
1975 101000 1985 25 ,000 1995 502000
1976 15,000 1986 25 ,000 1996 50,000
1977 15,000 1987 25 ,000 1997 50,000
1978 15,000 1988 50 ,000 1998 502000
1979 15 ,000 1989 50 ,000
Bonds maturing in the years 1983 throuGh 1998 will each be subject to redemption
and prepayment at the option of the Village on October 1, 1982, and on any inter-
est payment date thereafter, in inverse order of serial n-umbers , at a price of
102% of the principal amount if prepaid on or before October 1, 1987, 101% thereof
if prepaid on or between April 1, 1988, and October 1, 1992, and 100% thereof if
prepaid on or after April 1, 1993, together wit- accrued interest to the redemption
date. 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 pay the
reasonable and customary charges of the paying went. 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. Dorsey,
Marquart , Windhorst, West & Halladay, of Minneanolis , Minnesota, a copy of which
will be printed on the bonds, and the customary certificate as to absence of
threatened or pending litigation. Delivery will be made without cost at any
point in the continental United States, Payment must be made in funds immediately
available to the Village on the date of delivery.
All bids must be sealed and unconditional and should 'be marked "Bid for
Village of Eden Prairie Southwest Sanitary Sewer District Bonds" and mailed or
delivered to the undersigned, and must be received before the time stated above,
accompanied by a cashier's or certified check or bank draft in the amount of
$17,500, payable to the Village Treasurer, to be retained by the Village as liqui-
dated damages if the bid is accepted and the bidder fails to comply therewith.
Each bond is to bear interest at a uniform rate from date of issue until paid,
not exceeding the rate specified for any other bond having the same or a subsequent
maturity, and not exceeding 6% per annum. Not more than 6 different interest rates ,
each expressed in an integral multiple of 5/100 of 1% per annum and represented by
a single set of interest coupons , may be specified. The most favorable bid will
be considered the one offering the lowest net interest cost , computed as the dollar
sum of all interest payable to the stated maturities at the coupua rates ;specified,
plus any amount by which the par value of the bonds exceeds the cash price offer-
'Id, or less any amount by which the cash price exceeds the par value. No bid
offering a cash price less than $860,000 plus accrued interest on $875,000, and
no bid involving a net interest cost exceeding an average annual rate of 6% , can
be considered. The right is reserved to reject any and all bids and to waive any
_nformality in any bid.
Dated re-bruary 11, 1969.
BY ORDER OF THE VILLAGE COUTJCIL
Clerk, Village of EdePrairie
6950 Eden Prairie Road
Eden Prairie, Minnesota 55343
3. Each and all of the terms and -orov'isions of the foregoing notice of
sale are adopted and confirmed as the terms and conditions of the bonds and of
their offering for sale, and the Council shall meet at the time and place therein.
-9T,ecified for the consideration of bids received pursuant to said notice.
i
/ rf G„or
Village Clerk