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HomeMy WebLinkAboutResolution - 593 - Resolution Providing for Public Sale of $2,500,000 General Obligation Sewer & Water Bonds - 10/10/1972 VILLAGE OF EDEN PRAIRIE HENNEPIN COUNTY, MINN.ESOTA RESOLUTION NO . 593 A RESOLUTION PROVIDING FOR PUBLIC SALE OF $2 ,500 , 000 GENERAL OBLIGATION SEWER AND WATER BONDS Member Ralph Nesbitt introduced the following resolution and moved its adoption: BE IT RESOLVED by the Village Council of the Village of Eden Prairie , Minnesota, as follows: 1 . This Council shall meet at the time and place specified in the form of notice hereinafter contained for the purpose of receiving sealed bids for and awarding the sale of $2 , 500, 000 General Obligation Sewer and `hater Bonds of the Village; comprising $2 ,455 , 000 principal amount of bonds to be issued for the purpose of sewer and water improvements, and $45 , 000 principal amount of additional bonds of the same series to be issued pursuant to Minnesota Statutes , Section 475 . 56 , in evidence of a part of the interest to be contracted to be paid on the bonds , 2 . The Clerk is authorized and directed to cause notice of the meeting to be published in the official newspaper of the Village and in the Commercial West, published at Minneapolis , Minnesota , at least 10 days before the date of said meeting in substantially the following form: -1- 3 . NOTICE OF SALE $2 , 500 , 000 GENERAL OBLIGATION SEWER AND WATER BONDS VILLAGE OF EDEN PRAIRIE HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that the Village Council of the Village of Eden Prairie , Minnesota, will meet at the Village l-ia.11 in the Village of Eden Prairie on Tuesday , November 14 , 1972 , at 7:30 o'clock P. M. , C . S. T. , to receive , open and consider bids for the purchase of $2 , 500 , 000 negotiable coupon , general obligation bonds of the Village on the following terms: Date and Maturities The bonds will be dated December 1 , 1972 , will be in denomination of $1 , 000 or $5 , 000 each (bidder' s option) and will mature on March 1 in the following years and amounts: Ye ar Amount Year Amount Year Amount 1976 $ 50 , 000 1982 $125 , 000 1988 $200 , 000 1977 100 , 000 1983 125 , 000 1989 200 , 000 1978 100 , 000 1984 150 ,000 1990 200 , 000 y 1979 1.00 , 000 1985 150 ,000 1991 200 , 000 1980 125 , 000 1986 150 ,000 1992 200 , 000 1981 125 , 000 1987 200 ,000 Redemption Feature Bonds maturing in the years 19 84 through 1992 will each be subject to redemption and prepayment at the option of the Village and in inverse numerical order, on December 1 , 1983 , and any interest payment date thereafter, at 101% of par plus accrued interest. Interest Interest on the bonds will be payable on March 1 , 1973 , and semiannually thereafter on each March 1 and September 1. All bonds maturing on the same date must bear interest from date of issue until paid at a single , uniform rate , not exceeding the rate specified for bonds of any subsequent maturity. Each rate must be in an integral multiple of 5/100 of 1% and no rate may exceed 7% . No supplemental or "B" coupons will be permitted . Ire' --2- 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 , and the Village will pay the reasonable and customary paying agency charges . Delivery Within 40 days after sale , the Village will furnish and deliver at the office of the purchaser or, at his option , will deposit with a bank in the United States selected by him and approved by the Village as its agent to permit examination by and to deliver to the purchaser the printed and executed bonds , the unqualified opinion thereon of bond counsel , and a certificate stating that no litigation in any manner questioning their validity is then threatened or pending . The charge of the delivery agent must be paid by the purchaser, but all other costs will be paid by the Village . The purchase price must be paid upon delivery, or within five days after deposit with the delivery agent, in funds available for expenditure by the Village on the day of payment. Legal Opinion An unqualified legal opinion on the bonds will be furnished by Messrs. Dorsey, Marquart, Windhorst , West & Halladay, of Minneapolis , i 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 the 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 . 1 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 conditional and must be accompanied by a cashier's or certified check or bank draft in the amount of $50 , 000 , 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 authorizing the lowest net interest cost (total interest from date of bonds to stated maturities , less any cash premium or plus any amount less than $2 , 500 , 000 bid from principal.) will be deemed the most favorable . No oral bid and no bid of less than -3- $2 , 455 , 000 for principal plus accrued interest on all of the bonds will be considered , and the Village Council reserves the right to reject any and all bids and to waive any informality in any bid. BY ORDER OF THE VILLAGE COUNCIL Edna M. Holmgren, Village Clerk Eden Prairie Village FIa11 8950 Eden Prairie Road Eden Prairie , Minnesota 55343 Further information may be obtained from The Village of Eden Prairie . Telephone: 612-941-2262 , or Ehlers and Associates: 612-339-8291 . 4 . The preceding shall constitute the terms and conditions for the sale and issuance of the bonds . ='? A � fr ,/ Paul R . Redpath,{."Mayor ! ATTEST: S F:AL Edna M. Holmgreri , Clerk The motion for adoption of the foregoing resolution was duly seconded by Member Joan Meyers , and upon vote being taken thereon, the following voted in favor thereof: Paul Redpath, Ralph Nesbitt, .Joan Meyers, John McCulloch. and the following voted against the same: None whereupon said resolution was declared duly passed and adopted, and was signed by the Mayor and attested by the Village Clerk. -4-