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HomeMy WebLinkAboutResolution - 715 - $2,500,000 GO Water and Sewer Bond - 05/29/1973 VILLAGE OF EDEN PRAIRIE HENNEPIN COUNTY , MINNESOTA RESOLUTION NO. 715 A RESOLUTION PROVIDING FOR PUBLIC SALE OF $2 , 500 , 000 GENERAL OBLIGATION 6dATER AND SEWER BONDS Member Councilman Penzel introduced the following resolution and moved its adoption : BE I?' RESOLVED by the Village Council of the Village of Eden Prairie, Mi.nriesota , as follows : 1 . This Council shall meet at the time and place speci- fied 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 Water and Sewer_ Bonds of the Village; compris- ing $2 , 455 , 000 principal amount of bonds to be issued for the pur- pose of water and sewer 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 publi.shed 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: ADOPTED by the Village Council May 1973. f Paul R. Redpath, Ma r SEAL: ` fin D. Fran ', Clerk 1 i x NOTICE OF SALE $2 , 500 , 000 GENERAL OBLIGATION IVATER AND SEWER BONDS VILLAGE OF EDEN PRAIRIE HENNEPIN COUNTY , MINNESOTA NOTICE IS HEREBY GIVEN that sealed bids will be received at the Village Hall in the Village of Eden Prairie, Minnesota , until 7 : 00 o ' clock P.M. , C . D. S . T. on Tuesday, June 26 , 1973 , for the purchase of general obligation bonds to be issued by the Vil- lage in the amount of $2 , 500 , 000 for the improvement of the muni- cipal water and sewer systems , upon the following terms : Date and Maturities The bonds will be dated July 1 , 1973 , will be in the denomination of $1, 000 or $5 , 000 each (bidder ' s option) and will mature on January 1 in the following years and amounts : Year Amount Year Amount Year Amount 1976 $ 50 , 000 1982 $100, 000 1988 $225 , 000 1977 50 , 000 1983 100, 000 1989 225 , 000 1978 75 , 000 1984 100, 000 1990 2.25 , 000 1979 75 , 000 1985 100, 000 1991 250 , 000 1980 100 , 000 1986 100, 000 1992 250 , 000 1981 100 , 000 1987 225, 000 1993 150 , 000 Redemption. Feature Bonds maturing in the years 1984 through 1993 will each be subject to redemption and prepayment at the option of the Village and in inverse numerical order, on January 1 , 1983 , and any interest pay- ment date thereafter, at 101% of 'par plus accrued interest. Interest Interest on the bonds will be payable on January 1 , 1974 , and semi- annually thereafter on each July 1 and January 1 . All bonds matur- ing 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 in- tegral. multiple of 5/100 of 1% and no rate may exceed 7% . No supplemental or "B" coupons will be permitted . Paying Agent Principal and interest will be made payable at any suitable bank in the United States designated by the successful bidder within -2- 48 hours after award of sale , subject to approval by the Village , and the Village will pay the reasonable and customary paying agency F 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 bark in the United States selected by him and approved by the Vil- lage as its agent to permit examination by and to deliver to the purchaser -the printed and executed bonds, the unqualified opinion of bond counsel , and a certificate stating that no litigation in any manner questioning their validity is then threatened or pend- ing . 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 Vil- 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 , Minnesota. The legal opinion will be printed can 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. -onsideration of Bids All bids must be sealed and mailed or delivered to the undersigned so as to be received before the time stated above, and will then be publicly opened and tabulated and submitted to the Village Council at 7 : 30 o ' clock P .M. for consideration and action thereon . Each bid must be unconditional 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 there- with. The bid offering 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 for principal) will be deemed the most favorable . No oral bid and no bid of less than $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 Hall 8950 Eden Prairie Road Eden Prairie, Minnesota 55343 Further information may be obtained from the Village of Eden Prairie. Telephone : 61.2-941-2262, or Ehlers & Associates : 612-339-8291 . t j -3- =- r 3 . The preceding shall constitute the terms and conditions for the sale and issuance of the bonds . Paul R. Redpath, Mayor ATTEST : John D. Frane, Clerk SEAL The motion for the adoption of the foregoing resolution was duly seconded by Member Councilman Boergern and upon vote being taken thereon , the following voted in favor thereof: Mayor Paul Redpath, Councilmen John McCulloch, Wolfgang Penzel , Roger Boerger and Councilviman Joan Meyers. and the following voted against the same : whereupon the resolution was declared my passed and adopted, and was signed by the Mayor and attested by the Village Clerk .