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I 7/7/65 <br />RESOLUTION PROVIDING FOR THE PUBLIC SALE: OF <br />$450,000 RECREATION CENTER BONDS <br />BE IT RESOLVED by the Village Council of the Village of Edina, Minnesota, <br />as follows: v, <br />center, including primarily an artificial ice skating facility, have heretofore been <br />approved, and bids for construction of the recreation center have been received in <br />response to an advertisement for bids duly published. <br />betterment of municipal recreational facilities, the Village is authorized by Chapter 655, <br />Laws .1961, to issue its general obligation bonds, pledging also to the payment .of .such <br />bonds revenues to be derived from operation of the recreational facilities and net <br />revenues to be derived from operation of the municipal liquor stores. <br />found, determined and declared that the proposed recreation center constitutes a <br />recreational facility within the meaning of said Chapter 655, and the construction <br />thereof can best be financed by the issuance of bonds pursuant to said Chapter 655. <br />recreation center will be $525,000. <br />available for gayment of such costs the sum of $50,000. <br />sponsoring &construction of the recre.ation center have stated that they will purchase <br />bonds of the Village in the principal amount of .$150,000 to be issued for such purpose <br />if the Village sells to other bidders bonds in the principal amount of $300,000. It <br />is therefore in the best interest ofthe Village that the bonds to be issued should <br />be in two series, Series A in the principal amount of $300,000, and Series B in the <br />principal amount of $150,000. <br />notice hereinafter prescribed fozthe purpose of receiving sealed bids for the purchase <br />of $450,000 principal amount. of bonds to be issued for the purpose dbove described. <br />The Village Clerk is herebx authorized and directed to cause notice of the time, <br />place and purpose of such meeting to be published once in the official newspaper . <br />of the Village and once in the Commercial. West, which publications shall be at <br />least 10 days before the date of said meeting, in substantially the following form: <br />for Recreation Center Bonds." and must be received prior to the time of the meeting <br />stated .above. <br />bids;:may be conditioned upon the approving opinion referred to above, and must. be <br />accompanied by a cashier's check, certified check or bank draft in an amount equal <br />to 2% of the par value ofthe bonds for which the bid is submitted. Each bid must' <br />provide that all bonds of a series maturing on the same date bear interest from date <br />of issue to maturity at the same basic rate, and the maturities of the bonds may be <br />split not more than three ways for the purpose of designating such basic rates. If <br />more than one basic rate is specified for the bonds of a series, $he basic rates <br />must be in ascending order, i.e., the basic rate applicable to later matwing bonds <br />cannot be lower than the basic rate applicable to any bonds of that series having <br />an earlier maturity date. <br />bear additional interest for part or all of their tern, represented by supplemental <br />or "Bt' coupons coming due on the regular interest payment dates, but such additional <br />interest may not exceed 1-1/2% of the par value of the bonds for which the bid is <br />submitted. <br />1/4, or 1/10 of 1% per annumr <br />bond for any portion of its term may exceed 6% per annum. .No oral bid, nor any bid <br />of less than par value and accrued interest, will be considered. <br />reserves the right to reject any and a11 bids and to waive any informality in any <br />bid. <br />1. Plans and specifications for construction in the Village of a recreation . <br />To finance acquisition and <br />I It is hereby <br />2. It is pesently estimated that the total cost of constructing the <br />There-is now on hand in the funds of the Village <br />Residents of the Village <br />3. This Council shall meet at the time and place specified in the form of <br />Each bid must be in writing, enclosed in a sealed envelope marked "Bid <br />Each bid must be unconditional except as to legality, in which respect <br />Bids may provide that some or all of the bonds shall <br />Each interest rate must be expressed in an integral multiple of 1/8, <br />No rate or combination of rates applicable to any <br />The Village <br />BY ORDER OF THE VILLAGE COUNCIL <br />Florence Be Hallberg <br />Village Clerk <br />NOTICE OF SALE <br />$300,000 Recreation Center Bonds, Series A . $150,000 Recreation Center Bonds, Series B <br />Village of Edina, Hennepin County, Minnesota I NOTICE IS HEREBY GIVEN that the Village Council ofthe Village of Edina, <br />Hennepin County, Minnesota, will meet at the Village Hall, 4801 West 50th Street, <br />in said Village, on Monday, August 2, 1965, a$ 7:OO~O~clock P.M., C.D.S.T., to <br />receive, open and consider sealed bids for, and award the saLe of, $450,000 principal <br />amount of negotiable coupon, genegal obligation bonds of the Village, consisting of <br />$300,000 Recreation Center Bonds , Series A, and $150,000 Recreation Center Bonds, <br />Series B. The bonds will be payable primarily from net revenues to be derived from <br />operation of the Recreation Center to be constructed with the bond proceeds, and <br />from net revenues derived from operation of tQe municipal liquor stores, but the full <br />faith, credit and taxing powers of the Village will also be pledged to payment ofthe