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HomeMy WebLinkAbout19570213_special2/13/57 MINUTES OF THE SPECIAL MEETING OF THE EDINA VILLAGE COUNCIL, HELD IEDNESDAY, FEBRUARY 13, 1957, AT 7:30 PA., AT THE EDINA VILLAGE HALL Pursuant t- due Council was held at the Village Hall at 7:30 ofclock P.M., Wednesday, February 13, 1957. Members answering Rollcall were Dickson, Fronk, Tupa and Bredesen. The Village Clerk presented a proposed form of notice of sale of $2,000,000 general obligation bonds of the Village, prepared as directed by the Council at its meeting February 11, 1957. 311 and notice thereof, a special meeting of the Edina Village Trustee Dickson offered the following Resolution and moved its adoption: RESOLUTION PROVIDING FOR PUBLIC SALE OF $2,000,000 GENERAL OBLIGATION BONDS BE IT RESOLVED by the Council of the Village of Edina, Minnesota: of notice set forth below €or the purpose of opening, receiving and acting upon sealed bids for the purchase of $1,300,000 Improvement Bonds to be issued to finance Sanitary Sewer Improvement No. C-1, as directed by the resolution ordering said improvement adopted January 28, 1957, and $700,000 Park System Bonds to be issued to provide a sum not exceeding $200,000 for the acquisition of a municipal swimming pool and a sum not exceeding $500,000 for the acqui- sition of parks and playgrounds, as authorized by the electors at the special election held February 5, 1957. notice of the time, place and purpose of said meeting to be published forth- with in the Edina-Morningside Courier, the official newspaper of the Village; the Finance and Commerce and the Commerial West, financial newspapers in the City of Minneapolis, Minnesota; and in The Bond Buyer, a financial newspaper published at New York City, New York. 1. This Council shall meet at the time and place fixed in the form 2. The Village Clerk is hereby authorized and directed to cause 3. Said notice shall be in substantially the following form: NOTICE OF SALE $2,000,000 GENERAL OBLIGATION BONDS VILLAGE OF EDINA, HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that the Council of the Village of Edina, Minnesota, will meet at the Village Hall, 4801 West 50th Street, Edina 24, Minnesota, on Monday, February 25, 1957, at 7:30 o’clock P.M., to open, re- ceive and consider sealed bids for and award the sale of general obligation bonds cjf the Village in the aggregate amount of $2,000,000, including $1,300,000 Improvement Bonds to be issued pursuant to Chapter 429, Minnesota Statutes, for the financing of the construction of a trunk sewer and to be payable primarily from special assessments to be levied in connection there- with, and $700,000 Park System Bonds, to be issued pursuant to Chapter 475, Minnesota Statutes, for the financing of the acquisition of parks and play- grounds and a municipal swimming pool, and to be payable primarily from taxes upon all taxable property within the municipality, levied prior to the issu- ance of the bonds. The full faith and credit of the Village will be pledged for the payment of both issues, with interest, and for the levy of any addi- tional taxes necessary for deficiencies. dated as of March 1, 1957, will be issued in denomination of $1,000 each, will bear interest at a rate or rates to be designated by the successful bidder, expressed in integral multiples of 1/4 or 1/10 of 1,”u’ per annum, pay- able September 1, 1957, and semiannually thereafter on March 1 and September 1 of each year, and will be made payable at one or more suitable banking institutions designated by the successful bidder, subject to approval of the Village Council. or agents will be paid by the Village. on March 1 in each of the years 1960 through 1979. The bonds of said issue will each be subject to redemption and prepayment on March 1 two years prior to their respective stated maturity dates, and on any interest payment date thereafter, at par and accrued interest and in order of their serial numbers. The Park System Bonds will mature.serially on March 1 in the years and amounts as follows: through 1966, $30,000 in each of the years 1967 through 1971, $40,000 in each of the years 1972Id;hrough 1976 and $50,000 in each of the years 1977 through 1981; except that those bonds maturing in the years 1977 through 1981 may at the option of the Village be prepaid on March 1, 1976, and any interest payment The bonds of both issues will be The reasonable and customary charges of the paying agent The Improvement Bonds will mature serially in the amount of $65,000 $10,000 in 1960, $15,000 in each of the years 1961 Said bonds will not be subject to redemption prior to maturity, date thereafter, at par and accrued interest and in inverse order of their serial numbers. HA 2/13/57 The Village will furnish without cost to the purchasers the printed and executed bonds of each issue and the approving legal opinion thereon of Idessrs. Dorsey, (hen, Barker, Scott S, Barber, of Minneapolis , hlinnesota, to- gether with the customary certificate evidencing absence of '*threatened or pending litigation affecting the bonds directly or indirectly. be made within 40 days after said date of sale. may be mailed or delivered to the underqigned Village Clerk. Each bid must be received'at her office prior to the time of said meeting and must be un- conditional and accompanied by a cashier's or certified check or bank draft in an amount not less than $40,000, payable to the Treasurer of the Village of Edina, to be retained by the Village as liquidated damages if the bid should be accepted kand the bidder shall fail to comply therewith. Bonds will be preferred on the basis of the lowest net interest cost, computed to the stated maturities of the bonds at the coupon rate or rates specified, with deduction of any premium offered. No bid for less than all of the bonds, and no bid of less than par and accrued interest, will be considered, The Council reserves the right to reject any and all bids, to waive any in- formality in any bid, and to adjourn the sale if deemed expedient. Delivery will Sealed bids marked "Bid for $2,000,000 General Obligation Bonds'' Dated February 13, 1957. BY ORDER OF THE VILLAGE COUNCIL Gretchen S. Alden Village Clerk 4801 Y!est 50th Street Edina 24, hlinnesota 4. Each and all of the terms and provisions of said notice are hereby adopted as the terms and conditions of said bonds and of the sale thereof, as fully as though separately set forth and resolved herein. Motion for adoption of Resolution was se there were four ayes and no nays, as foll aye; and Bredesen, aye; and the Resolutio AlT T: c Village Clerk