HomeMy WebLinkAbout02-07-56 SM _ _
I _ February 7. 1956
A special meeting of the Board was called to ox3er at 9:00 P.M, by Chairman
Luebben. All members of the Board were present.
Luebben moved, %aeder seconded, that the following resolution be adopted:
°RESOLVED; That the First State Bank of Saint Paul be andxs hereby designated,
a depository of this Town,. and funds deposited in said bank maybe withdrawn by
check when signed by Lawrence S. Olson, Treasurer and by the other two following
officerec
Chairman
Treasurer
Clerk
I
Ayes - all
O,Mara moved, seconded by Luebben, that the following resolution be adopted:
~ RpSOLtJTION PROVIDING FOR THE PUBLIC SALE
OF $18,000.00 BUILDING BONDS OF 1956
BE IT .RESOLVED by ,the ,Town Board of the Town of New Canada, Ramsey County,
I Minnesota, as follows:
1. The Board shall meet at the time and place specified in the form of notice
hereinafter contained for the purpose of receiving and considering sealed bids for i
( and awarding the sale of $18,000.00 Building Bonds of 1956 said Town.
12. The Clerk is hereby authorized and directed to cause notice of the time,
place and purpose of safil meeting to be published once at least ten days prior to
the date of sale in the official newspaper of the Town and in .the Finance and
3 Commerce, which notice sYaall be in substantially the following foam:
NOTICE OF BOND SALE
$18,000.00
F
3 _
TOWN OF NEW CANADA, RAMSEY COUN^tY, MINNESOTA
BUILDING BONDS OF 1956
Sealed bids will be received by the Town Board of tho Toum of New Canada,
Ramsey Covnty, Minnesota, at The Town Hall, 1900 Clarence Street, in said Town
on Thursday, February 23, 1956, at 8:00 o~clock P.M., at which time they will
~ be publicly openod and announced, for the purchase of $18,000.00 Building Bonds
of 1956 of said Town. The bonds will be dated March 1, 1956 and will mature
serially in the years and amounts as follows: $1,000.00 in each of the years
~ 1958 and 1959; $2,000.00 in each of the years 196fl to 1964, both inclusive; and
$3,000,00 in each of the years 1965 and 1966, all without option of prior payment.
The bands wi~.I. be issued in bearer form with coupons attached and will be
payable as to both principal and interest at any suitable bank designated by the .
successful bidder.
_ _ _
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Each bid must specify in multiples of 1~~4 or 110 of l~ a rats or ,rates of
interest not in excess of b~O par annum, which interest will be payable March 1, 1957
and semi-annually thereafter on September 1 and March of each year.
Bids will be preferred according to the lowest net interest coat (total dollar
amount of interest payable to the stated maturity dates at the coupon ,rates or rate
~ specified, less the amount of any .premium offered). No bid of less than par and
accrued interest will be considered and the Town reserves the right to reject ax4y
and all bids, and to waive informalities.
The successful bidder w311 be furnished without coat the printed bonds and the
approving ,legal opinion of Briggs, Gilbert, Morton, Ryle Fc Ma;cartney to the effect
that the bonds are valid and binding general obligations of the Town.. The bonds
w311 be delivered to the purchaser within 40 days from the date of sale without cost
for delivery if delivered at the Town of New Canada, or the City of St. Paul or
Minneapolis, Minnesota. A11 bids must be unconditional except as to legality, which
may be conditioned upon the opinion of the aforesaid attorneys and must be aceempanied
by a cashier's check, bank draft or certified check in the amount of $200.00 payable
to the Town, to be forfeited as liquidated. damages in the event the bid is accepted
and ~;he bidder shall fail to comply therewith.
Said bonds will be general obligations of the Town for the payment of which
the full faith and credit and taxing powers of the Town shall be pledged. Said
bonds are to be issued for the purpose .of providis~ funds fox the construction of
a building to house administrative offices and for other general purposes of the
'Town government.
Proposals should be addressed to Forrest Schmid at 1900 Clarence Street, St.
Paul 1~, Minnesota and enclosed in a sealed envelope marked on the .outside "Bid
for $18,000.00 Town Building Bonds of 1956•°
I ~i ,
Town Clerk ~
Dated February nth, 1956.
3. Each of the terms and provisions of tho foregoing Notice of Sale aro
adopted, ratified and made a part hereof.°
< ~ ~ ~ Ayes ^ ,all < ,
Meeting adjourned ZO;30 P.M.
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