08-22-1945 VCM - Laserfiche WebLink

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SPECIAL MEETING VILLAGE OF ELK RIVER COUNCIL MEETING August 22, 1945 Pursuant to due call and notice thereof a special meeting of the Village Council of the Village of Elk River, Minn. was duly held at the Municipal Building in the Village on August 22, 1945 at 8:15 o’clock a.m. The following members were present: Mayor Glenn Davidson, V.B. Skellenger, Elmer Leger, H.A. Briggs and the following resolution and moved its adoption: A Resolution Providing for the sale of Electric System Bonds. Be it Resolved by the Village Council of the Village of Elk River, Minnesota as follows: 1. This Council shall meet at the time and place specified in the form of notice hereinafter set forth for the purpose of receiving bids for the $70,000 Electric System Bonds described in said form of notice and to tale such further action in respect to said bonds and system as may then be found necessary or advisable. The Village Clerk is authorized and directed to give notice thereof by causing a notice to be published in the official newspaper once each week for two successive weeks, the first publication to be not less than 14 and the second not less then 7 days before said meeting. 2. Said notice shall be in substantially the following form: Notice of Bond Sale. Notice is hereby given that the Village Council of Elk River, Minn., will meet the Municipal Building in said Village on Sept 6, 1945 at 8:00 o’clock P.M. (according to time commonly referred to as Central War Time, being that defined in Acts of Congress now in force and effect) for the purpose of opening and considering bids for, and awarding the sale of, $70,000 principal amount of general obligation Electric System Bonds of the Village. Said Bonds will be dated Sept. 1, 1945, will be 70 in number and in denomination of $1,000 each and will mature serially on Jan. 1, in the years and amounts as follows: $5,000 in each of the years 1948 and 1949 and $10,000 in each of the years 1950 to 1955, inclusive, those maturing on or before Jan. 1, 1951, to be without option of prior payment, but those maturing in the years 1952 to 1955 to be each subject to redemption and prepayment at par at the option of the Village in inverse order of maturities on Jan. 1, 1951 and on any interest payment date thereafter. The bonds will bear interest at a rate or rates specified by the successful bidder, payable July 1, 1946 and semiannually thereafter. Principal and interest will be payable at any suitable bank or trust company in the limited States designated by the successful bidder. The Village will furnish the printed and executed bonds and the approving legal option of Dorsey, Calman, Barker, Scott and Barber of Minneapolis, Minn., both without cost to the purchaser, and delivery thereof will be made as soon as the bonds can be made ready and in any event within 40 days of acceptance of bids. Sealed bids marked “Bid for $70,000 Bonds” may be sent to the undersigned for opening at said meeting. Oral, auction bids will not be received. Each bid must be unconditional and