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TYPE OF BID: <br />_j ftV�� h <br />Mr. Char1M J. SaImUs <br />legal opinion will be paid by <br />issuer and delivery will be any- <br />where in the continental United <br />States without cost to the pur- <br />chaser. Legal opinion will be <br />printed on the bonds at the <br />request of the successful bidder. <br />Sealed bids of not less than <br />$77,815 and accrued interest <br />on the principal sum of $79,000 <br />from date of bonds to date of <br />delivery must be filed with the <br />undersigned prior to the time of <br />sale. Bids must be unconditional <br />except as to legality. A certified <br />or cashier's check in the amount <br />of $1,580, payable to the order <br />of the Treasurer of the issuer must <br />accompany each bid, to be forfeited <br />as liquidated damages if bidder <br />fails to comply with accepted <br />bid. Bids for the bonds should <br />be addressed to: <br />Village Clerk - Village Hall - <br />Elk River, Minnesota.55330. <br />RATES: Determined by successful bidder. <br />Must be in integral multiples of <br />1/20th of 1%. No restriction is <br />placed upon the number of rates, <br />except no rate and combination <br />of rates may exceed 7% per annum. <br />All bonds of the same maturity <br />bear a single basic rate of interest <br />from date of issuance to maturity. <br />The basic rate of interest applicable <br />to any bonds may not be lower than <br />the basic rate applicable to bonds <br />having an earlier maturity date. <br />Additional interest coupons may <br />not be used. <br />AWARD: Award will be made solely on the <br />basis of lowest dollar interest <br />cost, determined by addition of <br />any discount to and deduction of <br />any premium from the total interest <br />on all bonds from their date to <br />their stated maturity. The net <br />effective .average rate of the <br />issue may not exceed 7% per annum. <br />