HomeMy WebLinkAboutWater & Sanitary Sewer Improvement Bonds PROSPECTUS
Village of Oak Park Heights, Minnesota
(Washington County)
$500,000
GENERAL OBLIGATION
WATER & SANITARY SEWER IMPROVEMENT BONDS OF 1968
DATE AND TIME PLACE OF
OF SALE SALE
Wednesday, January 17, 1968 Village Hall
8:00 p.m. Village of Oak Park Heights
P.O. Rt. 1, Stillwater, Minn.
JURAN & MOODY, INC.
MUNICIPAL BONDS EXCLUSIVELY
SAINT PAUL, MINNESOTA 55101
NOTICE OF SALE
$500,000 WATER AND SANITARY SEWER IMPROVEMENT BONDS OF 1968
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
NOTICE IS HEREBY GIVEN that the Village Council of the Village of
Oak Park Heights, Washington County, Minnesota, will meet at the Village
Hall in said Village on Wednesday, the 17th day of January, 1968, at 8:00
o'clock P.M. to open, receive and consider sealed bids for and award the
sale of $500,000 general obligation Water and Sanitary Sewer Improvement
Bonds of 1968 of said Village, to be issued under authority of Chapter
429, Minnesota Statutes, for the purpose of constructing a municipal water
and sewer system. Said bonds will be dated February 1, 1968, each in the
denomination of $1,000 or $5,000, whichever may be specified by the pur-
chaser within 48 hours after award of sale, will bear interest at a rate
or rates to be designated by the successful bidder, expressed in integral
multiples of 1/20 of 1% per annum, payable on September 1, 1968, and
semiannually thereafter on March 1 and September 1 of each year, and said
bonds will mature serially on September 1 in the amount of $5,000 in each
of the years 1971 through 1974, $10,000 in each of the years 1975 through
1979, $20,000 in each of the years 1980 through 1988, and $25,000 in each
of the years 1989 through 1998. Bonds of said issue maturing in the years
1979 through 1998 will each be subject to redemption at the option of the
Village on September 1, 1978, and any interest payment date thereafter,
at a price of 102% of par value plus accrued interest for any bond redeemed
before September 1, 1988, or 101`k of par plus accrued interest for any
bond redeemed on or after September 1, 1988, but before September 1, 1993,
or par plus accrued interest for any bond redeemed on or after September
S 1, 1993. Principal and interest will be made payable at any suitable
national or state bank in the United States designated by the successful
bidder. The Village will furnish, without cost to the purchaser and within
forty days after award of sale, the printed and executed bonds and the
unqualified approving legal opinion of Messrs. Dorsey, Marquart, Windhorst,
West $ Halladay, of Minneapolis, Minnesota. Delivery will be made without
cost to the purchaser anywhere in the continental United States.
Sealed bids marked "Bid for $500,000 Bonds" may be mailed or
delivered to the undersigned and must be received prior to the time of
said meeting. Oral auction bids will not be considered. Each bid must
be unconditional except as to legality, in which respect bids may be con-
ditioned upon the opinion of the above attorneys, and must be accompanied
by a cashier's or certified check or bank draft in the amount of $10,000,
payable to the Village Treasurer, to be retained by the Village as liquidated
damages if the bid is accepted and the bidder fails to comply therewith.
All bonds having the same maturity date shall bear interest at the same
basic rate, which shall be uniform from date of issue to maturity. The
basic rate applicable to any bond shall not be lower than the basic rate
applicable to any earlier- maturing bond. Bids may provide that some or
all of the bonds shall bear interest at an additional rate for part of
their term, interest at such additional rate to be represented by a separate
set of "B" coupons and not to exceed $10,000 in amount. The bid offering
the lowest net interest cost (interest payable from date of issue to
stated maturities at the interest rate or rates specified, less any
cash premium) will be deemed the most favorable. No bid of less than
par will be considered, and the Council reserves the right to reject
any and all bids, and to waive any informality in any bid.
Dated January 6, 1968.
BY ORDER OF THE VILLAGE COUNCIL
KEN HEUER
Village Clerk
Oak Park Heights, Minnesota
Further information may be obtained from:
JURAN $ MOODY, INC.
114 East 7th Street
St. Paul, Minnesota 55101
612 - 224 -9661
BIDS MAILED OR DELIVERED TO JURAN 6 MOODY, INC., TO REACH THEM
BY 4:00 P.M., JANUARY 17, 1968, WILL BE PRESENTED AT THE MEETING.
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
VILLAGE OFFICIALS
Raymond N. Johnson Mayor
Lester Bell Councilman
Bennell Draxton Councilman
Lloyd Larson Councilman
George Monty Councilman
Ken Heuer Village Clerk
Donald M. Oelke Treasurer
PROFESSIONAL SERVICES
Eckberg 4 Lammers Village Attorney
Stillwater, Minnesota
Dorsey, Marquart, Windhorst, West $ Halladay Bond Counsel
Minneapolis, Minnesota
Bonestroo, Rosene, Anderlik $ Associates Consulting Engineer
Saint Paul, Minnesota
Juran $ Moody, Inc. Financial Consultant
Saint Paul, Minnesota
NEW ISSUE SELLING WEDNESDAY, JANUARY 11, 1968, 8:00 P.M.
$500,000
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
(Washington County)
General Obligation Water & Sanitary Sewer Improvement Bonds of 1968
DATED February 1, 1968.
DUE: September 1, 1971 -98.
DENOMINATION: $1,000 or $5,000 per bidder's request.
INTEREST PAYABLE_: September 1, 1968, and March 1 and September 1
thereafter.
PAYING AGENT: Suitable bank to be designated by purchaser.
MATURITY SCHEDULE
Amount Matu&Uo Amount MaxuAita
$ 5 9 -1 -71 $20,000 9 -1 -85/78
5,000 9 -1 -72 20,000 9 -1 -86/78
5,000 9 -1 -73 20,000 9 -1 -87/78
5,000 9 -1 -74 20,000 9 -1 -88/78
10,000 9 -1 -75 25,000 9 -1 -89/78
10,000 9 -1 -76 25,000 9 -1 -90/78
10,000 9 -1 -77 25,000 9 -1 -91/78
10,000 9 -1 -78 25,000 9 -1 -92/88
10,000 9 -1 -79/78 25,000 9 -1 -93/78
20,000 9 -1 -80/78 25,000 9 -1 -94/78
20,000 9 -1 -81/78 25,000 9 -1 -95/78
20,000 9 -1 -82/78 25,000 9 -1 -96/78
20,000 9 -1 -83/78 25,000 9 -1 -97/78
20,000 9 -1 -84/78 25,000 9 -1 -98/78
Optional bonds callable inversely September 1, 1978, at 102; September
1, 1988, at 101; September 1, 1993, at 100.
LEGAL OPINION: Dorsey, Marquart, Windhorst, West $ Halladay
Minneapolis, Minnesota.
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FINANCIAL STATEMENT
ACTUAL VALUATION ..................... ...................$
FULL $ TRUE VALUE ........ ............................... 7,373,744 (1)
ASSESSED VALUATION ....... ............................... 2,592,113)
GENERAL OBLIGATION BONDS (Including This Issue) ......... 1,400,000
OVERLAPPING DEBT ......... ............................... 1,073,851
TAX COLLECTIONS (1963 -64 levies) 99.61
(1) The new Northern States Power Company's Allen S. King Steam-
' Electric Generating Plant is located within the Village of
Oak Park Heights on a site that totals 180 acres. The Unit
#1 nameplate rating of this plant is 550,000 kilowatts and
the expected maximum capability is 610,000 kilowatts. The
original estimate of the cost of Unit #1 was $68,300,000;
however, company officials have now revised estimates upward
to approximately $76,000,000. The full impact that this �Z �i3
valuable utility property will have on the Valuation of the
Village is not fully known at this time. Of the Village's
Assessed Valuation shown here, $1,899,800 is Northern States
Power Co. property and is based on approximately 1/3 completion
of the new plant. The plant is to begin test operations in
February and full operation is scheduled for March. The
Valuation figures shown here are the preliminary 1967 figures
of the County Auditor and are subject to State certification.
Past experience has indicated that variances in the final
figures are usually minor. The Actual Valuation shown here is
our estimate based on the 1967 Full $ True Value and 33 1/3 %.
The Assessed Valuation figure includes $14,797 of personal
property exempted from taxes. This exemption is allowed by a change
in the tax law brought about by the 3% sales tax enacted by the
1967 Minnesota Legislature. Oak Park Heights is scheduled to receive
approximately $4,771 as its allocation of sales tax revenue to
compensate for this exemption. A percentage of this revenue may
be used for debt service on outstanding general obligation bonds.
ViZtage Paput Anon: Present Estimate - 1,400
1960 U.S. Census - 332
Diuct Debt Includinq OveAtap
Ratio to Actual Valuation 6.32% 11.17%
Per Capita $1,000 $1,767
The above ratios and debt -per- capita figures are based on the 1967
Estimated Actual Valuation and the present estimated population
including all annexations to date. They do not reflect the pos-
sible increased valuation to be realized from Northern States Power
Company's property and plant, or proposed future annexations.
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i
NOTE: The plant presently under construction is called Unit #1
because Northern States Power Company does consider the
construction of another unit a possibility. The 180 acres owned
by Northern States Power Company is large enough for construction
of Unit #2 if and when there is a need for additional facilities
at this location. The changing demands for power, and several
other factors, does not allow an opinion from Northern States
Power Company officials concerning the possibility of Unit #2
becoming a reality.
1961 PROPERTY VALUATIONS:
Futt S Tnue Vaeu.e Taxab.ee. 6 A6a e6a ed VaQu.a ti,on
Real Estate $6,929,633 $2,422,437
Personal Property 399,527 154,879
Total Taxable Assessed 7,329,160 2,577,316 (1)
Personal Property (exempt) 44,584 14,797 (2)
Total Assessed Valuation $7,373,744 $2,592,113 (3)
(1) To which Mill Rates are applied.
(2) Industrial and Commercial Property exempted from taxation for which
the Village receives allocation of sales tax revenue.
(3) Includes $1,899,800 of Northern States Power Company's valuation.
The new plant was only about 1/3 complete when this valuation was
determined.
ASSESSED VALUATION TREND:
1967 $2,592,113
1966 937,717
TAX COLLECTIONS:
Year of Levy 1964 1965 1966 1967
Amount of Levy $4,501.96 $4,502.20 $16,775.76 $46,108.18
Amount Collected in
the following year 4,498.12 8,916.06* - - - -- Payable
in
Total amount collected
to October 31, 1967 4,498.12 8,916.06 17,600.35* 1968
* Oak Park Township annexed to Oak Park Heights during 1965.
-3-
MILL RATES:
1965 1966 1967
STATE
Homestead 18.32 Mills 17.14 Mills (1)
Non - Homestead 18.42 Mills 17.24 Mills
COUNTY 71.60 Mills 69.30 Mills 68.55 Mills
VILLAGE 17.89 Mills 17.89 Mills 17.89 Mills
SCHOOL
I.S.D. #834 Non -ag 187.62 Mills 164.55 Mills 189.50 Mills
I.S.D. #834 Ag 162.62 Mills 139.55 Mills 164.50 Mills
1 Eliminated by the new Sales Tax Law.
OVERLAPPING DEBT:
Taxable In Pen Cent Bonded ViUage'a
I.aauen Vatuati.on Vi.?&ge Appti.cabte Debt Shane
Washington Co. $45,096,962 $2,592,113 5.75% (1) ------
I.S.D. #834 16,769,421 2,592,113 15.46% $6,946,000 $1,073,851
TOTAL OVERLAPPING DEBT ........... $1,073,851
(1) Washington County has no general obligation debt. The County does,
however, have $535,000 State -Aid Road Revenue Bonds outstanding,
payable solely from State -Aid allotments.
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i
THESE B ONDS , in the opinion of counsel, constitute legal and binding
• general obligations of the Village of Oak Park Heights,
Minnesota, payable from unlimited ad valorem taxes on all property
within the Village.
PURPOS AND AUTH Water and sanitary sewer system improvements
- -" - have been ordered to serve over one -half of
the Village. The estimated cost of the improvements as initially
ordered was $1,200,000. This estimate was after deducting anticipated
Federal Aid. The Village has been advised that they are eligible for
Federal Aid in an amount of approximately $30,000 which has not yet been
received and funds are included in this issue to cover the Federal Aid
portion. Assessments will not be levied until 1968 and therefore it was
necessary to capitalize the first year's interest on the issue sold in
August, 1967. Street restoration cannot be accomplished until the spring
of 1968 and money is included on a conservative estimate. The Village
issued $900,000 General Obligation Water $ Sanitary Sewer Improvement
Bonds in August of 1967 to finance work under contract at that time.
Therefore, the total amount conservatively estimated to complete the
improvement at this time is $500,000.
The Water System consists of a deep -well, 250,000- gallon elevated storage
tank, trunks, mains, hydrants, pumps, pumphouse and all other correlated
appurtenances.
The Sanitary Sewer System consists of a sewage treatment facility on
the St. Croix River, interceptor sewers and a collection system of
lateral sewers together with all correlated appurtenances. Street
restoration is also included.
The two systems will presently serve approximately one -half of the
Village with initial connections estimated at 275, and the water trunks
and interceptor sanitary sewers have been designed to eventually serve
the entire Village. In addition, capacity has been provided to serve
the Washington County Court House, one and one -half sections of land
in the Town of Stillwater and eight sections of land in the Town of
Baytown.
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THE VILLAGE OF OAK PARK HEIGHTS lies between the City of Stillwater
• and the Village of Bayport, and con-
tains land on both sides of U.S. Highway 212; at one point extending
westward and south of the highway. The Village was incorporated in
1959, and since that time, has annexed part of Baytown Township so
that it presently contains 1,400 acres. The Village Council is con-
sidering petition requests for further annexation and, if granted,
this would add another 4,500 acres to the Village area. As are
many suburban communities, Oak Park Heights is experiencing commercial
growth from nearby larger communities. In addition to the Northern
States Power Company's plant previously mentioned, the Village offers
business, commercial and service establishments including an auto
supply dealer, a new car dealer, a wood products manufacturing company,
an auto body and u holstery shop, a large and modern office building,
• supper club, hre taverns, a transfer company, several service stations,
• Dairy Queen refreshment stand (to be enlarged to include a restaurant) ,
• funeral home, two animal hospitals and two veterinanians, a memorials
manufacturing company and four apartment buildings. The Sunnyside
Marina is located in the Village and its facilities include 100 boat
slips, high -and -dry storage for boats from 25 feet to 60 feet in length,
complete boat servicing, houseboat rentals and cruiser charters, and
retail sales of both boats and motors.
Most of the commercial development is along Highway 212. It is the
Village's intention to restrict as much new commercial development
to this area as is possible. A shopping center is presently being
• developed in this area by the Oak Park Heights Development Corporation.
Site grading has virtually been completed and construction is planned
for April of 1968. To date, fifteen leases have been signed and re-
turned and will include the following businesses:
Goggins Candy - 1,100 square feet -card shop and retail
market and restaurant outlet.
Red Owl - 9,000 square feet - supermarket and restaurant.
Snyder Bros. Drugs - 9,000 square feet.
V -Store - 12,000 square feet.
Baskin Robbins - 1,000 square feet -ice cream shop.
The Five Company - 3,600 square feet - laundromat.
Barber shop - 570 square feet.
Beauty shop - 1,380 square feet.
Montgomery Wards - 8,052 square feet - catalogue sales.
O.K. Hardware Store - 10,000 square feet - paint, appliances,
hardware, home decorating.
Ronald's Jewelers - 900 square feet.
Liquor store - 1,300 square feet.
Texaco, Inc. - Service Station.
Womens Apparel - 1,575 square feet -dress shop.
Undisclosed - 3,000 square feet.
In addition, the first phase of the shopping center will be constructed
with a provision for approximately 15,000 square feet of space for which
leases have not yet been signed. Developing officials have stated that
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several parties are interested and that this space should be occupied
in the near future. In addition, a free standing building will be
constructed on this site which will be available for rental. Stillwater
Motors (new and used cars, Chevrolet and Oldsmobile) will also be
located at this site.
Long -range plans include a name department store and eight 18 -unit
apartment buildings. A department store has expressed interest and
tentative plans indicate that it would be a reality in 1969 or 1970.
Construction of the apartment complex will depend on growth of the
center. Other proposed developments in this area include a service
station, self - service car wash and an automatic car wash. This will
be the only shopping center of its type in the area, and it is
anticipated that it will draw from the surrounding communities and
from Wisconsin.
Employment opportunities for the residents of the Village are excellent
with the City of Stillwater, the State Prison and Anderson Window
Corporation located within a few minutes' driving time of the Village.
The Twin Cities, of course, are also easily accessible and many area
residents are employed there.
The Village contains approximately 285 homes, most of which are well
maintained older homes. Some sections of the Village have newer
homes interspersed with one area of approximately 40 new homes ranging
in price from $20,000 to $30,000. This area is expected to grow with
• water and sewer facilities having been added.
Educational facilities are provided by Independent School District No.
834, Stillwater. Both the School District and the City of Stillwater
have Moody's Investors Service and Standard and Poor's ratings of "A ".
IN SUMMARY: With the Village's location and proximity to the metropolitan
areas, together with the growing tax base, it appears that
the Village will experience its share of residential and commercial growth.
ALL INFORMATION CONTAINED HEREIN, WHILE NOT GUARANTEED,
. HAS BEEN COMPILED FROM SOURCES BELIEVED TO BE RELIABLE.
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NORTHERN STATES POWER PLANT
(Undeh Co"t4uet i.on )
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ARCHTTECT'S RENDEP.TNG OF COMPLETE'O
NORTHERN STATES POWER PLANT
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SUNNYSIDE MARINA
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OFFICE BUILDING 6 SERVICE STATION
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ANIMAL HOSPITAL
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Area Homes
APARTMaT C PLEX
$500,000
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
GENERAL OBLIGATION WATER 6 SANITARY SEWER IMPROVEMENT BONDS OF 1968
CUMULATIVE BOND VEARS AND WORKSHEET
Cumutafiive
Amount VeoA Bond Ve" Bond VeaA6
$5,000 1971 17.916 17.916
5,000 1972 22.917 40.833
5,000 1973 27.917 68.750
5,000 1974 32.917 101.667
10,000 1975 75.833 177.500
10,000 1976 85.833 263.333
10,000 1977 95.834 359.167
10,000 1978 105.833 465.000
10,000 1979 115.833 580.833
20,000 1980 251.667 832.500
20,000 1981 271.667 1,104.167
20,000 1982 291.666 1,395.833
20,000 1983 311.667 1,707.500
20,000 1984 331.667 2,039.167
20,000 1985 351.666 2,390.833
20,000 1986 371.667 2,762.500
20,000 1987 391.667 3,154.167
20,000 1988 411.666 3,565.833
25,000 1989 539.584 4,105.417
25,000 1990 564.583 4,670.000
25,000 1991 589.583 5,259.583
25,000 1992 614.584 5,874.167
25,000 1993 639.583 6,513.750
25,000 1994 664.583 7,178.333
25,000 1995 689.584 7,867.917
25,000 1996 714.583 8,582.500
25,000 1997 739.583 9,322.083
25,000 1998 764.584 10,086.667
AVERAGE MATURITY: 20.173 Years.
BONDS DATED: February 1, 1968.
INTEREST PAVMENTS: September 1, 1968, and March 1 and September 1
thereafter.
CALL FEATURE: Bonds maturing September 1, 1979, and thereafter,
are callable inversely September 1, 1978, at 102;
September 1, 1988, at 101; September 1, 1993, at
100.
BID Sealed bids only for not less than par. Good faith
check for $10,000 must accompany bid.
RATES Each bid mist specify in multiples of 1/20 of 1% a
rate or rates not to exceed 6% per annum. No bond
may bear interest at a basic rate which is lower
than the basic rate borne by any earlier maturing
bond. Additional interest coupons are permitted and
may not exceed $10,000.
BID FORM
Dated:
Honorable Village Council
Village of Oak Park Heights
Oak Park Heights, Minnesota
• We offer for all or none of your $500,000 General Obligation Water and
Sanitary Sewer Improvement Bonds of 1968 described in the Notice of Sale,
the terms of which are made a part of this offer: Par ($500,000) and
accrued interest from date of bonds to date of delivery to us, plus a
cash premium of $ for bonds maturing and bearing interest
at the annual rate, as follows:
% per annum on bonds maturing September 1, 19 —thru 19—
% per annum on bonds maturing September 1, 19— thru 19 —
% per annum on bonds maturing September 1, 19— thru 19 —
% per annum on bonds maturing September 1, 19— thru 19—
% per annum on bonds maturing September 1, 19 —thru 19—.
% per annum on bonds maturing September 1, 19— thru 19—
Plus additional interest to be evidenced by extra coupons on
bonds at the annual rate of for the period
,to Bonds will be issued in
the denomination of $_,000 and will be payable at (Bank)
,. This bid is for
prompt acceptance and subject to our being furnished with the unqual-
ified approving legal opinion stated in the Notice of Sale, together
with the printed and executed bonds, without expense to us, within 40
days after award or at our option thereafter. Delivery will be made
at
Special Instructions - See Over
Account Members
Account Manager
By:
Accepted for the addressee this day of 19
By:
Mayor
Attest:
Clerk
---------------------------------------------------------------
We compute our total net interest cost to be $
for a net interest rate of %. We compute our
additional interest coupons as follows: First Coupon $
Others $ • Total Amount $ These computations
are not a part of this offer.
It is not necessary to use this form; however, any bid must comply with
the terms stated in the Notice of Sale.
Please Submit Bid in Duplicate
Special Instructions
Sale results will be furnished bidders at 8:30 A.M. on day after
sale. If results are desired immediately, complete the following:
Contact:
Telephone No.:
--------------------------------------------------------------------------
The undersigned hereby acknowledges receipt for the good faith check
in the amount of $10,000 to be returned to the unsuccessful bidder.
By:
Dated-
BID FORM
Dated*
Honorable Village Council
Village of Oak Park Heights
Oak Park Heights, Minnesota
We offer for all or none of your $500,000 General Obligation Water and
Sanitary Sewer Improvement Bonds of 1968 described in the Notice of Sale,
the terms of which are made a part of this offer: Par ($500,000) and
accrued interest from date of bonds to date of delivery to us, plus a
cash premium of $ for bonds maturing and bearing interest
at the annual rate, as follows:
% per annum on bonds maturing September 1, 19— thru 19—
% per annum on bonds maturing September 1, 19 —thru 19—
% per annum on bonds maturing September 1, 19— thru 19 —
% per annum on bonds maturing September 1, 19— thru 19—
% per annum on bonds maturing September 1, 19 —thru 19—.
% per annum on bonds maturing September 1, 19 —thru 19—.
Plus additional interest to be evidenced by extra coupons on
bonds at the annual rate of A for the period
to Bonds will be issued in
the denomination of $_,000 and will be payable at (Bank)
.. This bid is for
prompt acceptance and subject to our being furnished with the unqual-
ified approving legal opinion stated in the Notice of Sale, together
with the printed and executed bonds, without expense to us, within 40
days after award or at our option thereafter. Delivery will be made
at '
Special Instructions - See Over
Account Members
Account Manager
By:
Accepted for the addressee this day of 19
By:
Mayor
Attest:
Clerk
--------------------------------------------------------------------
We compute our total net interest cost to be $
for a net interest rate of A. We compute our
additional interest coupons as follows: First Coupon $
Others $ • Total Amount $ These computations
are not a part of this offer.
It is not necessary to use this form; however, any bid must comply with
the terms stated in the Notice of Sale.
Please Submit Bid in Duplicate
Special Instructions
Sale results will be furnished bidders at 8:30 A.M. on day after
sale. If results are desired immediately, complete the following:
Contact:
Telephone No.:
--------------------------------------------------------------------------
The undersigned hereby acknowledges receipt for the good faith check
in the amount of $10,000 to be returned to the unsuccessful bidder.
By:
Dated:
t
BID FORM
Dated:
Honorable Village Council
Village of Oak Park Heights
Oak Park Heights, Minnesota
• We offer for all or none of your $500,000 General Obligation Water and
Sanitary Sewer Improvement Bonds of 1968 described in the Notice of Sale,
the terms of which are made a part of this offer: Par ($500,000) and
accrued interest from date of bonds to date of delivery to us, plus a
cash premium of $ for bonds maturing and bearing interest
at the annual rate, as follows:
% per annum on bonds maturing September 1, 19— thru 19 —
% per annum on bonds maturing September 1, 19.—thru 19—
% per annum on bonds maturing September 1, 19— thru 19 —
% per annum on bonds maturing September 1, 19— thru 19—
% per annum on bonds maturing September 1, 19 —thru 19—
% per annum on bonds maturing September 1, 19 —thru 19—
Plus additional interest to be evidenced by extra coupons on
bonds at the annual rate of % for the period
to Bonds will be issued in
the denomination of $ —,000 and will be payable at (Bank)
.. This bid is for
prompt acceptance and subject to our being furnished with the unqual-
ified approving legal opinion stated in the Notice of Sale, together
with the printed and executed bonds, without expense to us, within 40
days after award or at our option thereafter. Delivery will be made
at
Special Instructions - See Over
Account Members
Account Manager
By:
Accepted for the addressee this day of 19
By:
Mayor
Attest*
Clerk
------------------- --------------------------------------------- - - - - --
We compute our total net interest cost to be $
for a net interest rate of . %. We compute our
additional interest coupons as follows: First Coupon $
Others $ ; Total Amount $ These computations
are not a part of this offer.
It is not necessary to use this form; however, any bid must comply with
the terms stated in the Notice of Sale.
Please Submit Bid in Duplicate
i
Special Instructions
Sale results will be furnished bidders at 8:30 A.M. on day after
sale. If results are desired immediately, complete the following:
Contact:
Telephone No.:
--------------------------------------------------------------------------
The undersigned hereby acknowledges receipt for the good faith check
in the amount of $10,000 to be returned to the unsuccessful bidder.
By:
f
Dated: