12-09-1959 VCM SPECIAL
VILLAGE OF ELK RIVER COUNCIL MEETING
December 9, 1959
A special meeting was held at the Village Hall on Dec 9, 1959 at 7:30 o’clock P.M.
Members present:
Henry Johnson, Mayor; G.R Bergerson, August Meyer, Trustees; H.A. Briggs, Clerk
Member Bergerson introduced the following written resolution and, after it had been read in full,
moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE OF MUNICIPAL BUILDING REVENUE
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
contained for the purpose of opening and considering sealed bids for, and awarding the sale
of, $85,000 of Municipal Building Revenue Bonds of said Village to be issued in accordance
with said form of notice and the authorizing resolution therein referred to, which will be
adopted upon award of sale of said bonds.
2. The Clerk is hereby authorized and directed to cause notice of the time, place and purpose
of said meeting to be published once at least 10 days in advance of said meeting in the
Sherburne County Star News, the official newspaper of the Village, and once at least 10 days
in advance of said meeting in the Commercial West, a periodical published in a city of the
first class, giving financial news, and of general circulation throughout the state, which
notices shall be in substantially the following form:
NOTICE OF SALE $85,000 MUNICIPAL BUILDING REVENUE BONDS
VILLAGE OF ELK RIVER, SHERBURNE COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that the Village Council of the Village of Elk River,
Minnesota, will meet at the Municipal Building in said Village on Wednesday, December 30,
1959, at 8:00 o’clock P.M. to receive, open and consider sealed bids for the purchase of
$85,000 Municipal Building Revenue Bonds of said Village, to be issued for the purpose of
providing moneys to remodel and furnish a municipal liquor store building. Said bonds will
be special obligations of the Village, payable solely from the net revenues of its municipal
liquor store, as a first lien and charge thereon, and subject to the terms and provisions of the
authorizing resolution to be adopted by the Village Council on December 30, 1959. Said
bonds will be dated as of January 1, 1960, will bear interest at a rate or rates to be designated
by the successful bidder, payable on January 1, 1960, and semiannually thereafter on July 1
and January 1 of each year, and will mature serially on January 1 in the amount of $5,000 in
each of the years 1962 through 1972 and $10,000 in each of the years 1973 through 1975,
bonds of said issue maturing in 1971 and later years being each subject to redemption in
inverse order of serial numbers at the option of the village, on January 1, 1970, and any
interest payment date thereafter, at par and accrued interest plus a premium of $40 for each
bond redeemed, and the bonds maturing in the years 1974 and 1975 being also redeemable
on January 1, 1964, and any interest payment date thereafter at a price of par and accrued
interest plus a premium of $50 for each bond redeemed prior to January 1, 1970. 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 40 days after award of sale, the printed and executed bonds and the unqualified
approving legal opinion of Messrs. Dorsey, Owen, Scott, Barber & Marquart, of
Minneapolis, Minnesota. Delivery will be made without cost to the purchaser at Minneapolis
or St. Paul, Minnesota or elsewhere at the purchaser’s expense.
Sealed bids marked “Bid for Municipal Building Revenue Bonds” may be mailed or delivered
to the undersigned Clerk, 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 the legality
of the bonds and conformity thereof with provisions of the authorizing resolution, in which
respects bids may be conditioned upon the opinion of the above attorneys. Each bid must
be accompanied by a cashier’s or a certified check or bank draft in the amount of $1,700
payable to the “Village Treasurer of Elk River, Minnesota”, to be retained by the Village as
liquidated damages in case the bid be accepted and the bidder fails to comply therewith.
Bids will be preferred according to the lowest net interest cost; total amount of interest
payable to the stated maturity dates of the bonds at the coupon rate or rates specified by the
bidder, less the amount of any premium offered. Interest rates must be stated in integral
multiples of ¼ or 1/10 of 1 cent per annum. No bid of less than par and accrued interest
will be considered, and the Council reserves the right to reject any and all bids and to waive
any informality in any bid.
Dated December 9, 1959.
BY ORDER OF THE VILLAGE COUNCIL
H.A. Briggs, Village Clerk, Elk River, Minnesota
3. Each and all of the terms and provisions of the foregoing form of notice are hereby adopted
as the terms and conditions of said bonds and of the sale thereof.
The motion for the adoption of the foregoing resolution was duly seconded by Member Briggs and
upon vote being taken thereon, the following voted in favor thereof:
And none voted against the same, whereupon said resolution was approved and signed by the
Mayor, and his signature attested by the Village Clerk, and said resolution was then declared to be
duly passed and adopted.
STATE OF MINNESOTA
COUNTY OF SHERBURNE
I, the undersigned, being duly qualified and acting Village Clerk of the Village of Elk River,
Minnesota, hereby attest and certify that
(1) As such officer, I have the legal custody of the original record from which the attached and
foregoing extract was transcribed;
(2) I have carefully compared said extract with said original record;
(3) I find said extract to be a true, correct and complete transcript from the original minutes of a
meeting of the Village Council of said Village held on the date indicated in said extract,
including any resolutions adopted at such meeting, insofar as they relate to the issuance of
Municipal Building Revenue Bonds of said Village; and
(4) Said meeting was duly held, pursuant to call and notice thereof as required by law.
th
WITNESS my hand officially as such Village Clerk, and the seal of said Village, this 9 day of
December, 1959.
H.A. Briggs, Village Clerk
(SEAL)
Motion by Bergerson and second by Meyer that Gohmen Co is determined the lowest bidder for the
General Contractor on the liquor store building. Motion carried.
Motion by Briggs and second by Meyer to authorize clerk to return all bids and checks of all bidders
except lowest and next lowest bids. Carried.
Motion by Meyer and second by Bergerson to authorize architect Mosse to make up contracts for
different parts of construction on liquor store building. Carried.
Upon motion by Bergerson and second by Briggs, Dec 30, 1959 was set as the date to open bids for
sale of bonds for liquor store remodeling. Carried.
Meeting adjourned.
H.A. Briggs
Village Clerk