08-22-1945 VCM
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
accompanied by a certified check or cashier’s check payable to J.H. Daly, Village Treasurer, in
the amount of $1,400, to be forfeited as liquidated damage in case the bid be accepted and the
bidder fails to comply therewith. No bid of less than par and accrued interest will be considered
and this Village reserves the right to reject any and all bids.
Bidders are required to specify the desired interest rate or rates in integral multiples of ¼ or
1/10 of 1%. Bids will be preferred first according to the lowest interest cost computed to the
maturity date, at the coupon rate or rates designated in the bid, and in case of a tie on such basis,
then according to the higher amount of premium stated in the bid.
Dated at Elk River, Minnesota, Aug. 22 1945
By order of the Village Council.
H.A. Briggs, Village Clerk
3. Each and all of the terms and provisions of the foregoing form of notice are hereby adopted as
the terms and provisions of said bonds and the sale thereof.
Adopted August 22, 1945 Signed by G.B. Davidson, President
Attest:
H.A. Briggs, Village Clerk
The motion for the adoption of said resolution was duly seconded by member Leger and the
following voted in favor thereof: Davidson, Leger, Briggs, Skellenger and the following voted
against the same: none. Wherefore said resolution was declared duly adopted and was signed and
attested by the President and Clerk.
On motion meeting adjourned.
H.A. Briggs
Village Clerk