NINlJTES GF THE REGULAR MEETING OF THE
<br />MONDAY, JUNE 16, 1975 '
<br />EDINA CITY COUNCIL, HELD AT CITY KALL 'ON
<br />Answering rollcall were Councilmen Courtney, Shaw, Richards and Mayor Van Valken-
<br />co 0 00 f9. W W
<br />TEMPOfCARY IMPROVEMENT BONDS SOLD.
<br />publication in the official newspaper and the Commercial West of notice of call
<br />for bids on $1,000,000 Temporary improvement Bonds of the City, for which bids
<br />were to be received at this meeting in accordance with the resolutioii adopted by .
<br />the Council on May 19, 1975. The affidavits were examined, found to comply with
<br />the provisions of Minnesota Statutes; Chapter 475, and were approved and, ordered
<br />placed on file. The Mayor then announced that four sealed bids had been received
<br />pursuant' to the notice of cell for bids, which were thereupon opened and read and
<br />found to be as follows:
<br />Name of Account Manager
<br />BancNo rt hwes t 3.65% $ 1.00
<br />The First National Bank of St. Paul 3.71% 8.00 3.7984%
<br />First National Bank of Minneapolis . 4.40% 120.00 . 4.376 X
<br />Robert S. C. Peterson, Inc. 4.70% 80.00 4.684 %
<br />After consideration of the foregoing bids, Councilman Courtney introduced the
<br />following resolution and moved its adoption:
<br />The City Kanager presented affidavits showing
<br />Interest Rat e Premium Net Interest Cost
<br />PaSOLUTION AWARDING SALE OF
<br />$1,000,000 TENPORARY IMPROVEMENT BONDS
<br />BE IT RESOLVED by the City Council of the City of Edina, Minnesota, that the bid
<br />of BancNorthwest of Minneapolis, Minnesota, as associates, to purchase $1,000,000
<br />Temporary Improvement Bonds of this City, to be dated as of June 16, 1975, and to
<br />be issued in accordance with the official notice of sale heretofore duly published
<br />by the City, is hereby found and declared to be the bid most favorable to the City
<br />received pursuant to due notice, and should be 2nd is hereby accepted, said bid
<br />being to purchase the Bonds at a price of par and accrued interest plus $1.00
<br />premium, all Bonds to bear interest from date of issue until paid at the rate of
<br />three and 65/100 percent (3.65%) per annum. The Mayor and City Manager are auth-
<br />orized and directed to endorse the successful bid to show acceptance. The Treas-
<br />urer is directed to retain the good faith check of the successful bidder pending
<br />delivery and payment for the Bonds, and to return
<br />bidders forthwith.
<br />ATTEST :
<br />n _, &'YLd
<br />City Clerk
<br />The motion for the adoption of the foregoing resolution was seconded by Councilman
<br />Richards, and upon vote being taken thereon, the following voted in favor thereof:
<br />Councilmen Courtney and Richards and Mayor Van Valkenburg, with Councilman Shaw
<br />abstaining. There were no nays, whereupon said resolution was declared duly passed
<br />and adopted, and was signed by the Mayor and attested by the Clerk.
<br />sion, Councilman Courtney introduced the following resolution and moved its
<br />adoption :
<br />After discus-
<br />RESOLETION AUTHORIZING ISSUANCE ANI)
<br />ESTABLISHING FORM AND DETAILS OF
<br />$1,000,000 TEEOP\ARY IMPROVEMENT BONDS
<br />AND PROVIDIEG FOR AND APPROPRIATING
<br />SPECIAL ASSESSMENTS FOR THEIR PAYMENT
<br />BE IT RESOLVED by the City Council of the Ciry of Edina, Minnesota, as follows:
<br />Section 1. Authorization and Sale.
<br />This Council, by its resolution of May 19, 1975, authorized the sale of
<br />$1,000,000 Temporary Improvement Bonds of the City to finance the construction of
<br />the improvements designated in said resolution.
<br />sale, shall be prepared and delivered to the purchaser thereof forthwith.
<br />Form of Bonds and Certificates.
<br />The Bonds having been sold at public
<br />Section 2.
<br />2.01 The Bonds shall be in substantially the following form:
<br />UNITED STATES OF AMERICA
<br />STATE OF MINNESOTA
<br />COUNTY OF HENNEPIN
<br />CITY OF EDINA
<br />TEMPORARY IMPROVEMENT BOND
<br />No. $100,000
<br />KNOW ALL NEN BY THESE PRESENTS that the City of Edina, a duly organized and
<br />existing municipal corporation of the County of Hennepin, State of Minnesota,
<br />acknowledges itself to be indebted and for value received promises to pay to bearer
<br />or, if-this Bond is registered, to the registered holder thereof, upon presentation
<br />and surrender hereoft the sum of
<br />ONE HbTDRED THOUSAND DOLLARS