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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 />burg. <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 />3.6498% <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 />I <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