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2/13/57 <br />MINUTES OF THE SPECIAL MEETING OF THE <br />EDINA VILLAGE COUNCIL, HELD IEDNESDAY, <br />FEBRUARY 13, 1957, AT 7:30 PA., AT <br />THE EDINA VILLAGE HALL <br />Pursuant t- due <br />Council was held at the Village Hall at 7:30 ofclock P.M., Wednesday, February 13, <br />1957. Members answering Rollcall were Dickson, Fronk, Tupa and Bredesen. <br />The Village Clerk presented a proposed form of notice of sale of $2,000,000 <br />general obligation bonds of the Village, prepared as directed by the Council <br />at its meeting February 11, 1957. <br />311 and notice thereof, a special meeting of the Edina Village <br />Trustee Dickson offered the following Resolution and moved its adoption: <br />RESOLUTION PROVIDING FOR PUBLIC SALE <br />OF $2,000,000 GENERAL OBLIGATION BONDS <br />BE IT RESOLVED by the Council of the Village of Edina, Minnesota: <br />of notice set forth below €or the purpose of opening, receiving and acting upon <br />sealed bids for the purchase of $1,300,000 Improvement Bonds to be issued to <br />finance Sanitary Sewer Improvement No. C-1, as directed by the resolution <br />ordering said improvement adopted January 28, 1957, and $700,000 Park System <br />Bonds to be issued to provide a sum not exceeding $200,000 for the acquisition <br />of a municipal swimming pool and a sum not exceeding $500,000 for the acqui- <br />sition of parks and playgrounds, as authorized by the electors at the special <br />election held February 5, 1957. <br />notice of the time, place and purpose of said meeting to be published forth- <br />with in the Edina-Morningside Courier, the official newspaper of the Village; <br />the Finance and Commerce and the Commerial West, financial newspapers in the <br />City of Minneapolis, Minnesota; and in The Bond Buyer, a financial newspaper <br />published at New York City, New York. <br />1. This Council shall meet at the time and place fixed in the form <br />2. The Village Clerk is hereby authorized and directed to cause <br />3. Said notice shall be in substantially the following form: <br />NOTICE OF SALE <br />$2,000,000 GENERAL OBLIGATION BONDS <br />VILLAGE OF EDINA, HENNEPIN COUNTY, MINNESOTA <br />NOTICE IS HEREBY GIVEN that the Council of the Village of Edina, <br />Minnesota, will meet at the Village Hall, 4801 West 50th Street, Edina 24, <br />Minnesota, on Monday, February 25, 1957, at 7:30 o’clock P.M., to open, re- <br />ceive and consider sealed bids for and award the sale of general obligation <br />bonds cjf the Village in the aggregate amount of $2,000,000, including <br />$1,300,000 Improvement Bonds to be issued pursuant to Chapter 429, Minnesota <br />Statutes, for the financing of the construction of a trunk sewer and to be <br />payable primarily from special assessments to be levied in connection there- <br />with, and $700,000 Park System Bonds, to be issued pursuant to Chapter 475, <br />Minnesota Statutes, for the financing of the acquisition of parks and play- <br />grounds and a municipal swimming pool, and to be payable primarily from taxes <br />upon all taxable property within the municipality, levied prior to the issu- <br />ance of the bonds. The full faith and credit of the Village will be pledged <br />for the payment of both issues, with interest, and for the levy of any addi- <br />tional taxes necessary for deficiencies. <br />dated as of March 1, 1957, will be issued in denomination of $1,000 each, <br />will bear interest at a rate or rates to be designated by the successful <br />bidder, expressed in integral multiples of 1/4 or 1/10 of 1,”u’ per annum, pay- <br />able September 1, 1957, and semiannually thereafter on March 1 and September 1 <br />of each year, and will be made payable at one or more suitable banking <br />institutions designated by the successful bidder, subject to approval of the <br />Village Council. <br />or agents will be paid by the Village. <br />on March 1 in each of the years 1960 through 1979. The bonds of said issue <br />will each be subject to redemption and prepayment on March 1 two years prior <br />to their respective stated maturity dates, and on any interest payment date <br />thereafter, at par and accrued interest and in order of their serial numbers. <br />The Park System Bonds will mature.serially on March 1 in the years <br />and amounts as follows: <br />through 1966, $30,000 in each of the years 1967 through 1971, $40,000 in <br />each of the years 1972Id;hrough 1976 and $50,000 in each of the years 1977 <br />through 1981; <br />except that those bonds maturing in the years 1977 through 1981 may at the <br />option of the Village be prepaid on March 1, 1976, and any interest payment <br />The bonds of both issues will be <br />The reasonable and customary charges of the paying agent <br />The Improvement Bonds will mature serially in the amount of $65,000 <br />$10,000 in 1960, $15,000 in each of the years 1961 <br />Said bonds will not be subject to redemption prior to maturity, <br />date thereafter, at par and accrued interest and in inverse order of their <br />serial numbers.