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MINUTES OF THE &GULAR MEETING OF THE: EDfNA <br />1961, AT 7:OO P.M., AT EDINA VILLAGE HALL <br />VILLAGE ComCxL, HELD MONDAY, SEPmER Ll, <br />Members answering Rollcall were Beim, Dickson, Tupa and VanValkenburg. <br />Tem Dickson presided in Mayor Bredesen's absence. <br />Mayor Pro <br />MINUTES of the Regular Meeting of August 14, 1961, were approved as submitted, by <br />motion Tupa, seconded by VanValkenburg and carried. <br />BUDGET FOR YEAR 1961 was formally presented to the Council by the Village Manager <br />in accordance with provisions of the law. <br />for further discussion was seconded by Beim and carried, <br />Tupa's motion that budget be accepted <br />$1,200,000 TEMPORARY IMPROVEMENT BONDS, SERIES D, SOLD. Clerk reported receipt <br />of four sealed bids on $650,000 General Obligation Temporary Bonds maturing November 14, 1961. Said bids were read as follows: Interest Rate Premium <br />FIRST EDINA NATIONAL BANK ) <br />FIRST SOUTHDALE NATIONAL BANK) FIRST NATIONAL BANK, MPLS. ) 1.50% None <br />FIRST NATIONAL BANK, ST.PAUL ) <br />PIPER, JAFFRAY & HOEWOOD, MPLS. 2.40% $33 .OO <br />NORTINESTERN NATIONAL BANK, MPLS . 2.00% $ 5.00 <br />AMERICAN NATIONAL BANK, ST. PAUL 2.85% None <br />Trustee Beim introduced the following resolution and moved its adoption: <br />RESOLUTION AUTHORIZING THE ISSUANCE, SALE <br />AND DELIVERY OF $1,200,000 TEMPORARY <br />IMPROVEMENT BONDS, SERIES D <br />BE IT RESOLVED by the Council of the Village of Edina, Minnesota, as <br />I,. It is hereby found, determined and declared that the Village has <br />follows : <br />heretofore ordered, in accordance with the provisions of Minnesota Statutes, <br />Chapter 429, and after public hearing as required by law, the construction of <br />various improvements as more fully described below, and has duly ordered, received <br />and approved plans and specifications and entered into contracts for the construc- <br />tion of said improvements after proper advertisement for bids; that the total <br />benefits resulting from each of said improvements to the properties within the <br />area proposed to be assessed therefor, as heretofore defined, will be not less <br />than the cost of such improvement; that it is contemplated that the total amount <br />of said cost, less such sum, if any, not exceeding 80% of such cost, as the <br />Council shall determine should be paid by the Village, and less those sums to <br />be provided from municipal state-aid street funds granted by the State of <br />Minnesota, will be assessed against those lots and tracts of land specially <br />benefited by the improvements; that the Village now owns easements and rights-of- <br />way over all streets and other properties required for the construction of said <br />improvements; that the Village now owns easements and rights-of-way over all <br />streets and other properties required for the construction of said improvements; <br />that the total cost of said improvements, other than not'to be paid from state-aid <br />street funds, is presently estimated to be approximately $2,214,702.99; and that <br />the designations of the improvements are as follows: <br />Street Storm Sewer , Sanitary Sewer Wat e main <br />Improvements Improvements Improvements Improvements <br />A-122 BA-33 51 17 4 152 <br />A-149 BA-34 52 175 153 <br />A-150 BA-35 54 176 154 <br />B-32 BA-36 55 177 155 <br />B-68 C-82 56 178 156 <br />B-69 E-6 58 180 157 <br />B-70 E-7 59 182 158 <br />B-fI E-8 60 183a 159 <br />B-7g E-9 61 183b 160 <br />B-73 E-10 62 184 162 <br />BA-22 E-13 68 <br />$1,200,000 to pay costs incurred and to be incurred in the near future with reference <br />to the improvements described in paragraph 1 hereof, by the issuance of temporary <br />improvement bonds pursuant to and in accordance with the provisions of Secti,on 429.091, <br />Subdivision 3, Minnesota Statutes, as amended by Laws 1957, Chapter 385, and the <br />resolution adopted by the Council on December 30, 1957, entitled "Resolution Establish- <br />ing Temporary Iqrovement Fund and Authorizing the Issuance of Temporary Improvement <br />Bonds". <br />of Minneapolis, Minnesota, for the purchase of $650,000 principal amount of bonds at <br />a price Of par and accrued interest and Upon the additional tern herein stated, and <br />2. It is necessary at this time for the Village to borrow the sum of <br />A proposal has been received from the First National Bank of Blinneapolis,