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11/16/64 <br />MINUTES OF THE REGULAR MEETING OF THE <br />EDINA VILLAGE COUNCIL, HELD MONDAY, NOVEMBER 16, 1964, <br />AT 7:OO P.M., AT THE EDINA VLLLAGE HALL. <br />Members answering Rollcall were: MacMillan, Rixe, Tupa, VanValkenburg and Bredesen. <br />MINUTES of the Regular Meeting of October 26, 1964, were approved as submitted by <br />Motion VanValkenburg, seconded by MacMillan and carried. <br />$1,200,000~.00~ TEjlPORARY IMPROVEMENT- BONDS. <br />showing publication in the official newspaper and the Commercial West of notice of <br />The Village Manager presented affidavits <br />call far-bids on $1,200,000 Temporary Improvement Bonds of the Village, for which <br />bids were to be received at this meeting in accordance with the resolution adopted <br />by the Council on October 5, 1964. Said affidavits were examined, found to comply <br />with the provisions of the Minnesota Statutes 1961, Chapter 475, and were approved <br />and ordered placed on file. , <br />The Mayor then announced that seven sealed bids had been received pursuant to said <br />notice of call for bids, which were thereupon opened and read, and the highest and <br />best bid of each bidder was found as follows: <br />Name of Bidder Maturity Dates Interest Rate Premium <br />First National Bank, ) December 1, 1966 2.50% -0- Minneapolis, ) Plus additional coupon 'b I <br />First Nationak Bank, ) all bonds at 1.10% from <br />) effective Interest Rate- <br />) 2,5825% <br />St, Paul ) 4-7-65 to 6-1-65. Net <br />First Edina National Bank, December 1, 1966 2e60% $ 50.00 <br />First Southdale National ) 2.597916% <br />Edina ) Net effective interest rate <br />Bank, Edina 1 <br />De B. Morron & Co. , ) December I, 1966 2 625% 10 60 <br />New York ) Net effective Interest Rate <br />New York Hanseatic Corp., ) 2.625% <br />Hartford National Bank & December I, 1966 2 70% 108.00 <br />New York 1, <br />Trust Co., Hartford, <br />Conn ) 2.6955% <br />Minneapolis 1 Plus additional coupon <br />) Net effective interest rate <br />Northwestern National Bank, December 1, 1966 2.60% -0- <br />Allison-Williams Company, <br />J. M. Dain and Company, Net effective Interest Rate <br />Piper, Jaffray & Hapwood, ) <br />Minneapolis 1 <br />Woodard Elwood & Company, ) <br />Minneapolis 1 <br />Caldwell-Phillips Company, ) <br />St. Paul 1 <br />Shaughnessy & Company, 1 <br />St. Paul 1 <br />) on all bonds at 1.20% from <br />Minneapolis 1-1-65 to 6-1-65. <br />Minneapolis 2.85% <br />Paine, Webber, Jackson & ) December 1, 1966 2.50% <br />American National Bank, <br />Curtis, Minneapolis Plus additional coupon <br />on all bonds at 1.70% from <br />Net effective Interest Rate <br />2.854% <br />Continental Illinois Nat'l December I, 1966 2 . 90% <br />St. Paul ) 1-1-65 to 6-1-65. <br />245 00 Bank and Trust Company, <br />Chicago 2.88979% <br />) Net effective Interest Rate <br />- 0- <br />The interest on said bonds (being the total interest to the stated maturities, less <br />any premium offered) according to the respective bids was then computed and reported. <br />Member MacMillan then introduced the following resolution and moved its adoption; <br />RESOLUTION AWARDING SALE OF <br />$1,200,000 TENPORARY <br />1MPROVEM.ENT BONDS <br />BE IT RESOLVED by the Village Council of the Village of Edina, Minnesota, <br />that the bid of First National Bank of Minneapolis and St. Paul, and associates <br />named therein, to purchase $1,200,000 Temporary Improvement Bonds of this Village, <br />to be dated as of December 1, 1964,and to be issued as specified in the official <br />notice of sale thereof, is hereby found and declared to be the bid most favorable <br />to the Village received pursuant to due notice, and should be and is hereby accepted,