<br />Mayor Bredesen.
<br />MINUTES OF THE REGULAR MEETIhY; OF THE
<br />EDINA VILLAGE.COUNCIL WLD AT VILLAGE HALL ON ___ -. MONDAY, JULY 21, 1969- . __
<br />.- ..
<br />Rollcall were Councilmen Courtney, Shaw, VanValkenburg and
<br />$100,000 RECREATION CENTER BONDS SOLD.
<br />affidavits of publication of nqtice,of sale of $100,000 Recreation Center Bonds,
<br />Series C for which bids were to be received at this meeting in accordance with
<br />a resolution adopted by the Village Council on July 7, 1969.
<br />were approved and ordered placed on file.
<br />one sealed bid had been received in his office until 4:OO o'clock p.m. on this
<br />date, which was the time specified in the notice of sale for opening bids.
<br />The bid received was thereupon presented to the Council and tabulated as follows:
<br />Name of Bidder Bid TOE Principal - Interest Rate Total Interest
<br />The Finance Director presented
<br />The affidavits I The Finance Director reported that
<br />Miller & Schroeder, Inc. $100,000 plus 5% 4.9999
<br />$1.00 premium (Net Average Rate)
<br />Afeer consideration of the foregoing bid, Trustee Courtney introduced the
<br />following resolution and moved its adoption:
<br />RESOLUTION AUARDING SALE
<br />OF $100,000 RECREATION CENTER BONDS, SERIES C
<br />BE IT RESOLVED by the Village Council of the Village of Edina, Minnesota, that
<br />the bid of Miller & Schroeder, Incorporated, of Minneapolis, Minnesota, and
<br />associates, to purchase $100,000 Recreation Center Bonds, Series C, of the
<br />Village to be dated August 1, 1969, at a price of par plus accrued interest,
<br />bonds maturing in the years set forth below to bear interest at the rate of
<br />5.00% per annum and to be issued in accordance with the notice of bond sale
<br />heretofore duly published, is hereby found and declared to be the highest
<br />and best bid received pursuant to advertised notice of sale of said bonds, and
<br />is hereby accepted.
<br />check of said successful bidder and to return all other good faith checks
<br />ful bid and return it to the bidder, after obtaining from said bidder his
<br />agreement that the Village may at any time on or before August 31 return the
<br />good faith check to bidder and revoke the sale of the bonds without being
<br />subject to any liability for such revocation.
<br />The Village Clerk is directed to retain the good faith
<br />The Mayor and Clerk are directed to endorse a copy of the success- I
<br />The motion for the adoption of the
<br />Ccuncilman VanValkenburg
<br />no nays, whereupon said
<br />Mayo r Y
<br />Deputy Village Clerk
<br />Councilman Shaw then introduced the following resolution and moved its adopt-
<br />ion :
<br />RESOLUTION AUTHORIZIXG THE ISSUANCE OF $100,000
<br />RECREATION CENTER BONDS, SERIES C, PRESCRIBING THEIR
<br />FORM ANI> DETAILS AND COVENANTS WITH RESPECT THERETO
<br />BE IT RESOLVED by the Village Council of the Village of Edina, Minnesota, as
<br />follows :
<br />1. This Council, by its resolution adopted July 7, 1969, authorized the
<br />issuance and sale of $100,000 General Obligation Recreation Center Bonds,
<br />Series C of the Village to be dated August 1, 1969, to finance the acquisition
<br />and betterment of an improvement to the recreation center described in Section
<br />4 of the resolution adopted by the Council on August 2, 1965, entitled "Resolu-
<br />tion Authorizing the Issuance of $450,000 Recreation Center Bonds, Describ-
<br />ing Their Form and Details and Covenants with Respect Thereto."
<br />pursuant to Minnesota Laws 1961, Chapter 655 and Minnesota Statutes, Chapter
<br />475, such bonds have now been sold to the highest and best bidder at public
<br />sale, and it is hereby determined to be in the best interest of the Village
<br />to issue said bonds to the purchaser thereof forthwith.
<br />shall be designated Recreation Center Bonds, Series C, shall be twenty.
<br />in number and numbered from 1 through 20 , each in the denomination of
<br />$ 5,000 shall be dated August 1, 1969, shall mature in order of serial numbers
<br />on August 1 and without option of prior payment in the amount of $10,000 in
<br />each of the years 1970 through 1979, and shall bear interest from date of
<br />issue until paid at the rate of 5% per annum. Interest on the bonds shall be
<br />payable on February 1, 1970, and semiannually thereafter on each August 1 and
<br />February 1,
<br />National Bank of St. Paul,
<br />Under and
<br />The $100,000 principal amount of general obligation bonds herein authorized
<br />Frincipal and interest on the bonds shall be payable at First