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Members answering <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 />* <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 />fortliwitb. <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 $450,000 Recreation Center Bonds, Describ- <br />ing Their Form and Details and Covenants with Respect Thereto." <br />pursuant to Minnesota Laws 1961, Chapter 655 and Minnesota Statutes, Chapter <br />475, such bonds have now been sold to the highest and best bidder at public <br />sale, and it is hereby determined to be in the best interest of the Village <br />to issue said bonds to the purchaser thereof forthwith. <br />2. <br />shall be designated Recreation Center Bonds, Series C, shall be twenty. <br />in number and numbered from 1 through 20 , each in the denomination of <br />$ 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