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MINUTES OF THE REGULAR MEETING OF TIIE <br />EDINA CITY COUNCIL LlELD AT CITY HALL <br />MOVEMBER 7, 1977 <br />Answering rollcall were members Courtney, Richards, Schmidt , Shaw and Flayor Van <br />Valkenburg. <br />$2,700,000 INPROVEmNT BONDS SALE APPROVED. <br />ing publication in the official newspaper and in the Comrnercial West of the <br />Notice of Sale of $2,700,000 Improvement Bonds of the City, bids for which were <br />to be considered at this meeting as provided by the Council resolution adopted <br />October 3, 1977. <br />file. <br />been received at her office at or before the time stated in the notice, and the <br />bids were then opened and publicly read and considered, and were all found to <br />conform to the notice of sale and to be accompanied by the required security, and <br />the purchase price, coupon rates and net interest cost ucder the terms of each <br />bid were found to be as follows: Net Interest <br />The Clerk presented affidavits show- <br />The affidavits.were examined and approved and ordered placed on <br />The Clerk reported that six sealed bids for the purchase of the Bonds had <br />Bidder Premium cost <br />Citibank, N.A. 15.00 - 4.3365 <br />First National Bank of Chicago $1,099.91' 4.38963 <br />Continental Illinois National Bank <br />m First National Bank of Minneapolis 8.91 4.38660 r Northern Trust Company 39.00 4.37971 <br />& Trust Company of Chicago 201.00 4.398511 <br />American National Bank & Trust Co. <br />None %. 4.380 <br />After consideration of the foregoing bids, Councilman Shaw introduced the follow- <br />F-. a 5 e <br />of St. Paul, Minnesota <br />ing resolution and moved its adoption: .. <br />RESOLUTION AWARDING SALE OF <br />$2,700,000 IMPROVEMENT BONDS <br />BE IT RESOLVED by the City Council of the City of Edina, Minnesota, as follows: <br />The City has authorized by a resolution of the City Council adopted <br />October 3, L977, the issuance and sale of $2,700,000 Improvement Bonds. The Notice <br />of Sale of the Bonds has been duly published and the Council has publicly received, <br />cjpened and considered all sealed bids presented in conformity with the Notice. <br />The most favorable of such bids, which is hereby accepted is ascertained to be that <br />of'citibank, N.A. of New York, and associates, to purchase the Bonds at a price of <br />4.3365% par and accrued interest to the date of delivery, plus a premium of $15.00, <br />the Bonds bearing interest at the following rates pei annum, from date of issue <br />until paid: <br />1. <br />I <br />I <br />Maturity Years <br />1978 <br />Interest Rate <br />4.25 <br />1979 4.30 <br />1,980 4.30 <br />1981 4.30 <br />1982 4.30 <br />1983 4.30 <br />1984 4.30 <br />1985 4.40 <br />1986 4.40 <br />in duplicate a contract for the sale of the Bonds by the City in accordance with <br />said bid and to deliver a duplicate to the purchasers. The City Clerk is directed <br />to retain the purchasers' checks securing the contract of sale until the Bonds'are <br />delivered and the purchase price is paid and to return the checks securing other <br />bids to the respective bidders. <br />Motion for adoption of the resolution was duly seconded by Councilman Courtney, <br />and upon vote being taken thereon, the following voted in favor thereof: <br />2. The Mayor and City Clerk are hereby authorized and directed to execute <br />Rollcall : <br />Ayes: <br />Nays: None <br />Resolution adopted <br />Courtney, Richards, Schmidt, Shaw, Van Valkenburg <br />After some discussion, Councilman Shaw introduced the following resolution and <br />moved its adoption: <br />RESOLUTION RELATING TO $2,700,000 <br />THE EXECUTION ANT) DELIVERY THEREOF <br />AND THE SECURITY THEREFOR <br />BE IT RESOLVED by the City Council of the City OS Edina, Minnesota, as follows: <br />This Council, by its resolution dated October 3, 1977, authorized the <br />IMPROVEMENT BONDS ; FIXING THE FORH A" DETAILS, PROVIDING FOR ._ <br />Section 1. Authorization and Sale of Bonds. <br />1.01. <br />issuance and sale of $2,700,000 Improvement Bonds of the City (the Bonds) to <br />finance the construction of various local improvements as more fully described <br />in Section 1 of said resolution. <br />'