<br />OF THE REGULAR MEETING OF THE
<br />EDINA CITY COUNCIL IXLD AT CITY HALL
<br />NOVEMBER 6, 1978
<br />Answering -.rollcall were members Courtney, Richards , Schmidt , Shaw and Mayor Van
<br />Valkenbur g .
<br />MINUTES of September 5, 11, 18 and October 2, 1978 and Special Budget Meetings
<br />man Courtney.
<br />Ayes: Courtney, Richards, Schmidt, Shaw, Van Valkenburg
<br />Kays: None
<br />Motion carried. I - were approved as submitted by motlon of Councilwoman Schmidt, seconded by Councif-
<br />YOUTH APPRECIATION WEEK PROCLAMATION ADOPTED.
<br />lowing proclamation :
<br />WHEECEAS, the vast majority of the youth are concerned, knowledgeable and respon-
<br />sible citizens; and
<br />WHEREAS, the accomplishments and achievements of these young citizens deserve
<br />recognition and praise of their elders; and -
<br />WHEREAS, Optimist International has since 1954 developed and promoted a program
<br />entitled "Youth Appreciation Week"; and
<br />WHEREAS, the citizens of the City of Edina have indicated a desire to join with the
<br />Optimists in expressing appreciation and approval of the contributions of the
<br />youth, I, James Van Valkenburg, Mayor of the City of Edina, therefore proclaim -
<br />the second week of Novenber as Youth Appreciation Week in Edina, Minnesota.
<br />this action let "rt be known that we have faith in the ability of today's youth 8s
<br />they assume responsible roles in the future of mankind.
<br />SALE OF $1,750,000 TDPORARY Il&ROVEMENT BONDS AND $370,000 RECREATION CENTER BONDS,
<br />ofr'icial newspaper and in the Commercial West of the Notice of Sale of $lc,750,0O0
<br />Temporary Improvement Bonds, Series 1978 and $370,000 Recreation Bonds , Series D
<br />of the City (the bonds), bids for Ghich were to be considered at this meeting as
<br />provided by the Council resolution adopted October 2, 1978. The affidavits were
<br />examined snd approved and ordered placed on file.
<br />before the time stated in the notice and the bids were then opened and publicl.zJ,
<br />read and konsidered, and were all found to conform to the notice of sale and to be
<br />accompanied by the required security, and the purchase price, coupon rates and net
<br />~terest cost under the terms of each bid were found to be as follows:
<br />Mayor Van Valkenburg issued 'the fol-
<br />YOUTH APPRECIATION WEEK PROCLAMATION
<br />- - SERIES D, APPROVED. The Clerk presented affidavits showing publication in the .
<br />The Clerk reported that five
<br />. sealed bids for the purchase of the Bonds had been received at her office at or
<br />Net Interest
<br />Bidder . Premium cost
<br />Yaine, Webber, Jackson & Curtis, Inc. 28.01 5.2834
<br />First National Bank of Minneapolis None 5.35482
<br />First National Bank of Chicago 863.91 5.386687
<br />Morthwes€ern National Bank of Minneapolis None 5.423
<br />John Nuveen & Company, Inc. None 5.4244'
<br />After consideration of the foregoing bids, Councilman Shaw introduced the follow-
<br />ing resolution and moved its adoption:
<br />RESOLUTION RELATING TO $1,750,000 TEMPORARY IMPROVEMENT BONDS ,
<br />SERIES 1978 AND $370,000 RECREATION BONDS
<br />SERIES D; AWARDING. THE SALE THEREOF AND APPRQVLNG
<br />THE OFFICIAL STATEMENT THEREFOR
<br />BE IT RESOLVED by the City Council of the City of Edina, Minnesota, as follows:
<br />1978, the issuance and sale of $1,750,000 Temporary Improvement Bonds, Series 1978,
<br />and $370,000 Recreation Bonds, Series D (the Bonds). The Notice of Sale of the
<br />Bcnds has been duly published and the Council has publicly received, opened and
<br />considered all sealed bids presented in conformity with the Notice.
<br />favorable-of such bids, which is hereby accepted, is ascertained to be that of
<br />. Paine, Webber, Jackson & Curtis, Inc., of Minneapolis and associates, to purchase
<br />the Bonds at a price of their principal amount and accrued interest to the date of
<br />delivery, plus a premium of $28.01, the Bonds bearing interest at the following
<br />rates Der annum. from date of issue until paid:
<br />The City has authorized by a resolution of the City'Council adopted October 2, I- The most
<br />$1,750,000 TEMPORARY IMPROVEMENT BONDS, SERIES 1978
<br />Maturity Tears Amount Interest Rate
<br />1981 $1,750,, 000 5 -30