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290 <br />MINUTES <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 />By <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 />1. <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