MINUTES OF SPECIAL MEETING
<br />OF THE EDINA CITY COUNCIL HELD AT CITY HALL
<br />NOVEMBER 8, 1978
<br />4:OO P.M.
<br />Pursuant to due notice given, Council met in special session in the City Hall Con-
<br />ference Room. Answering rollcall were members Courtney, Richards,' Schmidt, Shaw
<br />and Mayor Van Valkenburg. Mr. Bredesen was also present.
<br />AWARD OF BOND BID CHANGED TO FIRST NATIONAL BANK OF MINNEAPOLIS. Council was
<br />advised that thru an error .in computation, award of $1,750,000 Temporary Improve-
<br />ment Bonds, Series 1978 and $370,000 Recreation Bonds, Series D, had been awarded
<br />incorrection on November 6, 1978, and that the low bidder has now been determined
<br />to be the First National Bank of Minneapolis, Minnesota.
<br />offered the following resolution and moved its adoption:
<br />Councilman Courtney then
<br />RESOLUTION RELATING TO $1 , 750,000 TEMPORARY IMPROVEMENT BONDS , SERIES
<br />1978, AND $370,000 RECREATION BONDS, SERIES D; RESCINDING THE
<br />RESOLUTION AWARDING THE SALE THEREOF AND APPROVING THE OFFICIAL
<br />STATEMENT THEREFOR, AND AWARDING THE SALE THEREOF AND
<br />APPROVING THE OFFICIAL STATEMENT THEREFOR
<br />BE IT RESOLVED by the City Council of the City of Edina, Minnesota, as follows:
<br />1. The resolution of the City Council adopted November 6, S978, entitled,
<br />Resolution Relating to $1,750,000 Temporary Improvement Bonds, Series 1978 and 11
<br />$370,000 Recreation Bonds, Series D; Awarding the Sale Thereof and Approving the
<br />Official Statement Therefor," is hereby rescinded.
<br />October 2, 1978, the issuance and sale of $1,750,000 Temporary Improvement Bonds,
<br />Series 1978 and $370,000 Recreation Bonds, Series D (the Bonds). The Notice of
<br />Sale of the Bonds has been duly published and the Council has publicly receiverl,
<br />opened and considered all sealed bids presented in conformity with the Notice.
<br />The most favorable of the bids presented rin conformity with the Notice, which is
<br />hereby accepted, is ascertained to be that of the First National Bank of Minne-
<br />apolis, of Minneapolis, Minnesota, and associates to purchase the Bonds at a
<br />price of their principal amount and accrued interest to the date of delivery, the
<br />Bonds bearing interest at the following rates per annum, from date of issue until
<br />paid :
<br />2. The City has authorized by a resolution of the City Council adopted
<br />$1,750,000 TEMPORARY IMPROVEMENT BONDS, SERIES 1978
<br />Maturity Years Anount Interest Rate
<br />1981 $1,750,000 5.40%
<br />$3 , 70,000 RECREATION BONDS, SERIES D
<br />Maturity Years Amount . Interest Rate
<br />19 80 $ 60,000 5.20%
<br />19 81 60,000 5.20%
<br />1982 . 60,000 5.20%
<br />1983 60,000 5.20% .
<br />1984 60,000 5.20%
<br />19 85 70,000 5.25%
<br />The net interest cost (total interest from November 1, 1978, to the stated matur-
<br />ity dates) is $371,625.00, and the average net interest rate is 5.35482% per
<br />3.. The Mayor and City Clerk are hereby authorized and directed to execute .
<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 purchaser.
<br />to retain the purchasers' checks securing the contract of sale until the Bonds
<br />are delivered and the purchase price is paid and to return the checks securing
<br />other bids to the respective bidders.
<br />hereby approved, and the Finance Director is auth
<br />rectness and completeness as provided in the Offi
<br />The City Clerk is directed
<br />4. The Official Statement, dated November 6, 1978, relating to the Bonds, is
<br />?IL &, ;/
<br />City Clerk
<br />Motion for adoption of the resolution was duly seconded by Councilman Richards.
<br />Rollcall :
<br />Resolution adopted.
<br />Courtney, Richards, Schmidt, Shaw, Van Valkenburg -_
<br />. Nays: None
<br />VERTICAL PROCESS MANAGEMENT CONCEPT REVIEWED. Mr. Rosland explained the concept
<br />of Vertical Process Management which he is.recommending for the City. This con-
<br />cept places the decision making and'day to day activity at the department head