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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Official Statement Therefor," is hereby rescinded.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 />. <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 />annum. <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 />ATTEST: <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 />Ayes: <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