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MINUTES <br />OF TI1R REGULAR 1.1EETING OF TllE <br />EDINA CITY COUNCIL HELD AT CITY HALL <br />NOVEkBER 19, 1979 <br />Answering rollcall were members Bredesen, Courtney, Richards, Schmidt and Mayor <br />Van Valkenburg. Also present were Nmes. Alison Fuhr of the Citizens’ Safety <br />Council, Belen NcClelland of the Community Development and Planining Comxission <br />and Leslie Turner of the Human Relations Coinmission. <br />XINUTES of the Special and Regular Meetings of November 5, 1979, were approveheas <br />presented by motion of Councilman Courtney, seconded by Councilman Bredesen. <br />SkE OF $1,500,000 TEPPORARY IMPROVEPIENT BONDS, SERIES 1979 APPROVED. The City; <br />Clerk presented affidavits showing publicion in the official newspaper, in Fin-. <br />ance and Commerce and in the Commercial West of the amended notice of sale of * p. <br />$1,500,000 Temporary Improvement Bonds, Series 1979, of the City (hereinafter ‘1 <br />referred to as the Bonds), bids for which were to be.considered at this meeting <br />as provided in a resolution of the City Council adopted October 1, 1979. The 1 <br />affidavits were examined and approved and ordered placed on file. The City <br />ager reported that two sealed bids for the purchase of the Bonds had been received <br />in his office at or before the time stated in the notice, and the bids were <br />then opened and publicly read and cohsidered, and were all found to conform tb <br />purchase price, coupon rates and net interest cost under the terms of each bid- <br />were found to be as follows: Net * . <br />Interest Interest‘ I <br />I <br />-the notice of sale and to be accompanied by the required security, and the <br />Bidder Premium ’ Rate Cost <br />First Na t iond Bsnk of Hinneap olis $225.00 6.75 6.7425 -*$ <br />First National Bank of Chicago <br />For the Managers 900.00 : 6 7/8 6.845 <br />After consideration of the foregoing bids, Councilman Bredesq introduced the fol- <br />lowing resolution and moved its adoption: * <br />RESOLUTION RELATING TO $1,500,000 TEMPORBRY <br />IMPROVEMENT BONDS, SERIES 1979; AWRDING ’ <br />I THE SALE THEREOF A? APPROVING THE <br />OFFICIAL STATEXENT THEREFOR <br />3E IT FESOLVED bg tho, CLty Council of the City of Edina, Minnesota (the Cicgj,‘as <br />f OllOt.7s : .. <br />Section 1. This Council has by a resolution adopted October <br />7, 1973, entitled “ResolutionlRelating to $1,500,000 Temporary Improvement Bonds, <br />Series 1979, Authorizsng the Issuance and Sale Thereof” (hereinafter referred to <br />as the Sale Resolutfon), authorized and determined to issue $1,500,000 Temporary <br />Iqrovenent Bofids, Series 1979 (hereinafter referred to as the Bonds) to defray <br />the expase incurred and estimated to be incurred by the City h constructing <br />Xzarious improvements previously ordered to be constructed by the City under * <br />3iinnesota Statutes, Section 429. <br />the Council has publicly received, opened and considered all sealed bids presented <br />in confomity with the notice. <br />to be that of First Xztional Bank of Minneapolis of Minneapolis, Ninnesota, and <br />associates, to purchase the Bonds at a price of their principal amount and <br />accrued interest to the date of delivery, with the Bonds bearing interest at ”. <br />the rate of 6.75% per annum from date of issueuntil paid, and upon the further terms and conditions set forth in the Sale Resolution. <br />The Mayor and City Manager zire hereby auth- <br />orized acd directed to execute in dup1icate.a contract on the part of the City;,.{ <br />for the sale of the Bonds in accordance with the proposal described in Section 2, <br />and to deliver a duplicate to the purchaser. Thk City FZnance Director-Tqeasurer <br />is directed to retain the purchaser’s‘ check securing the contract of sale until- <br />the Bods are delivered and? the purchase price is paid and to return the checks+’ ’.*-‘ <br />J. <br />Authorization. <br />Section 2. Sale. Notice of sale of the Bonds has been duly published and <br />The most favorable of such bids is ascertained <br />‘ b Section 3. Contracc for Sale. <br />--I- -_ <br />securing other bids to the respective bidders. . *I I <br />Secticn 4. OEficial Statement. The Official Statement relating to the Bonds <br />is hereby approved, and the City Finance Director-Treasurer is authorized to <br />certify to its correctness and complereness as provided in tlesOfficia1 State- <br />meat. 1.. <br />.>!otion for adoption of the foregoing resolutlicn was’ duly seconded by Councilman <br />Courtney. 2% <br />Rollcall : .I <br />Ayes: <br />Resolution pcioptcd. <br />” .- - .. <br />r’ <br />Bredesen, Courtney,! Richards, Schmidt, Van Valkenburg <br />Nays :. None’ *: <br />.. -2 <br />I,, .; .*.