NIN UTE S
<br />OF THE REGULAR NEETING OF THE
<br />.EDINA CITY COUNCIL HELD AT CITY HALL
<br />NOVEbIBER 3, 1980
<br />Answering rollcall were members Breaesen, Courtney, Richards, Schmidt and Nayor
<br />Van Valkenburg.
<br />H.R.A. PfEETING was called to order and adjourned for joint discussion with the
<br />City Council in regard to Second Reading of Ordinance No. 811-A136, granting
<br />PRD-3 .Planned Residential District zoning for Crossroads Development. Motion for
<br />adjournment of the meeting was offered by Commissioner Van Valkenburg, seconded
<br />by Commissioner Courtney and unanimously carried.
<br />YOUTH APPRECIATION WEEK RESOLUTION ADOPTED.
<br />WHEREAS, 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 />WHEREkS , 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
<br />the Optimists in expressing appreciation and approval of the contributions of
<br />the youth, I, James Van Valkenburg, Mayor of the City of Edina, therefore pro-
<br />claim the second week in November as
<br />in the City of Edina.
<br />ability of today's youth as they assume responsible roles in the future of man-
<br />SALE OF $1,400,000 TEMPORARY IlPROVEHENT BONDS APPROVED.
<br />affidavits showing publication in the Edina Sun and in the Commercial Vest of
<br />the official notice of sale of $1,400,000 Temporary Improvement Bonds, Series
<br />1980, of the City, (hereinafter referred to as the Bonds), bids for which were
<br />to be considered at this meeting as provided in resolutions of the City Council-
<br />adopted October 6, 1980.
<br />file. The City Clerk reported that 3 sealed bids for the purchase of the Bonds
<br />had been received at her office at or before the time stated in the notice, and
<br />the bids were then opened and publicly read and considered, and were all found
<br />to conform to the notice of sale and to be accompanied by the required security,
<br />and the premium, interest rate and net interest cost under the terms of each bid
<br />were found to be as follows:
<br />I The Nayor issued the following pro-
<br />RESOLUTION OF APPRECIATION
<br />.. recognition and praise of their elders; and
<br />YOUTH APPRECIATION WEEK
<br />By this action, let it be known that we have faith in the
<br />The City Clerk presented
<br />The affidavits were examined and ordered placed on
<br />Bidder Premium Interest Rate Net Interest Cost
<br />American National Bank & Trust Co. 80.00 7.35% . 7.3442%
<br />First National Bank of Minne-
<br />Banc Northwest 10.00 7.60% 7.5992%
<br />After consideration of the foregoing bids, Councilman Courtney introduced the
<br />following resolution and moved its adoption:
<br />apolis , Wnnesota -0- 7.35% 7.35%
<br />RESOLUTION RELATING TO $1 , 400,000 TEMPORARY IIPROVEbIENT BONDS,
<br />SERIES 1980: AWARDING THE SALE THEREOF AND APPROVING THE
<br />OFFICIAL STATEMENT THEMFOR
<br />'.-BE IT RESOLVED by the City Council of the City of Edina, Minnesota (the City),
<br />as follows:
<br />1980, entitled "Resolution Relating to $1,400,000 Temporary Improvement Bonds,
<br />Series 1980; Authorizing the Issuance and Sale thereof: (hereinafter referred to
<br />as the Sale Resolution), authorized and determined to issue $1,400,000 Temporary
<br />Improvement Bonds, Series 1980 (hereinafter referred to as the Bonds) to
<br />defray the expenses incurred and estimated to be incurred by the City in con-
<br />, structing various improvements previously ordered to be constructed by the City
<br />under the provisions of Hinnesota Statutes , Section 429.
<br />Notice of sale of the Bonds has been duly published and
<br />the Council has publicly received, opened and considered all sealed bids presented
<br />in conformity with the notice.
<br />be that of American National Bank & Trust Company, ofeSt. Paul, Minnesota, (and
<br />associates) to purchase the Bonds at a price of their principal amount and ac-
<br />crued interest to the date of delivery, with the Bonds bearing interest at the
<br />rate of 7.35% per annum from date of issue until paid, and upon the further teps
<br />and conditions set forth in the Sale Resolution.
<br />The Mayor and City Manager are hereby author-
<br />ized and directed to execute in duplicEte a contract on the part of the City for
<br />Section 1. Authorization This Council has by a resolution adopted October 6, .
<br />Section 2. Sale.
<br />The most favorable of such bids is ascertained to
<br />Section 3. Contract for Sale.