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278 MINUTES <br />EDINA CITY COUNCIL HELD AT CITY HALL <br />MAY 9, 1983 <br />OF THE SPECIAL MEETING OF THE <br />Answering rollcall were Members Bredesen, Richards, Schmidt and Turner. <br />SITE INSPECTIONS CONDUCTED. <br />with City Xanager Rosland and Assistant City Manager Bernhardson, proceeded to <br />an on-site inspection of a requested variance at 6616 Dovre Drive. <br />was made to 6001 Pine Bluff Drive to view the property of Dr. Paul Carson for <br />possible use as public open space. The Council Members then returned to City <br />Hall at 9:00 p.m. (See correction as to addresses in Minutes of June 20, 1983.) <br />The Special Council Meeting was called to order at 9:00 p.m. by Mayor Pro-Tem <br />Richards. <br />At 7:OO p.m. the Council Members present, together <br />A visit then <br />I <br />CABLE FRANCHISE AMENDMENT TO ORDINANCE NO. 1120 CONTINUED TO MAY 16, 1983. <br />As recommended by Mr. Rosland, second reading of Ordinance No. 1120-A1 was <br />continued to May 16, 1983, by motion of Member Bredesen, seconded by Member <br />Turner. <br />Ayes: Bredesen, Schmidt, Turner, Richards <br />Nays: None <br />-_ Motion carried. <br />BID AWARDED FOR SALE OF $1,200,000 GENERAL OBLIGATION TAX ANTICIPATION CERTIFI- <br />CATES OF INDEBTEDNESS. <br />1983, authorizing the sale $1,200,000 General Obligation Tax Anticipation Certi- <br />ficates of Indebtedness and directing negotiation for bids thereon, it was. <br />reported that two sealed bids for the purchase of $1,200,000 General Obligation <br />Tax Anticipation Certificate, of Indebtedness of the City has been received by <br />the City Finance Director-Treasurer prior to the meeting. <br />publicly opened, read and tabulated and the bids are as follows: <br />Pursuant to a Resolution of the Council adopted April18, <br />The bids have been <br />. Bidder <br />:- First Edina National Bank <br />Price <br />$1,2oo,o00 <br />Interest Rate <br />5.875% <br />First Southdale National Bank $1,200,000 6.50% <br />Member Turner then introduced the following resolution and moved its adoption: <br />RESOLUTION RELATING TO AND PROVIDING FOR BORROWING MONEY IN <br />ANTICIPATION OF THE RECEIPT OF TAXES; AUTHORIZING THE ISSUANCE <br />OF $1,200,000 GENERAL OBLIGATION TAX ANTICIPATION CERTIFICATE- <br />OF INDEBTEDNESS, AWARDING THE SALE THEREOF, FIXING THE FORM <br />AND DETAILS THEREOF, PROVIDING FOR THE EXECUTION AND DELIVERY <br />THEREOF AND PROVIDING FOR A DEBT SERVICE FUND THEREFOR <br />BE IT RESOLVED by the City Council of the City of Edina, Minnesota (the City), <br />I <br />as follows: <br />poses in the amount of $5,422,640. It is found and determined that the amounts <br />receivable in the City from collections in 1983 of general taxes levied in 1982 <br />for general City purposes, will not be received in time to meet all expenditures <br />necessary to be made for the purposes for which such taxes have been levied. To <br />meet such expenditures it is therefore necessary and expedient for the City, in <br />accordance with the provisions of Minnesota Statues, Section 412.261, as amended, <br />to borrow money by the issuance of its General Obligation Tax Anticipation Certi.- <br />fication of Indebtedness in a total principal amount of $1,200,000 (the Certificate) <br />the proceeds of which will be deposited in the general fund of the City and the <br />amount of which does not exceed the total current taxes for general City purposes <br />which are to be deposited in the general fund uncollected at this time plus cash <br />on hand in such fund. <br />of the Certificate upon the terms and conditions set forth herein. <br />the requirements as to public sale do not apply to the issuance of the Certificate <br />by the City, if the Certificate is sold in accordance with the most favorable of <br />two or more proposals solicited privately. <br />has solicited on behalf of the City two or more proposals for the purchase of the <br />Certificate. <br />is hereby approved and ratified. <br />ficate were received prior to the time of this meeting. <br />and publicly read and considered, and the purchase price, interest rate and net <br />interest cost under the terms of each bid have been determined. <br />offer received is that of First Edina National Bank, of Edina, Minnesota, to <br />purchase the Certificate at a price of $1,200,000, with interest at the rate of <br />5.875% per annum, payable at maturity. <br />Mayor and City Manager are hereby authorized and directed to execute a contract <br />on-the part of the City for the sale of the Certificate to such purchaser. The <br />Section 1. Authority. The City has levied in 1982 taxes for general City pur- <br />For this purpose this Council hereby authorizes the issuance <br />Section 2. Sale. Pursuant to Minnesota Statutes, Section 475.60, subdivision 2, <br />The City Finance Director-Treasurer <br />The solicitation of such bids by the City Finance Director-Treasurer <br />The bids have been opened <br />Two sealed bids for the purchase of the Certi- <br />The most favorable <br />Such offer is hereby accepted, and the