<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 />At 7:OO p.m. the Council Members present, together
<br />A visit then
<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 />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 />Interest Rate
<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 />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 />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