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202
<br />MINUTES
<br />OF THE SPECIAL MEETING OF THE
<br />EDINA CITY COUNCIL HELD AT CITY HALL
<br />FEBRUARY 13, 1984
<br />Answering rollcall were Members Bredesen, Richards, Schmidt, Turner and Mayor
<br />Courtney.
<br />BID AWARDED FOR SALE OF $2,300,000 GENERAL OBLIGATION TAX ANTICIPATION CERTIFI-
<br />CATES OF INDEBTEDNESS. Pursuant to a Resolution of the Council adopted February 6,
<br />1984, authorizing the sale of $2,300,000 General Obligation Tax Anticipation Certi-
<br />ficates of Indebtedness and directing negotiation for bids thereon, it was
<br />reported that two sealed bids have been received by the City Finance Director-
<br />Treasurer prior to the meeting.
<br />ulated and are as follows:
<br />.
<br />The bids have been publicly opened, read and tab-
<br />Bidder
<br />First National Bank of Minneapolis
<br />Price Interest Rate
<br />$2,300,000 5.70%
<br />American National Bank & Trus; Company-St. Paul $2,300,000 5.90%
<br />Member Bredesen 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 $2,300,000 GENERAL OBLIGATION TAX ANTICIPATION CERTIFICATES
<br />OF INDEBTEDNESS, AWAEDING THE SALE THEREOF,'FIXING TEIE 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 />Authority.
<br />purposes in the amount of $6,343,000.
<br />amounts receivable by the City from collections in 1984 of general taxes levied
<br />in 1983 for general City purposes, will not be received in time to meet all
<br />expenditures necessary to be made for the purposes for which such taxes have been
<br />levied.
<br />City, in accordance with the provisions of Minnesota Statutes, Section 412.261,
<br />as amended, to borrow money by the issuance of its General Obligation Tax Antici-
<br />pation Certificates of Indebtedness in the total principal amount of $2,300,000
<br />(the Certificates),
<br />of the City and the total aggregate principal amount of which does not exceed the
<br />total current taxes for general City purposes to be deposited in the general fund
<br />which are uncollected at this time, plus cash on hand in such fund.
<br />purpose this Council hereby authorizes the issuance of the Certificates upon the
<br />terms and conditions set forth therein.
<br />Section 2. Sale. Pursuant to Minnesota Statutes, Section 475.60, subdivision 2,
<br />the requirements as to public sale do not apply to the issuance of the Certificates
<br />by the City, if the Certificates are sold in accordance with the most favorable of
<br />'two or more proposals solicited privately. The City Finance Director-Treasurer has
<br />solicited on behalf of the City two or more proposals for the purchase of the
<br />Certificates. The solicitation of such bids by the City Finance Director-Treasurer
<br />is hereby approved and ratified. Two sealed bids for the purchase of the Certifi-
<br />cates were received prior to the time of this meeting. The bids have been opened
<br />and publicly read and considered, and the purchase price, interest rate and net
<br />interest cost under the terms of eacfi bid have been determined. The most favorable
<br />offer received is that of First National Bank of Minneapolis, Minnesota, to purchase
<br />the Certificates at a price of $2,300,000 with interest at the rate of 5.70% per
<br />annum, payable at maturity.
<br />Manager are hereby authorized and directed to execute a contract on the part of the
<br />City for the sale of the Certificates to such purchaser.
<br />the unsuccessful bidders shall be returned forthwith.
<br />"General Obligation Tax Anticipation Certificates of Indebtedness".
<br />shall be dated as of the date of delivery to the purchaser thereof and shall bear
<br />interest, payable at maturity, at the rate per annum stated in Section 2 hereof.
<br />The Certificates will be in bearer form, numbered consecutively, and in the demoni-
<br />nation of $50,000 each, unless other denominations (which must be in integral
<br />multiples of $50,000) are requested by the purchaser on or before February 15,
<br />1984.
<br />basis of the number of days elapsed in a 360-day year. The Certificates shall
<br />mature on July 31, 1984, without option of prior payment.
<br />the interest on the Certificates shall be payable to bearer at the office of the
<br />City Finance Director-Treasurer.
<br />Council estimates that (i) the Certificates will not be outstanding after a period
<br />ending thirteen months after the date on which the Certificates are issued and
<br />(ii) that the amount of the Certificates authorized to be issued does not exceed
<br />Section 1. The City has levied in 1983 taxes for general City
<br />It is found and determined that the
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<br />To meet such expenditures it is therefore necessary and expedient for the
<br />the proceeds of which will be deposited in the general fund
<br />For this
<br />Such offer is hereby accepted, and the Mayor and City
<br />The good faith checks of
<br />Section 3. Terms of Certificates. The Certificates shall be denominated
<br />The Certificates
<br />I
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<br />The interest payment required on the Certificates shall be computed on the
<br />The principal of and
<br />Section 4. Statement of Expenditures and Receipts; Arbitrage Certificate. The
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