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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 <br />- <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 <br />~ <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