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132 IIINUTES .. <br />OF THE REGULAR MEETING OF THE <br />EDINA CITY COUNCIL HELD AT CITY HALL <br />SEPTEMBER 10, 1984 <br />Answering rollcall were Members Richards, Schmidt, Turner and Mayor Courtney. . ' <br />BUDGET FOR 1985 PRESENTED TO COUNCIL. Mr. Rosland presented the proposed Budget <br />for 1985 to the Council Members for their review and consideration at the special <br />budget meetings which have been scheduled. He advised that the Budget for 1985 <br />must be adopted by October 1, 1984. <br />AWARD OF BIDS - $5,400,000 GENERAL OBLIGATION IMPROVEMENT' BONDS, SERIES 1984. The <br />City- Clerk presented affidavits showing publication in a legal newspaper having- a <br />general circulation in the City and in a daily or weekly periodical published in a <br />Minnesota city of the first class or its metropolitan area, which circulates through- <br />out the state and furnishes financial news as a part of its service, of a notice of .. <br />No formal actfon was taken. <br />I . <br />$5,400,000 General ,Obligation Improvement Bonds,- Series 1984 (the Bonds), of the City, <br />for which bids are to be considered at this meeting in accordance with a resolution <br />adopted by the City Council on August 6, 1984, Said affidavits were examined, found <br />to comply with the provisions of Minnesota Statutes, Chapter 475, and were approved <br />and ordered placed on file in the office of the City Clerk. <br />five (5) sealed bids were received by the City prior to 7:OO P.M., Central Daylight <br />Time for the purchase of the Bonds in accordance with the Notice of Sale and Terms <br />and Conditions of Sale. The bids have been opened, read and tabulated, and the highest <br />and best bid of each bidder was found to be as follows: <br />It was reported that <br />Bid For Interest Total Interest Cost <br />.: Name of Bidder Principal Rates - Net Average Rate <br />First National $5,340,600.00 7 .OO% $1,942,000.00 <br />Bank of Mpls. 7.20 8.1940% <br />7.40 <br />7.60 <br />7.90 <br />8.20 <br />8.40 <br />8.60 <br />8.75 <br />7.20 <br />7.40 <br />7.70 <br />8.00 <br />8.20 <br />8.40 <br />8.60 <br />8.70 <br />7.25 <br />7.50 <br />7.70 <br />8.00 <br />8.20 <br />8.30 <br />8.50 <br />8.50 <br />$5,346 , 600.00 7 .OO% <br />$5,335,539.00 7 .LO% <br />$5,340,762.00 7 .OO% <br />7.25 <br />7.50 <br />7.75 <br />8.00 <br />8.20 <br />8.40 <br />8.60 <br />8.80 <br />7.40 <br />7.80 <br />8.00 <br />8.25 <br />8.50 <br />8.70 <br />8.80 <br />9 .oo <br />$5,334.259.86 7 .OO% <br />The Northern <br />Trust Company <br />$1,943,300 .OO <br />8 ..1995% <br />Harris Trust <br />and Savings <br />Bank <br />Continental <br />Illinois <br />National Bank <br />and Trust <br />Company of <br />Chicago <br />Chemical Bank <br />$1,884,266.67 <br />8.2224% <br />$1,957,488 .OO <br />8.259443% <br />$2,019,440.14 <br />8.520844% <br />.. <br />f