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206 MINUTES <br />OF THF, REGULAR MEETING OF THE <br />EDINA CITY COUNCIL HELD AT CITY HALL <br />AUGUST 18, 1986 <br />Answering rollcall were Members Bredesen, Kelly, Richards and Turner. Member <br />Richards presided as Mayor Pro-Tem. <br />I <br />AWARD OF BIDS - $4,000,000 GENERAL OBLIGATION TAX 1NC"ENT BONDS, SERIES 1986A9 <br />$2,500,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1986 AND $2,000,000 <br />GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1986B. <br />affidavits showing publication of the Notice of Sale of $4,000,000 General Obli- <br />gation Tax Increment Bonds, Series 19868, $2,500,000 General Obligation Improve- <br />ment Bonds, Series 1986 and $2,000,000 General Obligation Tax Increment Bonds, <br />Series 1986B, of the City in the Edina Sun Current, the official newspaper of the <br />City, and in Commercial West, as required by law and as.directed by a resolution <br />of the City Council adopted July 21, 1986. The affidavits were examined, found to <br />comply with the provisions of Minnesota Statutes, Chapter 475 and directed to be <br />filed in the office of the City Clerk. <br />been received by the City prior to 7:OO PM., Central Daylight Time for the purchase <br />of the Bonds in accordance with the Notice of Sale and Terms and Conditions of Sale. <br />The bids have been opened, read and tabulated, and the terms of each have been <br />determined to be as follows: <br />The City Clerk presented <br />It was reported that four sealed bids had <br />Bid For Interest Total Interest Cost- <br />Name of Bidder Principal , Rates Net Average Rate <br />First National Bank $8,338,500 1987-4.50% $6,683,150 - 6.8933% <br />of Minneapolis 1988-4.90 <br />1989-5.20 <br />1990-5.40 <br />1991-5.60 <br />1992-5.80 <br />1993-6 .OO <br />1994-6.20 <br />1995-6.40 <br />1996-6.60 <br />1997-6.70 <br />1998-6.75 <br />1999-6.80 <br />2000-6.90 <br />2001-7 .OO <br />2002-7 .OO <br />2003-7.00 <br />2004-7.00 <br />2005-7 .OO <br />2006-7 .OO <br />Smith Barney, Harris $8,343,556 1987-4.50 $6,689,344 - 6.899787% <br />Upham & Co. 1988-5 .OO <br />1989-5.25 <br />1990-5.50 <br />1991-5.70 <br />1992-5.90 <br />1993-6.10 <br />1994-6.30 <br />1995-6.45 <br />1996-6.60 <br />1997-6.70 <br />1998-6.80 <br />1999-6.90 <br />2000-7.00 <br />2001-7.05 <br />2002-7.10 <br />2003-7.15 <br />2004-7.20 <br />2005-6.75 <br />2006-6.75 <br />Harris Trust & Savings $8,377,940 1987-4.50 $6,797,610 - 7.0114% <br />Bank 1988-5 .OO <br />1989-5.25 <br />1990-5.50 <br />1991-5.70 <br />1992-5.90 <br />1993-6.10 <br />1994-6.30 <br />1995-6.50 <br />1996-6.60 <br />1997-6.70 <br />1998-6.80