HomeMy WebLinkAbout19781108_specialMINUTES OF SPECIAL MEETING
OF THE EDINA CITY COUNCIL HELD AT CITY HALL
NOVEMBER 8, 1978
4:OO P.M.
Pursuant to due notice given, Council met in special session in the City Hall Con-
ference Room. Answering rollcall were members Courtney, Richards,' Schmidt, Shaw
and Mayor Van Valkenburg. Mr. Bredesen was also present.
AWARD OF BOND BID CHANGED TO FIRST NATIONAL BANK OF MINNEAPOLIS. Council was
advised that thru an error .in computation, award of $1,750,000 Temporary Improve-
ment Bonds, Series 1978 and $370,000 Recreation Bonds, Series D, had been awarded
incorrection on November 6, 1978, and that the low bidder has now been determined
to be the First National Bank of Minneapolis, Minnesota.
offered the following resolution and moved its adoption:
Councilman Courtney then
RESOLUTION RELATING TO $1 , 750,000 TEMPORARY IMPROVEMENT BONDS , SERIES
1978, AND $370,000 RECREATION BONDS, SERIES D; RESCINDING THE
RESOLUTION AWARDING THE SALE THEREOF AND APPROVING THE OFFICIAL
STATEMENT THEREFOR, AND AWARDING THE SALE THEREOF AND
APPROVING THE OFFICIAL STATEMENT THEREFOR
BE IT RESOLVED by the City Council of the City of Edina, Minnesota, as follows:
1. The resolution of the City Council adopted November 6, S978, entitled,
Resolution Relating to $1,750,000 Temporary Improvement Bonds, Series 1978 and 11
$370,000 Recreation Bonds, Series D; Awarding the Sale Thereof and Approving the
Official Statement Therefor," is hereby rescinded.
October 2, 1978, the issuance and sale of $1,750,000 Temporary Improvement Bonds,
Series 1978 and $370,000 Recreation Bonds, Series D (the Bonds). The Notice of
Sale of the Bonds has been duly published and the Council has publicly receiverl,
opened and considered all sealed bids presented in conformity with the Notice.
The most favorable of the bids presented rin conformity with the Notice, which is
hereby accepted, is ascertained to be that of the First National Bank of Minne-
apolis, of Minneapolis, Minnesota, and associates to purchase the Bonds at a
price of their principal amount and accrued interest to the date of delivery, the
Bonds bearing interest at the following rates per annum, from date of issue until
paid :
2. The City has authorized by a resolution of the City Council adopted
.
$1,750,000 TEMPORARY IMPROVEMENT BONDS, SERIES 1978
Maturity Years Anount Interest Rate
1981 $1,750,000 5.40%
$3 , 70,000 RECREATION BONDS, SERIES D
Maturity Years Amount . Interest Rate
19 80 $ 60,000 5.20%
19 81 60,000 5.20%
1982 . 60,000 5.20%
1983 60,000 5.20% .
1984 60,000 5.20%
19 85 70,000 5.25%
The net interest cost (total interest from November 1, 1978, to the stated matur-
ity dates) is $371,625.00, and the average net interest rate is 5.35482% per
annum.
3.. The Mayor and City Clerk are hereby authorized and directed to execute .
in duplicate a contract for the sale of the Bonds by the City in accordance with
said bid and to deliver a duplicate to the purchaser.
to retain the purchasers' checks securing the contract of sale until the Bonds
are delivered and the purchase price is paid and to return the checks securing
other bids to the respective bidders.
hereby approved, and the Finance Director is auth
rectness and completeness as provided in the Offi
ATTEST:
The City Clerk is directed
4. The Official Statement, dated November 6, 1978, relating to the Bonds, is
?IL &, ;/
City Clerk
Motion for adoption of the resolution was duly seconded by Councilman Richards.
Rollcall :
Ayes:
Resolution adopted.
Courtney, Richards, Schmidt, Shaw, Van Valkenburg -_
. Nays: None
VERTICAL PROCESS MANAGEMENT CONCEPT REVIEWED. Mr. Rosland explained the concept
of Vertical Process Management which he is.recommending for the City. This con-
cept places the decision making and'day to day activity at the department head
310 11/8/78 . .-
level and places the long range p-anning at a coordinated inter-departmental
level.
plan. No action was taken.
Mr, Rosland also explained to the Council a new personnel compensation
No further discussion being heard, Councilman Richards' motion for adjournment
was seconded by Councilwoman Schmidt and carried. Adjournment at 6:OO p.m.
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