RES 1959-018 - 00012952RESOLUTION NO. 18 - 1959
RESOLUTION DIRECTING THE SALE OF
TEMPORARY IMPROVEMENT BONDS IN
ACCORDANCE WITH LAWS OF 1957,
CHAPTER 385.
BE IT RESOLVED by the City Council of the
City,of Fridley, Anoka County, Minnesota, as follows:
THAT, WHEREAS, it has heretofore been
determined by this Council to issue temporary improvement
bonds in order to provide the necessary funds for the
construction and payment of expenses relative to the
following improvement projects: tacit:
Sewer & Water Improvements Project # 16 -
1958, as per plans and specifications
approved by the City Council; and
WHEREAS, it has been determined that there
is at the present time an amount in excess of $300000.00 in
the following fund, towit:
Special Assessment Fund (Sinking Account)
which sum will not be required for other
purposes prior to March 15, 1961,
IT IS, THEREFORE, determined to be in the
interest of, the City of Fridley that the sum of $30,000.00
of Special Assessment Fund (Sinking Account) BE INVESTED
as authorized by law and in accordance therewith it is here-
by determined to purchase the sum of $30,000.00 of the
aforementioned Sewer & Water Improvement Project #16 -1958
bonds, Series "A" (Temporary) issued under date of March
15, 1958, UPON their initial issuance in accordance with the
provisions of Minnesota Statutes, Sec. 429.091, 471.56 and
475.66, out of the funds in Special Assessment Fund (Sinking
Account) and on behalf of said fund at par and accrued interest
as of the date of delivery of said bonds and completion of
such sale; it being further determined to be reasonable and
advantageous to said Sinking Account of the Special Assessment
Fund to invest in said temporary improvement bonds and to be
reasonable and advantageous to the City to sell said
temporary improvement bonds to the sinking account of the
Special Assessment Fund, in accordance with the provisions
of this resolution.
Section 1. The City Manager and Treasurer
are hereby authorized and directed to take
any and all steps necessary to effect the
provisions of the aforegoing resolution
and to make such transfer of funds as may
be necessary from time to time to give
effect to the provisions hereof.
PASSED AND ADOPTED BY THE CITY COUNCIL OF
FRIDLEY THIS 12TA -'- S?F,�11AR90,/059. ;
.,-MAYOR'.:- Frank La aylge,Jr.
AT T: �/
CITY CLERK CITY MANAGER
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