RES 1959-35 - 00012997RESOLUTION NO. 35 - 1959
A 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 pro-
vide the necessary funds for the construction and payment of expenses
relative to the following improvement projects, towit:
Sewer and Water Imp:ovement Project No. 15 - 1959;
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 $50,000.00 in the following
fund, towit:
Special Assessment Fund (Sinking Account)
which sum will not be required for other purposes prior to May 15,
1961,
IT IS THEREFORE determined to be in the interest of the
City of Fridley that the sum of $50,000.00 of the Special Assessment
' Fund (Sinking Account) BE INVESTED as authorized by law and in
accordance therewith it is hereby determined to purchase the sum
of $50,000.00 of the aforementioned Sewer and Water Improvement
Project No. 15 - 1959 temporary improvement bonds, Series B, issued
under date of May 15, 1961.
�r J
UPON their initial issuance in accordance with the pro-
visions 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 the Sinking Account
of the Special Assessment Fund to invest in said temporary improve-
ment 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.
SEC. 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
FRIDLEY THIS 14TH DAY OF MAYA,
CITY CLERK- Marvin Brunsell
C9WCIL OF TH F
C 44-
-,,rank C. LaGgKinge i
CITY MANAGER -