RES 1959-37 - 00013009t
RESOLUTION NO. 37 - 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
provide the necessary funds for the construction and payment of
expenses relative to the following improvement projectso, towit:
sewer & Water Improvement 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 $50,000.00 in the
following fund, towit:
Special Assessment Fund (Sinking Account) which
sum will not be required for oftr 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 Special
Assessment Fund (Sinking Account) BE INVESTED as authorized
' by law and in accordance therewith it is hereby determined to
purchase the sum of $500000.00 of the aforementioned Sewer
& Water Improvement Project No. 16 - 1958 Series "B" temporary
improvement bonds, issued under date of May 15, 19610
UPON their initial issuance in accordance withthe
provisions of Minnesota Statutues, 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 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.
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 COUNCIL OF THE
CITY OF FRIDLEY THIS 14T"_ AY OF MAY,/)19� ^
Frank C. LaGrange Jr
A ST•
City Manager -
Marvin,- C� Brunsell, Clerk