RES 1959-52 - 00013049RESOLUTION NO. 52 - 1959
A RESOLUTION DIRECTING THE SALE OF
TEMPORARY IMPROVEMENT BONDS IN
ACCORDANCE WITH LAWS OF 1957, CHAPTER
385 - IN THE AMOUNT OF $ 55,000 TO
FINANCE S & W # 16.
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 County to issue temporary improvement bonds in order
to provide the necessary funds for the construction and pay-
ment of expenses relative to the following improvement pro-
jects, to wit:
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 $55,000.00
in the following fund, to wit:
SPECIAL ASSESSMENT FUND (SINKING ACCOUNT)
WHICH SUM WILL NOT BE REQUIRED FOR OTHER
PURPOSES PRIOR TO JULY 15, 1961.
IT IS THEREFORE determined to beiin the interest
of the City of Fridley that the sum of $55,000.00 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 $55,000.00 of the aforementioned Sewer & Water
Improvement Project # 16 - 1958 Bonds Series "C" (temporary)
issued under the date of July 15, 1959.
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 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.
SECTION 1, The City Manager and Treasurer
are hereby directed and authorized
to take any and all steps necessary to effect the
RE3oLUTIoN NO. 52 - 1959 - Continue&--
provisions of the aforegoing resolution
and tomake 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 9TH DAY OF
JULY, 1959.
MAY R - Frank C LaG]a n e
CITY MANAGER - C. Maddy
ATTEST:
CITY CLERK - Marvin C. Brunsell