RES 1959-87 - 00013121RESOLUTION NO. 87 - 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 projects: to wit:
SEWER & WATER IMPROVEMENT PROJECT # 22 - 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, to wit:
SPECIAL ASSESSMENT FUND ( SINKING ACCOUNT)
which sum will not be required for other purposes prior to
September 30, 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 $50,000.00 of the aforementioned Sewer & Water Improvement
Project # 22 - 1959 Bonds, Series "A" temporary issued under date
of September 30, 1959.
UPON their initial issuance in accordance with the pro-
visions of Minnesota Statutues, Sec. 429.091, 471.56 and 475.66,
out of the funds in Special Assessment Fund (Sinking Account) and
on behalf of said fund at par and accrued interest as of the date
of delivery of said bonds and completion of such sale; it being
further determined to be reasonable and advantageous to Sinking
Account of the Special Assessment Fund to invest in said temporary
improvement bonds and to be reasonable and advantageous to the City
to sell said temporary improvement bonds to the Sinking Account of
the Special assessment Fund, in accordance withthe provisions of
this resolution.
S$CTION i. 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
ATTEST:� /%/�
MARVIN C. BRUNSELL - CITY CLERK
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