RES 1962-159 - 00012543162
Sec. 16 The officers of the City and the County Auditor of
Anoka County are hereby authorized and directed to pre-
pare and furnish to the purchaser of said bonds and to the
attorneys approving the legality of the issuance thereof, certi-
fied copies of all proceedings and records relating to said
bonds and to the financial affairs of said City, and such other
affidavits, certificates and information as may be required, to
show the facts relating to the legality and their custody and
control or as otherwise known to them, and such certificates,
certified copies and affidavits, including any heretofore fur-
nished, shall be deemed representations of the City as to the
correctness of all statements contained therein.
PASSED BY THE CITY COUNCIL THIS 1ST DAY OF OCTOBER, 1962.
MAYOR -'T. E. Greig
ATTEST:
oru. C
CITY CLERK - Marvin C. Brunsell
RESOLUTION NO. 159 -1962
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IM-
PROVEMENT BOND 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 and Water Improvement Project #55
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 $85,000.00 in the following fund, to -wit:
REGULAR SPECIAL ASSESSMENT FUND (SINKING ACCOUNT)
which sum will not be required for other purposes prior to
October 1st, 1964.
IT IS THEREFORE determined to be in the interest of the City of
Fridley that the sum of $85,000.00 of Regular Special Assess-
ment Fund (Construction Account) BE INVESTED as authorized by
law and in accordance therewith it is hereby determined to pur-
chase the sum of $85,000.00 of the aforementioned Sewer and
Water Improvement Project #55 Bonds (Series "A ") temporary issued
under date of October 1st, 1962.
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 Regular Special Assessment Fund (Sinking Account) and
on behalf of said fund at par and accrued interest as of the date
463
of delivery of said bonds and completion of such sale; it being
further determined to be reasonable and advantageous to Sinking
Account of the Regular Special Assessment Fund to invest in said
temporary improvement bonds and to be reasonable and advantageous
to the City to sell said temporary improvement bond to the Sink-
ing 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 1ST DAY OF OCTOBER, 1962.
r
MAYOR T. E. Greig
ATTEST:
CITY CLERK Marvin C. Brunsell
RESOLUTION NO. 160 -1962
' A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY I
BONDS IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385
BE IT RESOLVED by the Council of the City of Fridley, Anoka
County, Minnesota, as follows:
Sec. 1 The total estimated cost of Street Improvement Project
1962 has been estimated in excess of $260,000.00.
Sec. 2 It is now estimated that the sum of $260,000.00 is
currently necessary to provide financing of the projects
above noted, and it is hereby determined to be necessary to
borrow said amount for the payment of obligations now incurred
and for expenses necessarily incurred in connection with the
construction of said improvement projects.
Sec. 3 There is hereby created Street Improvement #1962 Fund
(temporary) which shall contain a construction account
as a part thereof into which shall be paid all proceeds of tem-
porary bonds issued pursuant to this resolution and similar
subsequent resolutions, and out of which shall be paid all
amounts due and payable as costs or expenses incident to or
' incurred in connection with the making of said improvement._
Sec. 4 There is also hereby created in Street Improvement #1962
Fund (temporary) a Sinking Fund Account, which account
in said fund may and shall be termed as the Sinking Fund, into
which fund shall be paid the proceeds of all special assessments
levied against benefited proceeds of all special assessments
levied against benefited property by reason of the making of
said improvements as well as all other monies therein to be paid
as provided by law and out of which shall be paid the principal
and interest on all temporary improvement bonds issued to finance
said project.
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