RES 1964-146 - 00011771RESOLUTION N0, 146 -1964
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY
IMPROVEMENT 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 neces-
sary funds for the construction and payment of expenses relative to
the following improvement projects, to —wit:
STORM SEWER IMPROVEMENT PROJECT NO. 5; 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 t185,000-CO in the following fund, to —wits
REGULAR SPECIAL ASSESSMENT FUND (SINKING ACCOUNT)
which sum will not be required for other purposes prior to July 1,
1966.
IT IS THEREFORE determined to be in the interest of the City of
Fridley that the sum of $185,000.00 of the Regular Special Assessment
Fund (Sinking - ccount).
BE INVESTED as authorized by law and in accordance therewith it
is hereby determined to purchase the sum of $1859000.00 of the afore-
mentioned Storm Sewer Improvement Project No. 5 Bonds (Series A) tem-
porary issued under date of July.l, 1964.
UPON their initial issuance in accordance with the provisions of
Minnesota Statutes, Sec. 429.091, 471.56, and 475.66, out of funds in
the Regular Special :-.ssessment 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 Regular Spe-
cial 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 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 provi-
sions of the aforegoing resolutions 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
r
THIS 20TH DAY OF JULY, 1964.
ATTEST:
CITY CLE — Marvin C. B
MAYOR — William v. Nee
CITY MANAGER — Earl P. Wagner
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