RES 1964-164 - 00011793RESOLUTION NO, 164 -1964
A RESOLUTION DIRECTING THE SALE & PURCHASE OF TEMPO R�RY IM-
PROVEMENT BuNDS 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:
STREET IMPROVEMENT PROJECT NO. 1964 -1
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 $65,000.00 in the following frund, to -wit:
REGULAR SPECIAL ASSESSMENT FUND (Sinking Account)
which sum will not be required for other purposes prior to August 1,
1966,
IT IS THEREFORE determined to be in the interest of the City of
Fridley that the sum of 165,000.00 of Special Assessment_Fund (Sink-
ing ',ccount) BE INVESTED as authorized by law and in accordance there-
with it is hereby determined to purchase the sum of "651000.00 of the
aforementioned Street Improvement Project No :_1964 -1 Bonds Series "A"
(temporary) issued under date of August 1s 1964.
' UPON their initial issuance in accordance with the provisions of
Minnesota Statutes, Sec. 429.091, 471.56 and 471.66, out of the funds
in Regular Special Assess_ne_rt_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
Special Assessment Fund to invest in said temporary improvement bonds
and to be reason�.ble and advantageous to the City to sell said tempo-
rary improvement bonds to the Sinking Account of the Regular 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 FRIDLEY THIS 17TH
DAY OF AUGUST, 1964.
ATTEST:
qM C CITY CLERK - rvin C. Brunsell
Mr_YOR - Idillia -m J. Nee
CITY MANAGER - Earl P. Wagner
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