RES 1964-222 - 0001188020
RF.SJLUTION NO. 222 -1964
A RESOLUTION DIRECTING THE SALE AND PURCHASE ;F TEMPORARY IM-
PRD VEMENT BONDS IN ACCORDANCE WITH LAWS GF 1957, CH PTER 385 -
SEG!ER, ':,'F:TER AND STORM SEWER IMPROVEMENT PROJECT NO. 67
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 paynnent of expenses relative to
the following improvement projects, to -wit:
SEWER, WATER & STORM SEWER IMPROVEMENT PROJECT NO. 67
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 $195,000.00 in the following fund, to -wit:
REGULAR SPECIAL ASSESSMENT FUND (Sinking Account)
which sum will not be required for other purposes prior to October
1. 1966.
IT IS THEREFORE determined to be in the interest of the City of
Fridley that the sum of $195,00C.CO of Special assessment Fund_(Sink-
inQ Account BE INVESTED as authorized by law and in accordance there-
with it is hereby determined to purchase the sum of $195,000.00 of the
aforementioned Sewer• Water and Stor: Sewer Improvement_rrciect No. 67
Bonds Series "A" ( temporary) issued under date of :;ctober 1, 1964.
UPON their initial issuance in,accordance with the provisions of
Minnesota Statutes, Sec. 129.091, 471.56 and 471.66 out of the funds
in Regular Social 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 Reguln r l
ra Specia
Assessment Fund to invest in said tempory improvement bonds, and to be
reasonable and advanta;-eous to the City to sell. said temporary improve-
ment 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 THE CITY CF FRIDLEY
THIS 5TH DAY OF OCTOBER, 1964.
MAYOR �., illiam J. Nee
ATTEST:
OVI dn".aw
COIN- :Marvin C. Brunsell