RES 1964-257 - 0001193373
RESOLUTION NO. 257 -1964
A RESOLUTIGN DIRECTING THE SALE AND PURCHASE OF TEMPORARY CITY
HALL IMPROVEMENT BONDS
BE IT RESOLVED, by the City Council of the City of Fridley,
Anoka Ccunty, 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 land acquisition and payment of expenses relative to the fol-
lowing improvement projects, to —wit:
CITY HALL IMPROVEMENT
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 X445,000.00 in the following fund, to —wit:
REGULAR SPECIh! ASSESSMENT FUND
-(SINKING ACCOUNT)
which sum will not be required for other purposes prior to December. 1,
1966.
IT IS THEREFORE determined to be in the interest of the City of
Fridley that the sum of .;;45.000.00 of Regular Special Assessment Fund
LConstruction ccount) be invested as authcrized by law and in accord-
' ance therewith and it is hereby determined to purchase the a,= of
u45,000.00 of the aforementioned City Hall Bonds (Series "A ") temporary
issued under date of December 1. 3-26,L. UPON their initial issuance in
accordance with the provisions of Minnesota Statutes, Section 42 0.091,
471.56 and 475.66, out of the funds in Re- ar Special :?.ssessme i un
(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 1iegular Special assessment Farad to invest in said tempo-
rary improvement bond to the Sinking ,.ccount of the Special Assessment
Fund, in accordance with the provisions of this resolution.
Section 1. The City Manager and Treasurer are hereby authorized
and directed to take any and all steps necessary to
effect the provisions of the aferegoing resolution and to make
such transfer of funds as may be necessary from time to time to
give effect to the provisions hereof.
ADOPTED BY THE CITY COUNCIL GF,THE CITY OFJRIDLEY THIS 7TH
DAY OF DECEMBER, 1964-
z Y : - ".tiilliamfJ Nee
ATTEST:
CITY CL_ :ut — •,arvin C. runsell