RES 1964-50 - 0001163270
RESOLUTION NO. 50 -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 necessary funds for the
construction and payment of expenses relative to the following improvement
projects to -wit:
Sewer and Water Improvement Project No. 61, as per plans and specifications
WHEREAS, it has been determined that there is at the present time an
amount in excess of $41,000.00 in the following fund, to- wit : - REGULAR SPECIAL
ASSESSMENT - SINKING FUND which.sum will not be required for other purposes
prior to March 1, 1966.
IT IS THEREFORE determined to.be`in the interest of the City of Fridley
that the sum of $41,000.00 of REGULAR SPECIAL ASSESSMENT FUND SINKING ACCOUNT.
BE INVESTED as authorized by law and in accordance therewith it is hereby
determined to purchase the sum of $41,000.00 of the aforementioned Sewer and
Water Improvement Proiect #61 Bonds (Series A) temporary issued under date of
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 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 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 provisions
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 THIS
16TH DAY OF MARCH, 1964.
DD
MAYOR illiam J. Nee
ATTEST: `
lqe' C
CITY CLERK - Marvin C. Brunsell