RES 1964-91 - 000116861?4
RESOLUTION NO. 91 -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:
Water Improvement Project No 34 as per plans and specifications approved_
by tha city Council: and -
WHEREAS, it has been determined that there is at the present time
an amount in excess of $115,000.00 in the following fund, to -wit:
REGULAR SPECIAL ASSESSMENT - SINKING FUND which sum will not be required
for other purposes prior to May 1, 1966.
IT IS THEREFORE determined to be in the interest of the City of
Fridley that the sum of $115,000.00 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 $115,000.00 of the afore-
mentioned Water Improvement Project No. 34 Bonds (Series A)
to.o....vn ro i cc,,Pd unclpr dAte of Mav 1. 1964.
UPON their initial issuance in accordance with the provisions of
Minnesota Statutes, Sec. 429.091, 4471.56 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 4TH DAY OF MAY, 1964.
MAYOR - Will J. Nee
ATTEST:
CITY CL - Marvin C. Brunsell