RES 1965-11 - 00011268RESOLUTION NO. 11 -1965
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IM-
PROVEMENT BOND IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385 -
S &SS N71
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 fol-
lowing improvement projects, to -wit:
71 as uer plans
WHEREAS it has been determined that there is at the present time
an amount in excess of $50,000.00 in the following fund, to -wit:
REGULAR SPECIAL ASSESSMENT - SINKING FUND which sum will not be required
for other purposes prior to December 30, 1966.
IT IS THEREFORE determined to be in the interest of the City of
Fridley that the sum of $50,000.00 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 $50,000.00 of the aforementioned
Storm and Sanitary Sewer Improvement Project No. 71 Bonds (SeriesA) tem-
oorary issued under date of December 30. 1964.
' 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 As-
sessment 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 afore -
going 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 FRIDLEY THIS 4TH
DAY OF JANUARY, 1965.
ATTEST:
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CITY CLERK - Marvin C. Brunsell
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MAYOR - Willi
. Nee
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