RES 1965-149 - 00011455200
RESOLUTION No. 149 -1965
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:
Storm Sewer Improvement Project No. 5. 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 $75,000.00 in the following fund, to -wit:
Regular Special Assessment Fund (Sinking Account)
which sum will not be required for other purposes prior to August 1, 1967.
IT IS THEREFORE determined to be in the interest of the City of Fridley that
the sum of $75,000.00 of the 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 $75,000.00 of the aforementioned
Storm Sewer Improvement Project No. 5 Bonds (Series "B ") temporary issued
under date of August 1, 1965. UPON their initial issuance in accordance with
the provisions of Minnesota Statutes, Sec. 429.091, 471.56, and 475.66, out
of 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
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
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.
201
RESOLUTION NO. 149 -1965 (Continued)
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 FRIDLEY THIS 16TH DAY OF AUGUST, 1965.
MAYOR - Willi J. Nee
ATTEST:
4 h1
CITY C Marvin C. Brunsell