RES 1965-205 - 00011540RM
RESOLUTION NO. 205 -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, Sanitary Sewer and Water Improvement Project No. 73; 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 $100,000.00 in the following fund, to -wit:
Regular Special Assessment Fund rhich sum will not be required for other
purposes prior to November 15, 1967.
IT IS THEREFORE determined to be in the interest of the City of "Fridley
that the sum of $100,000.00 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 $1003000.00 of the aforementioned Storm
Sewer, Sanitary Sewer, and Water Improvement Project #73 Bonds (Series "A")
temporary issued under date of November 15, 1965
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 tobe reasonable and advantegeous
to the City to sell said temporary improvement bond to the 6inking Account of
' the Special Assessment Fund, in accordance with the provisions of thds 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 FRIDL,EYA THIS 6TH DAY OF �DECEMBER, 1965-
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