RES 1966-174 - 00011224239
RESOLUTION NO. 174 - 1966
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IMPROVEMENT
BOND IN ACCORDANCE WITH LADS 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:
Storry Sewer Improvement Project No. 82, 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 $35,000.00 in the following, fund, to -wit:
Sewer and 'dater Fund (Sinking Account
which sum will not be required for other purposes prior to November 1, 1969.
IT IS THEREFORE determined to be in the interest of the City of Fridley that the
sum of $35,000.00 of the SW -48 Fund (Sinking Account)
BE INVESTED, as authorized by law and in accordance therewith it is hereby determined
to rurchase the sum of 535,000.00 of the aforementioned Storm Sewer Improvement
Project No. 82 Bond (Series "A") temporary issued under the date of November 1, 1966.
UPON their initial issuance in accordance with the nrovisions of Minnesota Statutes
Sec. 429.091, 471.56, and 475.66, out of funds in 59-0 Fund (Sinking Account)
and on behalf o£ said fund at par and accrued interest as of the date of delivery
of said bonds and completion of such sale; it beine 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 temporax^r improvement bonds to the
Sinking Account of the Special Assessment Fluid, in accordance with the provisions
of the 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 5TH DAY
OF DECEMBER, 1966.
YOR - Jack 0. Yirkham
ATTEST:
CITY CL` K - lfaryin -C Brun sell