RES 1966-178 - 000112322 J1 a
RESOLUTION NO. 178 - 1966
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 -wits
Water, Sanitary Sewer and Storm Sewer Improvement Project No. 79, as per plans
and specifications ae_proved by the City Council: and
WHEREAS, it has been determined that there is at the present time an amount in
excess of $120,000.00 in the following fund, to -wit:
SEWER AND WATER NO. 48 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 $120,000.00 of the Sewer and Water No. h8 Fund (Sinkine Account)
BE INV ?;STED as authorized by law and in accordance therewith it is hereby determined
to purchase the sum of $120,000.00 of the aforementioned Water, Sanitary Sewer and
Storm Sewer Improvement Project No. 79 Bonds (Seried "A") temporary issued under
date of November 1, 1966.
UPON their issuance in accordance with the provisions of Minnesota Statutes,
Sec. 129.091, 471.56 and 0S.66, out of funds Sewer and Water No. 18 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 Sinkine Account of the Sewer and 'dater No. h8
Fund to irvest in said temporary improvement bonds and to be reasonable and
advantageous to the City to sell said temporary improvement bonds to the Sinking
Account of the Sewer and Water No. 48 Fund, in accordance with the provisions
of this resolution.
1 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.
MAYOR - Jack 0. Kirkham
ATTEST:
CITY CLERK - C. Brunse