RES 1966-182 - 00011240255
RESOLUTION NO. 182 - 1966
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY
IMPROVEMENT BOND IN ACCORDANCE WITH LAWS OF 19579 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 constnictinn
and payment of expenses relative to the following improvement projects to -wit:
1966 STREET IMPROVEMENT PROJECT
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 $285,000.00 in the following fund, to -wit:
IMPROVEMENT BONDS OF 1960 (Sinking Account)
which sum will not be required for other purposes prior to December 1, 1969.
IT IS THEREFORE determined to be in the interest of the City of Fridley that the
sum of 1285,000.00 of Bonds of 1960 Fund (sinking account)
BE INVESTED as authorized by law and in accordance therewith it is hereby determined
to purchase the sum of $285,000.00 of the aforementi.cned 7.966 Street Improvement
Project Bonds (Series "B ") temporary issued under date of December 1, 1966.
UPON their initial issuance in accordance with the Provisions of Minnesota Statutes,
Sec. 629.091,01.56, and h75.66, out of finds Improvement Bond 1960 (Sinking
Account) and on behalf of said fund at par and accrued interest as of the date
of delivery of said bonds and como_1.etion of such sale; it beine further determined
to be reasonable and advantageous to Bonds of 1960 Fund to invest in said
temporary impro�lement bonds to the Sinking Account of the Special Assessment
Fund, in accordance with 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 aforegoing
resolutions and to make such transfer of funds as may he 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 - Jock Kirkha - -�
ATTEST:
CIT�1�_ ` Ma� -r n r, nraell