RES 1966-23 - 0001096626
RESOLUTION NO. 23 -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 wit:
Storm Sewer Improvement Project No. 12, as per plans and specifications approved
WHEREAS it has been determined that there is at the present time an amount in
excess of $225,000.00 in the following fund, to -wit:
REGULAR SPECIAL ASSESSMENT FUND (Sinking Account
which sum will not be required for other purposes prior to March 1, 1968.
IT IS THEREFORE determined to be in the interest of the City of Fridley that the
sum of $225,000.00 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 $225,000.00 of the aforementioned Storm
Sewer Improvement Proiect No. 12 Bonds (Series "A" temporary issued under
date of March 1, 1966. UPON their initial issuance in accordance with the
provisions of Minnesota Statues, Sec. 429.091, 471.56, and 47566, 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 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 to be reasonable and advantageous
to the City to sell said temporary improvement bonds to the Sinking Account ,
of the Special Assessment Fund, in accordance with the 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 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 21ST DAY
OF FEBRUARY, 1966.
YOR - Jack 0. Kirkham
ATTEST:
CITY C - Marvin C. Brunsell
CITY MANAGER - Earl P. Wagner