RES 1966-28 - 000109753
RESOLUTION NO. 28 -1966
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IMPROVEMENT BONDS
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:
Street Improvement Project No, 1965 -2
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 $75,000.00 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
$75,000.00 of Special Assessment Fund (Sinking Account) BE INVESTED as
authorized by law and in accordance therewith it is hereby determined to
purchase the sum of $75,000.00 of the aforementioned Street Improvement
Proiect No. 1965 -2 Bonds Series "B" temoorary issued under date of March
1966.
UPON their initial issuance in accordance with the provision of Minnesota
Statues Sec. 429.091 and 471.66 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 to be reasonable and advantageous to the City to sell said temporary
improvement bonds to the Sinking Account of the Regular 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
resolution 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 7TH DAY OF
MARCH, 1966
fAYOR - Jack 0. Kirkham
CITY MANAGER - Earl P. Wagner
CITY CIE R - Marvin C. Brunsell