RES 1967-86 - 00010732114
RESOLUTION NO. 86 -1967
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: Storm Sewer Improvement
Project No. 5 -C 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 $130,000.00 in the following fund, to -wit:
Regular Special Assessment Fund (Sinking Account) which sum will
not be required for other purposes prior to April 1, 1970.
IT IS THEREFORE Determined to be in the interest of the City of
Fridley that the sum of $130,000.00 of the Regular Special Assess-
ment Fund (Sinking Account) BE INVESTED As authorized by law and
in accordance therewith it is hereby determined to purchase the
sum of $130,000.00 of the aforementioned .storm Sewer Improvement
Project No. 5 -C Bonds temporary issued under date of April 1, 1967.
UPON Their initial issuance in accordance with the provisions of
Minnesota Statutes, Sec. 429.091, 471.56, and 475.66, out of funds
Regular Special Assessment Fund (Sinking Account) and on behalf
of siad fund at par and accrued interest as of the date of delivery
of said bonds and completion of such sale; it being further deter-
mined to be reasonable and advantageous to the 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 provisions of this
resolution.
SECTION 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 pro-
visions hereof.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
1ST DAY OF MAY, 1967.
MAYOR - JACK O. KIRKHAM
A 'EST:
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CITY CLERK - MARVIN C. BRUNSELL
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