RES 1968-173 - 00010579287
RESOLUTION NO. 173
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:
1968 -1 and 1968 -2 Street Improvement Projects
as per plans and specifications appr ed by the City Council: and
WHEREAS It has been determined that there is at the present time an amount in
excess of $555,000.00 in the following fund, to -wit:
Regular S. A. (Sinking Fund)
which sum will not be required for other purposes prior to November 1, 19-11
IT IS THEREFORE Determined to be in the intc -=st of the City of Fridley that the
scan of $555,000.00 (Regular S. A. Sinking Account)
BE INVESTED As authorized by law and in accordance therewith it is hereby determined
to purchase the sum of $555,000.00 of the aforementioned 1968 -1 and 1968 -2
Street Improvement Projects Bond S_ ies "A" (Temporary) issued
under date of November 1, 1968
t
UPON Their initial issuance in accordance with the provisions of Minnesota Statutes,
Sec, 429.091, 471.56, and 475.66, out of funds in Regular S. A. (Sinking Fund)
f
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 Regular S. A. (Sinking
Fund)
• to invest in said temporary improvement bonds
'
and to be
reasonalbe and advantageous to the
City to sell said temporary improvement
bonds to
the Regular S. A. (Sinking Fund)
in accordance
with Erpyjgions of this resolution,
f
'2 88.
Resolution No. 173 -1968 Continued
$1. TER.¢: 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 AIM ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 4TH
DAY OF wnvr."7BFR , 190,
OR -Jacck k O',' Kirkham
ATTEST:
C &1.n,. .�.,a�1
CITY CL' , Mirvin C. l
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