RES 1968-48 - 00010368RESOLUTION NO. 48 -1968
A RESOLUTION DIRECTING THE SALE & 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 the Council
to issue temporary improvement bonds in order to provide the neces-
sary funds for the construction and payment of expenses relative
to the following improvement projects: to -wit:
STREET IMPROVEMENT PROJECT NO. 1968 -3 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 $60,000.00 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,
1971.
IT is THEREFORE determined to be in the interest of the City
of Fridley that the sum of $60,000.00 of Special Assessment Fund
(Sinking Account) BE INVESTED as authorized by law and in accord-
ance therewith it is hereby determined to purchase the sum of
$60,000.00 of the aforementioned Street Improvement Project 1968 -3
Bonds Series "A" temporary issued under date of March 1, 1968.
UPON their initial issuance in accordance with the provision
of Minnesota Statutes 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 1ST DAY OF APRIL, 1968.
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YOR - JACK O. KIRKHAM
ATTE CITY MANAGER - Homer R. Ankrum
CITY CL - MARVIN C. BRUNSELL
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