RES 1970-126 - 00009792160
RESOLUTION NO. 126 -1970
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 pro-
jects to -wit: Street Improvement Project No. St. 1970 -1 and St. 1970 -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 $325,000.00 in the following fund, to -wit: Regular Special Assessment
Fund (Principal $ Interest Account) which sum will not be required for other pur-
poses prior to July 1, 1973.
IT IS THEREFORE determined to be in the interest of the City of Fridley that
the sum of $32S,000.00 of the Regular Special Assessment Fund (Principal F,
Interest Account) be invested as authorized by law and in accordance therewith it
is hereby determined to purchase the sum of $325,000.00 of the aforementioned
Street Improvement Project No. St. 1970 -1 and St. 1970 -2, issued under date of
July 1, 1970.
UPON their initial issuance in accordance with the provisions of Minnesota
Statutes, Sec. 429.091, 471.56, and 475.66, out of funds of the Regular Special
Assessment Fund (Principal and Interest 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 the
Principal $ Interest 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 Principal $ Interest Account of the ,
Regular 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 afore -
going resulutions 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 29TH DAY OF
JUNE, 1970
YOR - JACK 0. KIRKHAM
ATTEST:
CITY CLERK - MARVIN C. BRUNSELL