RES 1971-146 - 00009574RESOLUTION NO. 146 -1971
A RESOLUTION DIRECTING TILE SALE AND PURCHASE OF TEPIPORARY IMPROVEMENT
BONDS IN ACCORD:VQCF. 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:
Water. Sanitary Sewer and Storm Sewer Improvement Pro.iect No. 103
as per plans and specifications apprcicd 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
which sum will not be required for other purposes prior to November 1, 1974
IT IS THEREFORE Determined to be in the interest of the City of Fridley that the '
sum of $325,000.00 of the Regular Special Assessment Fund
BE INVESTED As authorized by law and in accordance therewith it is hereby determined
to purchase the sum of $325,000.00
of the aforementioned Water, Sanitary
Sewer and Storm Sewer Improvement Project No. 103 issued
under date of November 1, 1971
UPON Their initial issuance in accordance with the provisions of Minnesota Statutes,
Sec. 429.091, 471.56, and 475.66, out of funds of the Regular Special Assessment
Fund
and on behalf of said fund at par and accrued interest
as of the date of delivery of said bonds and completion of such sale; it being
further determined to be reasonable and advantageous to the Regular Special
Assessment Pund to invest in said temporary improvement bonds
and to be reasonalbe and advantageous to the City to sell said temporary improveme
bonds to the Regular Special Assessment Fund
in accordance Wit}} pTgyj$ ions of this resolution,
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SEC. 1. The City Manager
and Treasurer are hereby
authorized and directed
to tat;e any and all steps
necessary to effect the
provisions of the aforegoing
resolutions anal to sake such
transfer of funds as
ma; 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 8TH
DAY OF Nn «tom FR
1971..
�: -_;:OR _
TCk G. isirkham - -
CITY WYACER - GERALD R. DAVIS
ATTESTS
CITY CLERK - Marvin C. Brunsell
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