RES 1971-163 - 00009617RESOLUTION NO. 163 - 1971
309
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IMPROVEMENT
BONDS IN ACCORD:t9CF. WITH LAWS OF 1957, CHAPTER 385
(1970 STREET IMPROVEMENT PROJECTS)
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:
Street Improvement Projects ST. 1970 -1, 1979 -2. 1970 -3, 1970 -4 & 1970 -9
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 $235,000.00 in the following fund, to -wit:
lar Special Assessment Fund
which sum will not be required for other purposes prior to December 1, 1974
IT IS THEREFORE Determined to be in the interest of the City of Fridley that the
sum of $235,000.00 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 $235,000.00
of the aforementioned
Street Improvement
Projects ST. 1970 -1, 1970 -2, 1970 -3, 1970 -4 & 1970 -9 issued
under date of December 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 Fend 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 Special Assessment Fund
in accordance with pro
YF,sions of this resolution.
310
CjMAYOR - Jack O.. Tirkhan -
CITY MANAGER - Gerald R. Davis
ATTEST:
CITY CLERK - Marvin C. Brunsell
#163 -1971
SEC. 11.
The City Manager
and Treasurer are hereby authorized and directed
,
to take
any and all steps
necessary to effect the provisions of ther_foregoing
resolutions and to make such
transfer. of f--n.ds as may be necessary from time
to time
to give effect to
the provisions hereof.
PASSED AND ADOPTED BY THE
CITY COUNCIL OF TIE CITY OF FRIDLEY THIS 13TH
DAY OF
DECEMBER
1971
CjMAYOR - Jack O.. Tirkhan -
CITY MANAGER - Gerald R. Davis
ATTEST:
CITY CLERK - Marvin C. Brunsell
#163 -1971