RES 1972-101 - 00008469192
RESOLUTION NO. 101 -1972
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:
Sanitary Sewer, Water, and Storm Sewer Improvement Project No. 106
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 $110,000.00 in the following.fund, to -wit:
Investment Fund
which sum will not be required for other purposes prior to July 1, 1975 _ I
IT IS THEREFORE Determined to be in the interest of the City of Fridley that the
sum of $110,000.00 of the Investment Fund
BE INVESTED As authorized by law and in accordance therewith it is hereby determined
to purchase the sum of $110,000.00
Sewer, Water and Storm Sewer Im
under date of July 1, 1972
of the aforementioned Sani
t Project No. 106
issued
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 Investment 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 Investment Fund
to invest in said temporary improvement b ds
and to be reasonable and advantageous to the City to sell said temporary improve]
bonds to the Investment Fund
in accordance with provisions of this resolution.
.
1
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
resolutions 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 14TH
DAY AUGUST 1972.
ATTEST:
< O
'iTY CLc F - Marvin G. Brunsell
193
CITY MANAGER - GERALD R. DAVIS