RES 1972-114 - 00008497219
RESOLUTION NO. 114 -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:
Street Improvement Project No. ST. 1972 -1 and ST. 1972 -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 $430,000.00 in `the following fund, to -wit:
Investment Fund
which sum will not be required for other purposes prior to September 1, 1972
IT IS THEREFORE Determined to be in the interest of the City of Fridley that the
sum of $430,000.00 of the Investment Fund _
BE
INVESTED
As
authorized by law and
in accordance
therewith it is
hereby
determined
to
purchase
the
sum of $430,000.00
of the
aforementioned
meet
Imrovesent
Project No. ST. 1972 -1 and ST. 1972 -2_ issued
under date of September 1, 1972
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 3i
_ to invest in said temporary improvement bo
and to be reasonable and advantageous to the City to sell said temporary improvementz'
x
bonds to the _Investment Fund
in accordance with provisions of this resolutio: %.
e
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SEC. 1. The City Manager
Treasurer hereby
and directed
r
and are
authorized
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 25TH
DAY SEPTEMBER ,
MAYOR
CITY MANAGER
M EST "r.
CL