RES 1972-55 - 00008365RESOLUTION NO. 55 - 1972
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IMPROVEMENT
BONDS IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385
( SANITARY SEWER, WATER AND STORM SEWER PROTECT #102 )
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. 102
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 $600,000.00 in the following fund, to -wit:
Investment Fun _
' which sum will not be required for other purposes prior to May 1, 1975
IT IS THEREFORE Determined to be in the interest of the City of Fridley that the
sum of $600,000.00 of the Investment Fund
BE INVESTED As authorized by law and in accordance therewith it is hereby determined
to purchase the sum of $600,000.00 of the aforementioned Sanitary Sewer.
Water and Storm Sewer Improvement Project No. 102 issued
under date of May 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
_ to invest in.said temporary improvement bonds
' and to be reasonable and advantageous to the City to sell said temporary improvement
bonds to the __Investment Fund
- -- in accordance with provisions of this resolution.
4
RESOLUTION #55 -1972
Page 2
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 1ST
DAY MAY ,
Q..4
MAYOR FRAIK G. LIEBL
CITY MANAGER GERALD R. DAVIS
ATTEST:
c
CITY CL MARVIN C. BRUNSELL
R� I