RES 1972-57 - 0000837397
RESOLUTION NO. 57 -1072
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IMPROVEMENT
BONDS IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385
(STREET IMPROVEMENT PROJECTS ST. 1971 -1, ST. 1971 -2, & ST. 1971 -4)
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. 1971 -1. ST. 1971 -2 & ST. 1
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 _1275,0_00.00 in the following fund, to -wit:
Investment Fund
which sum will not be required for other purposes prior to May 1,__U75
IT IS THEREFORE Determined to be in the interest of the City of Fridley that the
sum of $275,000.00 of the Investment Fund
BE INVESTED As authorized by law and in accordance therewith it is hereby determined
to purchase the sum of $275,000.00 of the aforementioned Street Improvement
Projects ST. 1971 -1, ST. 1971 -2 & ST. 1971 -4 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.
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 1972.
Q 0
MAYOR FRAIJ G. AIEBL
1
CITY MANAGER GERALD R. DAVIS
ATTEST:
C
CITY C MARVIN C. BRUNSELL