RES 1974-105 - 00007954198
RESOLUTION NO. 105 -1974
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 and Water Improvement Project No. 115 as per plans and
WHEREAS, it has been determined that there is at the present time an amount
in excess of $40,000.00 in the following fund, to -wit: Investment Fund which
will not be requiTre�fc for other purposes prior to October 1, 1977.
IT IS THEREFORE determined to be in the interest of the City of Fridley that
the sum of $40,000.00 of the Investment Fund BE INVESTED as authorized by law
and in accordance therewith it is hereby determined to purchase the sum of
$40,000.00 of the aforementioned Sanitary Sewer and Water Improvement Project No.
115 issued under date of October 7 1974.
UPON THEIR initial issuance in accordance with the provisions of Minnesota
Statutes, Sec. 429.091, 471.56, and 475.66, out of funds 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 7TH DAY OF
OCTOBER, 1974.
Q.4 L
MAYOR - FRAN G. LIEBL
ATTEST:
CITY CLERK Vw`I C. BRU
CITY MAN ASIM M. QURESHI
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