RES 1974-78 - 00007910c�
RESOLUTION NO. 78 -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 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 No.'s. ST. 1974 -1, ST. 1974 -2 and ST. 1974 -4 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 $420,000.00 in the following fund, to -wit: Investment Fund
which sum will not be required for other purposes prior to August-7,79-77
IT IS THEREFORE, determined to be in the interest of the City of Fridley
that the sum of $420,000.00 of the Investment Fund BE INVESTED As authorized
by law and in accordance therewith it is hereby determined to purchase the sum
of $420,000.00 of the aforementioned Street Im rovement Projects No.'s. ST. 1974 -1
ST. 971 4-2 anT ST. 1974 -4 issued under date of uaust 1. 1974.
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 a vantageous 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 5TH DAY
OF AUGUST, 1974.
f I P. L. 2. k'
MAYOR - FRANK G7 LIEHL
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CITY MANAGER NASI M. QURES
ATTEST:
ITY CLERK - MARVIN C BRUN�
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