RES 1975-18 - 0000751121
RESOLUTION NO. 18 - 1975
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
Storm Sewer Improvement Project No. 113 as per plans and specifca-
tions approved by the City Council; and
WHEREAS It has been determined that there is at the
present time an amount in excess of $245,000.00 in the following
fund, to -wit: Investment Fund which sum will not be required for
other purposes prior to January 15, 1978.
IT IS THEREFORE Determined to be in the interest of the
City of Fridley that the sum of $245,000.00 of the Investment Fund
BE INVESTED As authorized by law and in accordance therewith it is
hereby determined to purchase the sum of $245,000.00 of the
aforementioned Sanitary Sewer and Storm Sewer Improvement Project
No. 113 issued under date of January 1, 1975.
UPON their initial issuance in accordance with the pro-
visions 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 bands to the Invest-
ment 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 pro-
visions 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 3rd DAY OF FEBRUARY, 1975.
MAYOR - WIL M J. NEE
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M- Oel'� A"r t
CITY MANAGER - NASIM QUERSHI
ATTEST:
CITY CLERK - MARVIN C. BRUNSELL