RES 1975-184 - 00007713RESOLUTION NO. 184 -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 improve -
ment projects to -wit: Street Improvement Projects ST. 1975 -1, ST. 1975 -2
and ST. 1975 -3 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 ;1,220,000.00 in the following fund, to -wit: Investment
Fund BE INVESTED As authorized by law and in accordance therewith it is
hereby determined to purchase the sum of $1,200,000.00 of the aforementioned
Street Improvement Projects ST. 1975 -1, ST. 1975 -2 and ST. 1975 -3 issued under
date of September 15. 1975.
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 22nd
DAY OF September
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MAYOR
P?-I-`"�.
CITY MANAGER
ATTEST