RES 1975-20 - 00007516RESOLUTION NO. 20 - 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,
Storm Sewer, Storm Sewer and Water Improvement Project No. 116
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 $130,000.00 in the following fund, to -wit:
Investment Fund which sum will not be required for other purposes
prior to February 1, 1978.
IT IS THEREFORE Determined
City of Fridley that the sum of $130
BE INVESTED As authorized by law and
is hereby determined to purchase the
aforementioned Sanitary Sewer, Storm
Project No. 116 issued under date of
to be in the interest of the
,000.00 of the Investment Fund
in accordance therewith it
sum of $130,000.00 of the
Sewer and Water Improvement
February 1, 1975.
UPON Them 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
F,RIDLEY THIS 3rd DAY OF FEBRUARY, 1975.
MAYOR - WILLYO J. NEE
CITY MANAGER - NASIM QUERSHI
ATTEST:
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CITY LERK - MARVI C. BRUNSELL