RES 1976-56 - 00007389100
RESOLUTION NO. 56 - 1976
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF
TEMPORARY IMPROVEMENT BONDS IN ACCORD -
ANCE WITH LAWS OF 1957, CHAPTER 385 (WATER, SANITARY
SEWER AND STORM SEWER IMPROVEMENT PROJECT NO. 119)
BE IT RESOLVED By the City Council of the City of
Fridley, Anoka County, Minnesota, as follows:
THAT WHEREAS It has
this Council to issue temporary
provide the necessary funds for
expenses relative to the follow
Water, Sanitary Sewer and Storm
as per plans and specifications
heretofore been determined by
improvement bonds in order to
the construction and payment of
ing improvement projects to -wit:
Sewer Improvement Project No. 119
approved by the City Council; and
WHEREAS It has been determined that there is at the
present time an amount in excess of $55,000.000in the following
fund, to -wit: Investment Fund which sum will not be required
for other purposes prior to June 15, 1979.
IT IS THEREFORE Determined to be in the interest of
the City of Fridley that the sum of $55,000.00 of the Investment
Fund BE INVESTED As authorized by law and in accordance there-
with it is hereby determined to purchase the sum of $55,000.00
of the aforementioned Water, Sanitary Sewer and Storm Sewer
Improvement Project No. 119 issued under date of June 15, 1976.
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 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
tbts resolution.
SEC. 1. The City Manager and Treasurer are hereby author-
ized 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 21ST DAY OF JUNE, 1976.
ATTEST:
CITY CLERK - MARVIN C° RUN`S SELL
MAYOR - WILL,P' J. NEE
CITY MANAGER - NASIM M. QURESHI
5
1