RES 1976-68 - 00007403RESOLUTION NO. 68 -1976
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY
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: Street Improvement Projects ST. 1976 -1, 2 and 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 $325,000.00 in the following fund, to wit: Investment Fund
which sum will not be required for other purposes prior to July 15, 1979.
IT IS THEREFORE Determined to be in the interest of the City of Fridley
that the sum of $325,000.00 of the Investment Fund BE INVESTED As authorized by law
and in accordance therewith it is hereby determined to purchase the sum of $325,000.00
of the aforementioned Street Improvement Projects ST. 1976 -1, 2 and 4 issued under
date of July 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 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.
JULY.
MAYOR - WILLIAM J. E
CITY /MANAGER� - NASIM M.=QQUKLbH'I
ATTEST:
CITY CLERK - 74ARVIN C. B UNSEtL
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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 26TH DAY OF
JULY.
MAYOR - WILLIAM J. E
CITY /MANAGER� - NASIM M.=QQUKLbH'I
ATTEST:
CITY CLERK - 74ARVIN C. B UNSEtL
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