RES 1977-06 - 00007052F]
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RESOLUTION NO. 6 -1977
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:
Storm Sewer Improvement Project No. 120
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 $7,000.00 in the following fund, to -wit:
Investment Fund
which sum will not be required for other purposes prior to January 1, 1980.
IT IS THEREFORE Determined to be in the interest of the City of Fridley that the
sum of $7,000.00 of the Investment Fund
BE INVESTED As authorized by law and in accordance therewith it is hereby
determined to purchase the sum of $7,000.00 of the aforementioned Storm Sewer Improve-
ment Project No. 120 issued under date of January 1, 1977.
UPON Their initial issuance in accordance with the provisions of Minnesota
Statutes, Sec. 429.091, P71.56 and 574.66, 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 3RD DAY OF JANUARY,
1977.
ATTEST:
CITY CLERK"- M RVIN C. BR SELL
PIAYOR - WILLIAP1 J. NEE