RES 1978-108 - 00007224RESOLUTION NO. 108 - 1978
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF
TEMPORARY IMPROVEMENT BONDS IN ACCORDANCE WITH
LAWS OF 1957, CHAPTER 385: STORM SEWER PROJECT
NO. 125
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. 125 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 $20,000 in the following fund, to -wit: Invest-
ment Fund which sum will not be required for other purposes prior to
September 1, 1981.
IT IS THEREFORE Determined to be in the interest of the City of
Fridley that the sum of $20,000 of the Investment Fund
BE INVESTED As authorized by law and in accordance therewith it is
hereby determined to purchase the sum of $20,000 of the aforementioned
Storm Sewer Improvement Project No. 125 issued under date of September
1, 1978.
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 improve-
ment 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 23RD
DAY OF OCTOBER, 1978.
MAYOR - WILLIAM J. NEE
CITY MANAGER - NASIM M. QURESHI
ATTEST:
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CITY CLERK MARVIN C. BRUNSELL
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