RES 1979-114 - 00006830197
RESOLUTION,NO. 114 - 1979
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY
IMPROVEMENT BONDS IN ACCORDANCE WITH LAWS OF 1957,
CHAPTER 385
WATER, SEWER AND STORM SEWER IMPROVEMENT PROJECT NO. 127
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 Water, Sewer and Storm
Sewer Improvement Project No. 127.
WHEREAS it has been determined that there is at the present time an amount in
excess of $450,000.00 in the following fund, to -wit: Investment Fund, which
sum will not be required for other purposes prior to September 15, 1982.
IT IS THEREFORE DETERMINED to be in the interest of the City of Fridley that
the sum of $450,000.00 of the Investment Fund be invested as authorized by
law, and in accordance therewith, it is hereby determined to purchase the sum
of $450,000.00 of the aforementioned Water, Sewer and Storm Sewer Improvement
Project No. 127 issued under date of September 15, 1979, upon their initial
issuance in accordance with the provisions of Minnesota Statutes, Sections
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 in accordance with provisions of
this resolution.
SECTION 1. The City Clerk 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 he
provisions hereof.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY, MINNESOTA THIS
1ST DAY OF OCTOBER, 1979.
(WILLIAM J. NEE - MRYOR
ATT
CITY CLE - MARVIN C. BRIMSELL