RES 1979-28 - 0000666938
RESOLUTION NO. 28 - 1979
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF
TEMPORARY IMPROVEMENT BONDS IN ACCORDANCE WITH
LAWS OF 1957, CHAPTER 385: STREET IMPROVEMENT
PROJECT NO. ST. 1975 -4
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 Project No. ST. 1975 -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 $100,000.00 in the following fund, to -wit: Investment Fund
which sum will not be required for other purposes prior to January 15, 1982.
IT IS THEREFORE Determined to be in the interest of the City of Fridley that
the sum of $100,000.00 of the Investment Fund
BE INVESTED As authorized by law and in accordance therewith it is hereby
determined to purchase the sum of $100,000.00 of the aforementioned Street
Improvement Project No. ST. 1975 -4 issued under date of January 15, 1979.
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.
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 afore -
going 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 12TH
DAY OF FEBRUARY, 1979.
ATTEST:
CITY CLERK - MARVIN C. BRUNSELL
MAYOR - WILLIAM J. NEE