RES 1979-94 - 00006797RESOLUTION NO. 94 -1979
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY
IMPROVEMENT BONDS IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385
1979 -1 AND 1979 -2 STREET IMPROVEMENT PROJECT
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 1979 -1 and 1979 -2 Street
Improvement Project,
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WHEREAS, it has been determined that there is at the present time an amount
in excess of $400,000,00. of the Investment Fund be invested as authorized
by law, and in accordance therewith, it is hereby determined to purchase the
sum of $400,000.00 of the aforementioned 1979 Street Improvement Project
Bonds issued under date of August 1, 1979, upon their initial issuance in
accordance with the provisions of Minnesota Statutes, Sections 429.091,
471.56 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 the
provisions hereof.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FR'IDLEY, MINNESOTA
THIS 6TH DAY OF AUGUST. / Q
V✓
WILLIAM J. NEE, MAYOR
ATTEST:
MARVIN C. BRUNSELL, CITY CLERK