RES 1980-80 - 00006539120
RESOLUTION NO. 80 - 1980
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPO-
RARY IMPROVEMENT BONDS IN ACCORDANCE WITH LAWS -OF 1957,
CHAPTER 385
WATER, SANITARY SEWER AND STORM SEWER PROJECT NO. 130
BE IT RESOLVED by the Council of the City of Fridley, Anoka County,
Minnesota, as follows:
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, Sanitary Sewer
and Storm Sewer Project No. 130,
WHEREAS it has been determined that there is at the present time an amount in
excess of $265,000 in the following fund, to -wit: Investment Fund, which
sum will not be required for other purposes prior to August 1, 1983.
IT IS THEREFORE DETERMINED to be in the interest of the City of Fridley that
the sum of $265,000.00 of the Investment Fund be invested as authorized by
law, and in accordance therewith, it is hereby determined to purchase the sum
of $265,000.00 of the aforementioned Water, Sanitary Sewer and Storm Sewer
Project No. 130 issued under date of August 1, 1980 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 the
provisions hereof.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY, MINNESOTA THIS
4TH DAY OF AUGUST, 1980.
WILLIAM J. NEE 7OR
ATTEST:
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CITY CLERK N C. BRUNSELL
0054A/0647A