Res 1963-163 147
RESOLUTION NO. 16 -106
A RESOLUTION DIRECTING THE SALE & PURCHASE OF TEMPORARY IMPROVEMENT BONDS
IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385.
BE IT RESOLVED By the City Council of the City of Fridley, Anoka County,
Minnesota, as forows:
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 expendes relative to the following improve-
ment nrojects: to-wit:
Street Improvement Project #1963-1
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 $52,000.00 in the following find, to-wit:
REGULAR SPECIAL ASSESSMENT FUND (Sinking Account)
which sum will not be required for other purposes prior to October 15, 1965,
IT IS THEREFORE determined to be in the interest of the City of Fridley that
the sum of 152,000.00 of Special Assessment find (Sinking Account) BE INVESTED
as authorized by law and in accordance therewith it is hereby determined to
purchase the sum of $52,000.00 of the aforementioned Street Improvement Project
#1963-1 Bonds Series "A" temporary issued under date of October 15, 1963.
UPON their initial issuance in accordance with the provisions of Minnesota
Statutes, Sec. 429.091, 471,56 and 471.661 out of the funds in Regular Special
Assessment Fund (Sinking Account) 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 farther determined to be reasonable and advantageous to Sinking Account
of the Regular Special Assessment Fund to invest it in said temporary improvement
bonds and to be reasonable and advantageous to the City to sell said temporary
improvement bonds to the Sinking Account of the Regular Special Assessment
Fund, in accordance with the provisions of this resolution.
SEC. The City Manager and Treasurer are hereby authorized and directed
to take any and all steps necessary to effect the provisions of theAlforegoing
resolution 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 FRIDLEY THIS 21ST DAY OF
OCTOBER, 1963.
MAYOR
117
ATTEST: CITY MANAGER
CITY CTERK
EXTRACT OF MINUTES 07 MEETING OF THE CITY COUNCIL OF THE CITY OF FRIDLEY,
OF A REGULAR MEETING HELD OCTOFER 21, 1963, AT 8:00 o'clock P.N. AT THE
CITY HALL, CITY OF FRIDLEY, ANOKA COUNTY, MINNESOTA.
The matter of the construction of certain improvements, and the hearings
held heretofore on the same were discussed, and Council being fully advised in
the matter, Councilman Sheridan introduced the following resolution and moved
its adoption.