Res 1963-175 159
RESOLUTIQN NO. i75963
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IMPROVEMENT BOND
IN ACCORDANCE WITH LAWS OF 19571 CHAPTER 385
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 improve-
ment projects to-wit: Storm Sewer Improvement Project No. 64; 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 $81000.00 in the following fund, to-wit: Regular Special
Assessment Fund (Sinking Account), which sum will not.be required for other
purposes prior to November 1, 19651
IT IS THEREFORE determined to be in the interest of the City of Fridley that
the sum of $81000.00 of Regular Special Assessment Fund (Sinking Account)
BE INVESTED as authorized by law and in accordance therewith it is hereby
determined to purchase the sum of $8,ono.00 of the aforementioned Storm
Sewer Improvement Project #64 Bonds ( Series "A" ) temporary issued under
date of November 1, 1963.
UPON their initial issuance in accordance with the provisions of Minnesota
Statutes, Sec. 429.091, 477 ,56, and 475.661 out of 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 further determined to be reasonable and advantageous
to Sinking Account of the Regular Special Assessment Fund to invest in said
temporary improvement bonds and to be reasonable and advantageous to the
City to sell said temporary improvement bond to the Sinking Account of the
Special Assessment Fund, in accordance with the 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 FRIDLEY THIS 4TH DAY OF NOVEMBER, 1963.
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MAYOR - Willizr Nee
ATTEST:
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• CITY MANAGER - 'arl P. agner
&Amp_ INOP
CITY CLERK - C. Brunsell
RESOLUTION NO. l76-l96
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVEMENT BONDS IN ACCORD-
ANCE WITH LAWS OF 1957, CHAPTER 385
BE IT RESOLVED by the Council of the City of Fridley, Anoka County,
Minnesota, as follows:
SEC. 1. The total estimated cost of Water and Sanitary Sewer Improvement
Project Na. 65 has been estimated at $91000.00
SEC. 2. It is now estimated that the sum of $91000.00 is currently necessary
to provide financing of the projects above noted, and it is hereby determined
to be necessary to borrow said amount for the payment of obligations now in-
cUrred and for expenses necessarily incurred in connection withthe construction
of said improvement projects.
SEC. 3. There is hereby created Water and Sanitary Sewer Improvement #65 Fund
(temporary) which shall contain a construction account as part thereof into
which shall be paid all proceeds of temporary bonds issued pursuant to this
resolution and similar subsequent resolutions, and out of which shall be paid
all amounts due and payable as costs or expenses incident to or incurred in
connection with the making of said improvement.