RES 1959-110 - 00013145RESOLUTION NO. 110 - 1959
A RESOLUTION DIRECTING THE SALE OF TEMPORARY IMPROVE-
MENT BONDS IN ACCORDANCE WITH LAWS OF 1957, CHAPTER
385 FOR SEWER & WATER PROJECT # 16
' BE IT RESOLVED, By the City Council of the City of Fridley,
Anoka County, as follows:
THAT, WHEREAS, It has heretofore been determined by this
Council to issue temporary improvement bonds in order to pro -
vide the necessary funds for the construction and payment of
expenses relative to the following improvement projects, towit:
SEWER AND WATER IMPROVEMENT PROJECT # 16 - 1958, 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 $11,000.00 in the following fund,
to wit:
SPECIAL ASSESSMENT FUND (Sinking Account)
which ,sum will not be required for other purposes prior to
December 15, 1961,
IT, IS THEREFORE, determined to be in the interest of the
' City of Fridley that the sum of $11,000.00 of Special Assessment
Fund (Sinking Account) be invested as authorized by law and in
accordance therewith it is hereby determined to purchase the
sum of $11,000.00 of the aforementioned Sewer and Water Improve-
ment Project # 16 Series "D" temporary improvement Bonds, inssued
under the date of December 15, 1961,
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UPON their initial issuance in accordance with the provisions
of Minnesota statutues, Sec. 429,091, 471.56 and 475.66 out of
the funds in 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 tieing
further determined to be reasonable and advantageous to the City
to sell said temporary improvement bonds to the Sinking Account
of the Special Assessment Fund, in accordance with the provisions
of this resolution.
SECTION 1, The City Manager and mreasurer are hereby
authorized and directed to take any and all
steps necessary to effect the provisions of the afore -
going 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, IS
10TH DAY OF DECEMBER, 1959
MAYOR - Frank Ce/aGr ge, Jr.
ATTEST: L�/c�yLP/1i
�� CITY MANAGER - E. P Wagner
CITY CLERK - Marvin C.Brunsell
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