RES 1959-85 - 000131110
RESOLUTION NO. 85 - 1959
A RESOLUTION DIRECTING THE SALE 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 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 improvement pro-
jects: tacit:
SEWER & WATER_ IMPROVEMENT PROJECT # 21 - 1959,
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 $50,000.00 inthe
following fund, to wit:
Special Assessment Fund (Sinking Account)
which sum will not be required for other purposes prior to
September 30, 1961,
IT IS THEREFORE determined to be in the interest
of the City of Fridley that the sum of $50,000.00 of
Special Assessment Fund (Sinking Account) be invested as
authorized by law and in accordance therewith it is hereby
determined to purchase the of of $50,000.00 of the afore-
mentioned Sewer & Water Improvement Project # 21 - 1959
bonds, Series "A" (temporary) issued under date of September
30, 1959,
UPON THERE initial issuance in accordance with the
provisions of Minnesota Statutes, 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 acrrued interest as of
the date of delivery of said bonds and completion of such
sale; it being futther determined to be reasonable and
advantageous to Sinking Account_of the Special Assessment
Fund to invest in said temporary improvement bonds and to
be reasonable and advantageous to the City to see 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 Treasurer are here-
by authorized and directed to take any and all steps necessary
to effect the provisions of the aforegoing 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 C
24TH DAY OF SEPTEMBE , 1
ATTE T.
MARVI C. BRUNSELL - CITY CLERK
'C COUNCIL OF
Frank C. LaGr4Kge, J/�:�