RES 1960-24 - 00012668RESOLT?TION NO. 24 - 1960
A RESOLT?TION DIRrC TING THE SALE AND PTTR-
CHASE OF TE"ITPORARY 'MPRCVEMIENT 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 pro-
vide the necessary funds for the construction and payment of
expenses relative to the following improvement projects, to -wit:
SEWER AND WATER IMPROVEMENT PROJECT #23 -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 $10,000.00 in the following fund,
to -wit:
Special Assessment Fund (Sinking Account)
which sum will not be required for other purposes prior to
March 15, 1960,
IT IS THEREFORE determined to be in the interest of the
City of Fridley that the sum of "10,000.00 of Special Assessment
Fund (Sinking Account) BF lN7TESTED as authorized by law and in
accordance there +,ri_th it is hereby determined to purchase the sum
of x10,200.00 of the aforementioned Sewer and '.eater Improvement
Project 3123 -1959 bonds, Series °A" (temporary) issued under date
of March 15, 1960.
UPON their initial issuance in accordance with the provi-
sions of Minnesota Statues, Sec. 129.091, 171.56 and 175.66,
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 being further determined to be reasonable and advantageous
to the Sinking Account of the Special Assessment Fund to in-
vest 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 Special Assessment Fund in
accordance with the provisions of this resolution.
SECTION 1. The City Manager and Treasurer are hereby
authorized and directed to take any and all
steps necessary to effect the provisions of the aforegoing reso-
lution and to make such transfer of funds as may be necessary
from time to time to give effect to the rrovisions hereof.
PASSED AND ADOPTFD BY r-T CITY COUNCIL OF FRIDLEY, THIS
15TH DAY OF MARCH, 1960.
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CITY y'NAGER
G11Y CLERK
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