RES 1962-161 - 00012551167
RESOLUTION NO. 161-1962
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 pro-
vide the necessary funds for the construction and payment
of expenses relative to the following improvement projects
to -wit:
Street Improvement Project #1962
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 $260,000.00 in the following
fund, to -wit:
REGULAR SPECIAL ASSESSMENT FUND (Sinking Account)
which sum will not be required for other purposes prior to
October 1, 1964.
IT IS THEREFORE determined to be in the interest of the City
of Fridley that the sum of $260,000.00 of Special Assessment
' Fund (Sinking Account) BE INVESTED as authorized by law
and in accordance therewith it is hereby determined to pur-
chase the sum of $260,000.00 of the aforementioned Street
Improvement Project #1962 Bonds Series "A" temporary issued
under date of October 1, 1962.
UPON their initial issuance in accordance with the provi-
sions of Minnesota Statutes, Sec. 429,091, 471.56 and 471.66,
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 com-
pletion of such sale; it being further determined to be
reasonable and advantageous to Sinking Account of the Regu-
lar Special Assessment Fund to invest 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. 1 The City Manager and Treasurer are hereby author-
ized and directed to take any and all steps neces-
sary 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 CITY COUNCIL OF THE CITY OF FRIDLEY,
ANOKA COUNTY, MINNESOTA, THIS 1ST DAY OF OCTOBER, 1962.
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MAYOR - T. E. Greig
CITY CLERK - Marvin C. Brunsell