RES 1964-224 - 0001188424
RESOLUTION N0, 224 -1964
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IM-
PROVEMENT BONDS IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385 -
SEWER, W""TER A1<0 STORM SEWER IMPROVEMENT PROJECT NO. 69
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 neces-
sary funds for the construction and payment of expenses relative to
the following improvement projects, to -wit:
SEWER, WATER & STORM SEWER IMPROVEMENT PROJECT 140. 69
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 $80,000.00 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,
1966,
IT IS THEREFORE determined to be in the interest of the City of
Fridley that the sum of
$80,00.00 of pecial Assessment ?und (Sinkin7
Account) BE II' ?VESTED as
authorized by lacy and in accordance therewith
it is hereby determined
to purchase the sum of $80,000.00 of the afore-
mentioned Sewer. Water
and Storm Sewer Improvement Project No. 69 Bonds,
Series rY)
issued under date of October 1, 1964.
UPON their initial
issuance in accordance with the provisions of
Minnesota Statutes, Sec.
429.091, 471.56 and 471.66 out of the funds in
Regular Special Assessment Fund (Sinkins 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 Regu7_ar Special !'ssessmert
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 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 CITY COUNCIL OF THE CITY OF FRIDLEY
THIS 5TH DAY uF OCTOBER, 1964.
(��� - �ta_
MAYOR - 1- iam J. Nee
ATTEST:
C1TY �i.P.RK - ._.: -vi . C. Lrunsel