RES 1965-203 - 00011534I I
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RESOLUTION NO. 203 -1965
_A RESOLUTION DIRECTING THE SALE & PURCHASE 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
projects: to -wit:
Street Improvement Project No. 1965 -1 as per plans and specifications approved
by the City Councils and
WHEREAS, It has been determined that there is at the present time an
amount in excess of $150,000.00 in the following fund to -wit:
REGULAR SP_:CIAL ASSESSMENT FUND (Sinking Account) which sum will not be
required for other purposes prior to November 15, 1967,
IT IS THEREFORE determined to be in the interest of the City of Fridley
that the sum of $150,000.00 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 $150,000.00 of the aforementioned Street
Improvement Project No. 1965 -1 Bonds Series "A" temporary issued under date
of November 15, 1965,
UPON their initial issuance in accordance with the provision of Minnesota
Statutes Sec. 129.091, and 471.66 out of the funds in Regular Special Assess-
ment 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 sales
it being further determined to be reasonable and advantageous to Sinking
Account of the Regular 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 authorized and directed to
take any and all straps 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 FRIDLEY THIS 6TH DAY OF DECEMBER, 1965.
LV -_`
Mayor
�J City Manager
City Clergy