RES 1966-110 - 00011128143
RESOLUTION N0. 110 - 1966
A RESOLUTION DIRECTING THE SALE & PURCHASE OF TEMPORARY IMPROVEMENT BONDS
IN ACCORDANCE WITri 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 # 1966 -1
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 $220,000.00 in the following fund, to -wit:
REGULATE SPECIAL ASSESSMENT FUND(Sinking Acoount)
Which sum will not be required for other purposes prior to July 15, 1964•
IT IS THEREFORE determined to be in the interest of the City of Fridley that
the sum of $220,000.00 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 $220,000.00 of the aforementioned
Street Improvement Project #1966 -1 Bonds Series "A" temporary issued under
date of July 15, 1966. Upon their initial issuance in accordance with
the provisions of Minnesota Statutes, Sec. 420.091, 471.56 and 01,66
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 completion of such sale; 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 resolutions
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 a£oreroing resolution and to make such trans-
fer 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 1ST
DAY OF AUGUST, 1966.