RES 1966-176 - 00011228243
RESOLUTION NO. 176 - 1966
A RESOLUTION DIRECTING THE SALE AND 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 im-
provement projects, to -wit:
1965 STREET IMPROVEMENT PROJECT
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 $60,000.00 in the following fund, to -wit:
SEWER AND WATER # 46 IMPROVEMENT FUND (Sinking "Account)
which sum will not be required for other purposes prior to December 15, 1969.
IT IS THEREFORE determined to be in the interest of the City of Fridley
that the sum of $60,000.02 of Sewer and Water #48 Assessment Fund (Sinking
Account) BE INVESTED as authorized by law and in accordance therewith
it is hereby determined to purchase the sum of $60,000.00 of the afore-
mentioned 1965 Street Improvement Project Bonds (Series "C ") temporary
issued under date of December 15, 1966.
UPON their initial issuance in accordance with the provisions of Minnesota
Statutes, Sec. 429.091, 471,56 and 475.66, 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 Sinking
Account of the Special Assessment Fund to invest in said temporary improvement
bonds and to be reasonable and advantageous to the amity to sell said temporary
improvement bond to the Sinking Account of the 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 erovisions of the afore-
going 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 OF DECEMBER, 1966.
JA - Jack 0. Kirkham
ATTEST:
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CITY CLERK a�ln C. Brunsell