RES 1966-180 - 00011236RESOLUTION N0.'180 - 1966
A RESOLUTION DTP.ECTING TPE SALE AND PURCHASE OF TEMPORARY IMPROVEMENT
BOND IN ACCORDANCE WITP 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 IMPROVEM�14T PROJECTS NO. 1966 -5 and 1966 -6
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 $265,000.00 in the following fund, to -wit:
Refunding Bond Fund (Sinking Account)
which sum will not be required for other purposes prior to December 1, 1969.
IT IS THEREFORE determined to be in the interest of the City of Fridley that the
sum of $26,000.00 of Refunding Bond Fund (Sinking, Account)
BE INVESTED as authorized by law and in accordance therewith it is hereby determined
to purchase the sum of ?265,000.00 of the aforementioned Street Improvement
Project No. 1966 Bond Series "C" temporary issued under date of December 1, 1966.
Upon their initial issuance in accordance with the provisions of Minnesota Statutes,
Sec. !429.091, 171.56, and 1475.66, out of funds in Refunding Bond Fund (Sinking
Accounts 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 Refunding Bond Fund to invest in said
temporary improvement bonds to the Refunding Bond Fund, in accordance with
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 aforetroing
resolutions 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.
ATTEST
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CZTY CLERK _N C. Brunsel1
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A °OR - Jack O, K rkham