RES 1967-116 - 00010775155,
RESOLUTION NO. 116 -1967
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 improvement projects to -wit: 1967 -1 and 1967 -2 Street
Improvement Projects 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 $155,000.00 in the following fund, to -wit:
Regular S.A. (Sinking Fund) which sum will not be required for other
purposes prior to June 1, 1970.
IT IS THEREFORE Determined to be in the interest of the City of
Fridley that the sum of $155,000.00 (Regular S.A. Sinking Account)
BE INVESTED As authorized by law and in accordance therewith it is
hereby determined to purchase the sum of $155,000.00 of the afore-
mentioned 1967 -1 and 1967 -2 Street Improvement Projects Bond Series
"A" (Temporary) issued under date of June 1, 1967.
UPON Their initial issuance in accordance with the provisions of
Minnesota Statutes, Sec. 429.091, 471.56, and 475.66, out of funds
in Regular S.A. (Sinking Fund) 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 reason-
able and advantageous to Regular S.A. (Sinking Fund) to invest in
said temporary improvement bonds and to be reasonable and advan-
tageous to the City to sell said temporary improvement bonds to
the Regular S.A. (Sinking 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 pro-
visions of the aforegoing 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 19TH DAY OF JUNE, 1967.
MAYOR - JACK O. KIRIUTAM
ATTEST:
C
CITY CLERK - MARVIN C. BRUNSELL