RES 1967-144 - 00010816196
RESOLUTION-NO. 144 -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 tothe
following improvement projects to -wit. Sanitary Sewer, Water and
Storm Sewer Project No. 84 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 $150,000.00 in the following fund, to -wit:
Regular Special Assessment Fund (Sinking Account) which sum will not
be required for other purposes prior to August 1, 1970.
IT IS THEREFORE Determined to be in the interest of the City of Fridley
that the sum of $150,000.00 of the Regular 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 afore-
mentioned Sanitary Sewer, Water and Storm Sewer Project No. 84 tem-
porary issued under date of August 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
Regular Special Assessment Fund (Sinking Acccount) 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 the Sinking Account of the
Regular Special Assessment Fund to invest in said temporary improve-
ment 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 provisions of this
resolution.
SEC. L The.City Manager and Treasurer are hereby authorized and
directed to take any and all steps necessary to effect the provisions
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
7TH DAY OF AUGUST, 1967.
)'Xr-4 �.
1AYOR - JACK 0. KIRKHAM
ATTEST:
/2n
CITY CLERK - MARVIN C. BRUNSELL
J