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RES 1968-48 - 00010368RESOLUTION NO. 48 -1968 A RESOLUTION DIRECTING THE SALE & 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 the Council to issue temporary improvement bonds in order to provide the neces- sary funds for the construction and payment of expenses relative to the following improvement projects: to -wit: STREET IMPROVEMENT PROJECT NO. 1968 -3 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: REGULAR SPECIAL ASSESSMENT FUND (Sinking Account) which sum will not be required for other purposes prior to March 1, 1971. IT is THEREFORE determined to be in the interest of the City of Fridley that the sum of $60,000.00 of Special Assessment Fund (Sinking Account) BE INVESTED as authorized by law and in accord- ance therewith it is hereby determined to purchase the sum of $60,000.00 of the aforementioned Street Improvement Project 1968 -3 Bonds Series "A" temporary issued under date of March 1, 1968. UPON their initial issuance in accordance with the provision of Minnesota Statutes Sec. 429.091 and 471.66 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 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 aforegoing 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 1ST DAY OF APRIL, 1968. 'p ie.,...� YOR - JACK O. KIRKHAM ATTE CITY MANAGER - Homer R. Ankrum CITY CL - MARVIN C. BRUNSELL 77