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RES 1969-127 - 00010127RESOLUTION NO. _12Z- 1959 —__ I A RESOLUTION DIRECTING THE SALE AND PL'RCILASE 01' TEMPORARY IMPROVEMENT BONDS IN ACCORD:LNCE 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: Water Improvement Project No. W 92 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 $30,000.00 in the following fund, to -wit: Regular Special Assessment Fund (Principal & Interest Account) which sum will not be required for other purposes prior to July 1, 1972 IT IS THEREFORE Determined to be in the interest of the'City of Fridley that the sum of $30,000.00 of the Regular Special Assessment Fund (Principal & Interest Account; BE INVESTED As authorized by law and in accordance therewith it is hereby determined to purchase the sum of $30,000.00 of the aforementioned Water Improvement Project No. W 92 issued under date of July 1, 1969 , UPON Their initial issuance in accordance withothe provisions of Minnesota Statutes, Sec. 429.091, 471.56, and 475.66, out of funds the Regular Special Assessment Fund (Principal & Interest 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 the Principal & Interest Accou7 of the Regular Special Assessment Fund to invest in said temporary improvement bonds and to be reasonalbe and advantageous to the City to sell said temporary improvement bonds to the Principal & Interest Account of the Regular Special Assessment Fund in accordance with prpylpions of this resolution. 178 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 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 21ST DAY OED JULY 1969 A - Jack 0. Kirkham - ATTEST s CITY C= - Mervin C. Brunsell