RES 1969-131 - 00010143r;
RESOLUTION NO. 131 -1969
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IMPROVEMENT
BONDS IN ACCORD:INCE WITH LAWS OF 1957, CHAPTER 385
BE IT RESOLVED By the City Council of the City of Fridley, Aneka 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 cccstruction
and payment of expenses relative to the following improvement projects to -wit:
Sanitary Sewer, Water & Storm Sewer Project No. SW &SS 90
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 $75,000.00 in the following fund, to -wit:
SW - 48 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 Yri6xey that the
sum of $75,000.00 of the SW - 48 Fund (Principal & Interest Account)
BE INVESTED As authorized by law and in accordance therewith it is hereby determined
to purchase the sum of $75,000.00 of the aforementioned Sanitary Sewer, Water
& Storm Sewer Project No. SW &SS 90 issued
under date of July 1, 1969
UPON Their initial issuance in accordance with the provisions of Minnesota Statutes,
Sec. 429.091, 471.56, and 475.66, out of funds of the SW - 48 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 Principal & Interest
Account of the SW - 48 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.SW - 48 Fund
in accordance with provisiQn* of this resolution.
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SEC, 1. The City Manager and Treasurer are hereby authorized and directed
to take any and all steps necessary to efffect the provision3 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 OF JULY 1969.
MA OR - Jack Kirkham
ATTEST:
CITY RK - Marvin C. Brunsell
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