RES 1970-28 - 0000966434
RESOLUTION NO. 28 -1970
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: Sanitary Sewer and Water Project No. 93 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 $280,000.00 in the following fund, to -wit: Investment Fund, which sum
will not be required for other purposes prior to February 1, 1973.
IT IS THEREFORE determined to be in the interest of the City of Fridley that
the sum of $280,000.00 of the Investment Fund be invested as authorized by law
and in accordance therewith it is hereby determined to purchase the sum of
$280,000.00 of the aforementioned Sanitary Sewer and Water Project No. 93 issued under
date of February 1, 1970.
UPON their initial issuance in accordance with the provisions of Minnesota
Statutes, Sec. 429.091, 471.56, and 475.66, out of funds: Investment Fund and on
behalf of said fund at par and accrued interest further determined to be reasonable
and advantageous to Investment 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 Investment Fund in accordance with provisions of this resolution.
SECTION 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 16TH DAY
OF FEBRUARY, 1970.
ATTEST:
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Y CL K - b1ARVIN C. BRUNSELL
AYOR - JACK 0. KIRKHAM