RES 1971-117 - 00009402`?00
RESOLUTION NO. 117 -1971
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IMPROVEMENT BONDS JN
ACCORDANCE WITH LAWS OF 1957, CHAPTER 385
BE IT RESOLVED by the City Council of the City of Fridley, Anoka County, Minne-
sota, 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 pro-
jects to -wit: Street Improvement Projects ST. 1971 -1 and ST. 1971 -2 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 which sum will not be required for other purposes prior to
June 30, 1974.
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 BE INVESTED
as authorized by law and in accordance therewith it is hereby determined to
purchase the sum of $150,000.00 of the aforementioned Street Improvement Pro-
jects ST. 1971 -1 and ST. 1971 -2 issued under date of June 30, 1971.
UPON their initial issuance in accordance with the provision of Minnesota
Statutes, Sec. 429.091, 471.56, and 475.66, out of funds of the Regular Special
Assessment Fund 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 fur-
ther determined to be reasonable and advantageous to the Regular Special
Assessment Fund to invest in said temporary improvement bonds to the Regular
Special Assessment Fund in accordance with 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
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 13TH DAY OF
SEPTEMBER, 1971.
ATTEST:
CITY CLE < - Marvin C. Brunsell
CY ,
4OOR - Jack 0. Nrkham
CITY MANAGER - Gerald R. Davis
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