RES 1973-123 - 00008202195
RESOLUTION NO. 123 1973
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, Water and Storm Sewer Improvement Project
No. 102 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 $350,000.00 in the following fund, to -wit: Investment Fund
which sum will not be required for other purposes prior to August 1, 1976,
IT IS THEREFORE Determined to be in the interest of the City of Fridley that
the sum of $350,000.00 of the Investment Fund
BE INVESTED As authorized by law and in accordance therewith it is hereby
determined to purchase the sum of $350,000.00 of the aforementioned Sanitary
Sewer, Water and Storm Sewer Improvement Project No. 102 issued under date
of August 1, 1973.
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 Investment
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 further
determined to be reasonable and advantageous to the Investment Fund to invest
in said temporary improvement bonds and to the City to sell temporary improvement
bonds to the Investment 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 thereof.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 10TH
DAY OF SEPTEMBER , 1973. n
CTING CITY MANAGER Nasim M. Qures i
ATTEST:
CITY CLERK-- rvil
i
i