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RES 1976-68 - 00007403RESOLUTION NO. 68 -1976 A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY 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: Street Improvement Projects ST. 1976 -1, 2 and 4 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 $325,000.00 in the following fund, to wit: Investment Fund which sum will not be required for other purposes prior to July 15, 1979. IT IS THEREFORE Determined to be in the interest of the City of Fridley that the sum of $325,000.00 of the Investment Fund BE INVESTED As authorized by law and in accordance therewith it is hereby determined to purchase the sum of $325,000.00 of the aforementioned Street Improvement Projects ST. 1976 -1, 2 and 4 issued under date of July 15, 1976. 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 be reasonable and advantageous to the City to sell said temporary improvement bonds to the Investment Fund in accordance with provisions of this resolution. JULY. MAYOR - WILLIAM J. E CITY /MANAGER� - NASIM M.=QQUKLbH'I ATTEST: CITY CLERK - 74ARVIN C. B UNSEtL 1 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 26TH DAY OF JULY. MAYOR - WILLIAM J. E CITY /MANAGER� - NASIM M.=QQUKLbH'I ATTEST: CITY CLERK - 74ARVIN C. B UNSEtL 1