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RES 1979-94 - 00006797RESOLUTION NO. 94 -1979 A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IMPROVEMENT BONDS IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385 1979 -1 AND 1979 -2 STREET IMPROVEMENT PROJECT 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 1979 -1 and 1979 -2 Street Improvement Project, 163 WHEREAS, it has been determined that there is at the present time an amount in excess of $400,000,00. of the Investment Fund be invested as authorized by law, and in accordance therewith, it is hereby determined to purchase the sum of $400,000.00 of the aforementioned 1979 Street Improvement Project Bonds issued under date of August 1, 1979, upon their initial issuance in accordance with the provisions of Minnesota Statutes, Sections 429.091, 471.56 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 in accordance with provisions of this resolution. Section 1. The City Clerk 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 FR'IDLEY, MINNESOTA THIS 6TH DAY OF AUGUST. / Q V✓ WILLIAM J. NEE, MAYOR ATTEST: MARVIN C. BRUNSELL, CITY CLERK