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RES 1981-51 - 00006215RESOLUTION NO. 51 - 1981 A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IMPROVEMENT BONDS IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385 WATER, SANITARY SEWER AND STORM SEWER IMPROVEMENT PROJECT NO. 130, 2ND ISSUE 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 Water, Sanitary Sewer and Storm Sewer Improvement Project No. 130. WHEREAS it has been determined that there is at the present time an amount in excess of $70,000 in the following fund, to -wit: Investment Fund, which sum will not be required for other purposes prior to April 15, 1984. IT IS THEREFORE DETERMINED to be in the interest of the City of Fridley that the sum of $70,000 of the Investment Fund be invested as authorized by law, and in accordance therewith, it is hereby determined to purchase the sum of $70,000 of the aforementioned Water, Sanitary Sewer, and Storm Sewer Improvement Project No. 130 issued under date of April 15, 1981, upon their initial issuance in accordance with the provisions of Minnesota Statutes, Sections 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 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 he provisions hereof. PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY, MINNESOTA THIS 20TH DAY OF APRIL, 1981. ATTEST,: CITY CLER - SIDNEY C. INMAN 0091A/1322A WILLIAM J. NEE AYOR m