1964-3349r~,.~.~
RESOLUTION NO. 3349
RESOLUTION AUTHORIZING TEMPORARY INTER-FUND LOAN FROM PERMANENT
IMPROVEMENT RBtiOLVING FUND
WFffiR8A5, Resolution No. 293T was passed on December 17, 1962, authorizing
and directing the sale of temporary improvement bonds, Series 18, in the amount
of $138,000 to the Improvement Bonds of 1954, Series B Sinking Fund, pursuant to
the provisions of Minnesota Statutes, Section 429,091 and 475,66, and
WHBREAS, said temporary improvement bonds, Series 18 matured on December
1, 1964, and
~ISREAS, it is the intention of the council to sell definitive improvement
bonds during the year 1965 in the amount of at least $138,000 to finance the im-
provements for which such temporary improvemen t bonds, Series 18 were issued, such
improvements being Projects 445 B, C and D and Project 444;
NOW THEREFORE,. BE IT RBSOLVBD by the city council of the City of Richfield
as follows:
1. It. is hereby determined to sell definitive improvement bonds on
or about August 1, 1965, in the amount of at least $138,000 to
finance Projects 445 B, C.and D and Project No. 444.
2. Until such definitive improvement boruis can be sold, the sum of
$138000 is transferred, as an interfund loan, from the Perma®
nent Improvement Revolving Pund to the Temporary Improvement Bond,
.Series 18 Sinking Pund, to be used~to repay principal on such tempor-
ary improvement bonds, Series 18.
3. Such interfund loan shall. be repaid to the Permanent Improvement
Revolving Pund upon receipt of the proceeds of such definitive im-
provement bonds.
4. The manager, director of finance and other officers of the city
are hereby authorized and directed to take such .steps as are
necessary to give effect to the provisions of this resolutionp
Passed by the City Council of the City of Richfield this 28th day of December,
1964.
A TTSST:
Bdward J. Mot e, City Clerk
Stanley W. Olson, Mayor