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a cold day in July
A time or event that seems unlikely or will never come to pass. It refers to the fact that the weather is usually very hot in July. It'll be a cold day in July before they get that new interstate built.
it'll be a frosty Friday
It is unlikely or impossible (that something will ever occur). Sometimes followed by "in Hell," or "in July" or other hot places or times to add more emphasis. It'll be a frosty Friday when I sign over the lease of my land to you. It will be a frosty Friday in July before the two parties agree to anything.
*knee-high by the 4th of July
Fig. grown as tall as it should. (Corn seedlings are proverbially supposed to be as high as someone's knee by July 4th.) (*Typically: be ~; become ~; grow ~.) What with this drought, I don't think the crop will be knee-high by the 4th of July. It's gonna be a good year. Knee-high by the 4th of July.
it'll be a frosty Friday (in July)used to indicate that something is very unlikely to happen. Canadian informal
1990 Walter Stewart Right Church, Wrong Pew It would be a frosty Friday in the middle of July before he would discuss personal affairs with the press.