HomeMy WebLinkAbout1994-008 CCR1
1
1
Member Celia Scott introduced the following resolution and
moved its adoption:
RESOLUTION ESTABLISHING AN INTEREST RATE ON LOANS FROM
THE INVESTMENT TRUST FUND TO OTHER FUNDS OF THE CITY OF
BROOKLYN CENTER
WHEREAS, the City Council passed Resolution 90 -03 on January
8, 1990 which established an annual interest rate of 10% to be charged
on loans made by the Investment Trust Fund to other City Funds; and
WHEREAS, the City Council passed Resolution 92 -09 on January
13, 1992 which established an annual interest rate of 8% to be charged
on loans made by the Investment Trust fund to other City Funds; and
WHEREAS, because of current economic conditions the interest
rate of 8% is excessive; and
WHEREAS, the City Council has determined that an annual
interest rate of 7% sufficient and equitable for all loans.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota, that the annual rate of interest to be
charged by the Investment Trust Fund on loans to all other City funds be
set at 7 effective January 1, 1994.
January 10, 1994
Date Todd Paulson, Mayor
ATTEST: 414/600?Vrt
Deputy Clerk
RESOLUTION NO. 94 -08
The motion for the adoption of the foregoing resolution was duly
seconded by member Barb Kalligher and upon vote being taken
thereon, the following voted in favor thereof:
Todd Paulson, Celia Scott, Dave Rosene, Barb Kalligher, and Kristen Mann;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.