HomeMy WebLinkAbout1993-218 CCRits adoption:
Member Dave Rosene introduced the following resolution and moved
RESOLUTION NO. 93 -218
RESOLUTION AUTHORIZING THE INVESTMENT TRUST FUND TO
ISSUE A TEMPORARY IMPROVEMENT NOTE TO LOAN FUNDS TO THE
EARLE BROWN HERITAGE CENTER FUND
WHEREAS, in the past, the City has issued Temporary Improvement Notes to
finance a project either during construction or as an alternative to outside financing; and
WHEREAS, the Inn on the Farm at the Earle Brown Heritage Center desires to
enhance its operation by opening a restaurant on the premises; and
WHEREAS, the anticipated cost to fund the opening of said restaurant is
approximately $25,900.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, as follows:
1. The Investment Trust Fund is authorized to issue a Temporary
Improvement Note to the Earle Brown Heritage Center Fund for the
purpose of capital improvements in the form of a restaurant.
2. The Temporary Improvement Note shall be in the amount of $25,900 shall
be repayable over one year, and shall bear an interest rate of seven
percent.
December 20, 1993
Dale Todd Paulson, Mayor
ATTEST: WItimivtglinAlte-A/(
Deputy City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by Member
Kristen Mann and upon vote being taken thereon, the following voted in favor thereof:
Todd Paulson, Celia Scott, Dave Rosene, and Kristen Mann;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.