HomeMy WebLinkAbout1993-088 CCR1
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Member Celia Scott introduced the following resolution and
moved its adoption:
RESOLUTION NO. 93 -88
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 Earle Brown Heritage Center has entered into a
new catering contract with D'Amico Partners Hospitality Consultants,
Inc., which calls for the Heritage Center to purchase its own catering
equipment and small wares; and
WHEREAS, the possibility of outside financing in the form of
a lease purchase has been investigated and found to carry an interest
rate of nine percent.
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 for the
purchase of catering equipment and small wares.
2. The Temporary Improvement Note shall be in the amount of
$51,000, be repayable over three years, and shall bear an
interest rate of seven percent.
June 21, 1993
Date
ATTEST: 7�-
Deputy Clerk
Todd Paulson, Mayor
The motion for the adoption of the foregoing resolution was duly
seconded by member Dave Rosene and upon vote being taken
thereon, the following voted in favor thereof:
Todd Paulson, Celia Scott, and Dave Rosene;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.