HomeMy WebLinkAbout1992-009 CCR1
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(RESLOAN)
Member Celia Scott introduced the following resolution and
moved its adoption:
RESOLUTION NO. 92 -09
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 89 -253 on December
18, 1989 which established an annual interest rate of 8% to be charged
on a loan made by the Investment Trust Fund to the Economic Development
Authority; and
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, because of current economic conditions the interest
rate of 10% is excessive; and
WHEREAS, the City Council has determined that an annual
interest rate of 8% 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 8 effective January 1, 1992.
January 13, 1992
Date Todd Paulson, Mayor
ATTEST:
Deputy Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by member Jerry Pedlar and upon vote being taken
thereon, the following voted in favor thereof:
Todd Paulson, Celia Scott, Jerry Pedlar, Dave Rosene, and Philip Cohen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.