HomeMy WebLinkAbout1990-064 CCR(IRECYCL2)
Member Philip Cohen introduced the following resolution and moved
its adoption:
ATTEST:
RESOLUTION NO. 90 64
RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO ISSUE A
MASTER NOTE FOR TRANSFER OF FUNDS FROM THE INVESTMENT
TRUST FUND TO THE RECYCLING /REFUSE UTILITY FUND
WHEREAS, in the past, the City has issued Temporary Improvement
Master Notes when a project is approved to serve as authorization for
project borrowing during the entire construction period; and
WHEREAS, the City began operating a Recycling Fund during 1989
which was to be financed by user fees and grants from Hennepin County; and
WHEREAS, grants which were expected from Hennepin County have not
been received, creating a cash deficit condition and a need for interim
financing; and
WHEREAS, the City Council has established standard interest rates
to be charged on Temporary Improvement Notes which were 12% through the end
of 1989 and then changed to 10% by Resolution 90 -03.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, as follows:
1. The Recycling /Refuse Fund is authorized to issue a Temporary
Improvement Master Note to finance operations until grants
and user fees are collected.
2. The City of Brooklyn Center Investment Trust Fund is
authorized to purchase this note.
3. The annual rate of interest to be charged on this note be
set at 12% for 1989 and 10% thereafte
March 26. 1990
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C
The motion for the adoption of the foregoing resolution was duly seconded
by member Todd Paulson and upon vote being taken thereon, the
following voted in favor thereof: Dean Nyquist, Celia Scott,
Todd P ull on, Jerr Pedlar, and Philip ohen;
and the following vo against the sam none,
whereupon said resolution was declared duly passed and adopted.