HomeMy WebLinkAbout1990-003 CCR(IRESTIN)
Member Celia Scott introduced the following resolution and moved
its adoption:
RESOLUTION NO. 90 -03
ATTEST:
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 of the city of Brooklyn Center did on
May 24, 1982, adopt Resolution No. 82 -96 which established an annual
interest rate of 12% 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 12% is excessive; and
WHEREAS, the City Council passed Resolution 89 -253 on December
18, 1989 which established an interest rate of 8% on a loan to be made by
the Investment Trust Fund to the Economic Development Authority; and
WHEREAS, the City Council has determined that an annual interest
rate of 10% is sufficient and equitable:
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 other City funds, e ept the
Economic Development Authority, be set at 10% effective Januar l, 1990.
mi
January 8, 1990
Da'
0
Clerk
Mayor,
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: Dean Nyquist, Celia Scott, Todd Paulson,
Jerry Pedlar, and Philip Cohen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.