HomeMy WebLinkAbout1989-253 CCRIMASTER)
Member Philip When introduced the following resolution and moved
its adoption:
RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO ISSUE A
MASTER NOTE FOR TRANSFER OF FUNDS FROM THE INVESTMENT
TRUST FUND TO THE ECONOMIC DEVELOPMENT AUTHORITY
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 Earle Brown Farm Restoration Project was begun in
1985 and financed by the sale of bonds, C.D.B.G. grants, tax increments
and other revenues as available, which have been sufficient to cover
construction costs until November 1989; and
WHEREAS, there is now a need for interim financing of the Earle
Brown Farm Restoration Project until the project is completed and permanent
financing can be arrainged through the sale of bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, as follows:
1. The Economic Development Authority is authorized to issue a
Temporary Improvement Master Note to finance the construction
of the Earle Brown Farm Restoration Project.
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 8
December 18, 1989
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ATTEST: l��_,�=
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RESOLUTION NO. 89 253
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.