HomeMy WebLinkAbout1982-095 CCR Member Celia Scott introduced the following resolution
and moved its adoption:
RESOLUTION NO. 82 -95
RESOLUTION APPROVING PROCEDURES FOR THE ISSUANCE OF TEMPORARY
IMPROVEMENT MASTER NOTES
WHEREAS, in the past, the City has issued Temporary Improvement Notes,
and sold them to its Investment Trust Fund, to temporarily finance Special
Assessment improvements which are later permanently financed by the sale of
long -term improvement bonds; and
WHEREAS, in the past, the City Council has authorized the issuance
of Temporary Improvement Notes each time that projects needed funds to make
partial payments for construction costs; and
WHEREAS, notes were therefore issued as often as twice a month; and
WHEREAS, the authorization by the Council for the issuance of a
Temporary Improvement Master Note when a project is approved to serve as auth-
orization for project borrowing during the entire construction period for that
project will reduce paper -work and provide a better basis for interest allocation:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota to approve the use of Temporary Improvement Master
Notes for general obligation temporary improvement financing retroactive to
January 1, 1982.
May 24, 1982_
Dat-� Mayor
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ATTEST: f!. 0 y,
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The motion for the .doption of the foregoing resolution was duly seconded by
member Bill Hawes and upon vote being taken thereon, the following
voted in favor thereof: Dean Nyquist, Gene Lhotka, Celia Scott, Bill Hawes,
and Rich Theis;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.