HomeMy WebLinkAbout1982-096 CCR Member Rich Theis introduced the following resolution
and moved its adoption:
RESOLUTION NO. 82 -96
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 4, 1981, adopt Resolution No. 81 -95 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 insufficient; and
WHEREAS, the City Council has determined that an annual interest
rate of 12% 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 be set at 12%
retroactive to January 5, 1982.
May 24, 198 2 7-....!-'7' ,,.C,.G.
Date Mayor
III 7
I
ATTEST: ®I11/0` ,,,,d 1
C erk
The motion for the'adoption 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.