HomeMy WebLinkAbout1981-095 CCRMember Bill Fignar introduced the following resolution
and moved its adoption:
RESOLUTION NO. 81 -95
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
January 28, 1980, adopt Resolution No. 80 -41 which established an annual
interest rate of 7% 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 7% is insufficient; and
WHEREAS, the City Council has determined that an annual interest
rate of 10% is sufficient and equitable; and
WHEREAS, Minnesota law allows a maximum of 13% annual interest
which can be paid on temporary improvement obligations:
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 10% retroactive to January 1, 1981.
C
May 4, 1981
Date Mayor
ATTEST: „�!��,iz�
&rerk
The motion for the adoption of the foregoing resolution was duly seconded by
member Celia Scott and upon vote being taken thereon, the following
voted in favor thereof: Dean Nyquist, Tony Kuefler, Bill Fignar, Gene Lhotka,
and Celia Scott;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
C