HomeMy WebLinkAbout1980-113 CCRMember Gene Lhotka introduced the following resolution
and moved its adoption:
RESOLUTION NO. 80 -113
RESOLUTION AUTHORIZING THE ISSUANCE OF TEMPORARY
IMPROVEMENT NOTES
WHEREAS, there is a need for interim financing prior to the
selling of bonds to finance certain improvement project costs which are
to be assessed against benefited properties:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota, to authorize the issuance and sale by
Special Assessment Construction Fund No. 58, Temporary Improvement Notes
in the amount of $300,000.00. These notes shall be dated May 5, 1980,
and shall be payable out of proceeds of the final bond issue for the projects.
These notes shall bear an interest rate of 7% per annum in accordance with
Resolution No. 80 -41, dated January 28, 1980, which established an interest
rate on loans from the Investment Trust Fund to other City Funds.
BE IT FURTHER RESOLVED that the City of Brooklyn Center Investment
Trust Fund be authorized to purchase these notes.
BE IT FURTHER RESOLVED that the Mayor and City Manager be authorized
to execute the aforementioned notes.
May 5, 1980
Date
ATTEST:
Clerk
Mayor
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, Gene Lhotka, and Celia
Scott;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.