HomeMy WebLinkAbout1980-041 CCRMember Tony Kuefler introduced the following resolution and
moved its adoption:
RESOLUTION NO. 80 -41
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
February 25, 1974, adopt Resolution No. 74 -32 which established an annual
interest rate of 6% 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 6% is insufficient; and
WHEREAS, Minnesota law allows a maximum of 7% 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 7
January 28, 1980
Date
r
ATTEST:
Clerk
May o
The motion for the adoption of the foregoing resolution was duly seconded by
member Gene Lhotka 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.