HomeMy WebLinkAbout1977-256 CCR Member Bill Fignar introduced the following resolution
and moved its adoption:
RESOLUTION NO. 77 -256
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 $110,000. These notes shall be dated December 19, 1977, and
shall be payable out of proceeds of the final bond issue for the projects.
These notes shall bear an interest rate of 6% per annum in accordance with
Resolution No. 74 -32, dated February 25, 1974, 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.
December 19 1977
Date Mayor
ATTEST:
Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
member Tony Kuefler and upon vote being taken thereon, the following
voted in favor thereof: Philip Cohen, Tony Kuefler, Bill Fignar, and Gene Lhotka;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.