HomeMy WebLinkAbout1974-032 CCR Member Tony Kuefler introduced the following resolution and moved
its adoption:
RESOLUTION NO. 74 -32
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 24,
1971, adopt Resolution No. 71 -107 which established an annual interest rate
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
5% is insufficient; and
WHEREAS, a study of the current money market reveals that an interest
rate of 6% would be appropriate:
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 6
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Fabnjax v 26 197
Date Mayor
ATTEST:fa
Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
member Bill Fignar and upon vote being taken thereon, the following
voted in favor thereof: Philip Cohen, Maurice Britts Bill Fignar, Tony
Kuefler and Robert Jensen;
and the following voted against the same. none,
whereupon said resolution was declared duly passed and adopted.