HomeMy WebLinkAbout1973-196 CCR Member John Leary introduced the following resolution and moved
its adoption:
RESOLUTION NO.
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. 21, Temporary Improvement Notes in the
amount of $69,000.00. These notes shall be dated November 12, 1973, and shall
be payable out of proceeds of the final bond issue for the projects. These notes
shall bear an interest rate of 5% per annum in accordance with Resolution No.
71 -107, dated May 24, 1971, 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 note.
November 20, 1973
Date 1 Mayor
ATTEST:
Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
member Maurice Britts and upon vote being taken thereon, the following
voted in favor thereof: Philip Cohen, John Leary, Maurice Britts Bill Fignar
and Tony Kuefler;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.