HomeMy WebLinkAbout1972-164 CCRMember John Leary introduced the following resolution
and moved its adoption:
RESOLUTION NO. 72 -164
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 benefitted properties:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Broo'1lyn Center, Minnesota, to authorize the issuance and sale by
Special Assessment Construction Fund No. 20, Temporary Improvement Notes
in the amount of $14,000. These notes shall be dated September 11, 1972,
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.
September 11 1972
Mayor
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: John Leary, Vernon Ausen, Howard Heck
and Maurice Britts;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.