HomeMy WebLinkAbout1971-201 CCR Member Howard Heck introduced the following resolution
and moved its adoption:
RESOLUTION NO. 71 -201
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. 20, temporary inprovement notes
in the amount of $61,000. These notes shall be dated October 12, 1971,
and shall be payable out of proceeds of the final bond issue for the projects.
The 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 afore mentioned note.
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October 18, 1971
Date Mayor
ATTEST:
Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by member Vernon Ausen and upon vote being taken
thereon, the following voted in favor thereof: Philip Cohen,
John Leary, Vernon Ausen, Howard Heck and Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.