HomeMy WebLinkAbout1971-235 CCR Member Theodore Willard introduced the following resolution
and moved its adoption:
RESOLUTION NO 71 235
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 Brooklyn Center, Minnesota, to authorize the issuance
and sale by Special Assessment Construction Fund No. 20,
Temporary Improvement Notes in the amount of $75,000.00.
These notes shall be dated December 13, 1971, 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.
f�
December 13, 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 and Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.