HomeMy WebLinkAbout1971-107 CCR Member Howard Heck introduced the following resolution and
moved its adoption:
RESOLUTION NO. 71-107
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 13,
1968 adopt Resolution No. 68 -113 which established a policy of determining 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 if
determined from that policy would be excessive; and
WHEREAS, a study of the current money market reveals that an interest
rate of 5% per annum 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 5
May 24, 1971
Date Mayor
ATTEST: !/G- --z.�'
ATTEST:
The motion for the adoption of the foregoing resolution was duly seconded by
member John Leary and upon vote being taken thereon, the following
voted in favor thereof: Philip, Cohen, John Leary, Howard Heck, Theodore
Willard and Vernon Ausen,
and the following voted against the same: none,
whereupon said resolution was duly passed and adopted.