HomeMy WebLinkAbout1971-108 CCR Member John Leary introduced the following resolution and
moved its adoption:
RESOLUTION NO. 71 -108
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 Improvement Notes in the
amount of $63,000. These notes shall be dated May 10, 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 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.
May 24, 1971
Date Mayor
ATTEST:
Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
member Theodore Willard 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 declared duly passed and adopted.