HomeMy WebLinkAbout1970-195 CCR Member John Leary introduced the following
resolution and moved its adoption:
RESOLUTION NO. 70 -195
RESOLUTION AUTHORIZING THE ISSUANCE OF TEMPORARY IMPROVE-
MENT 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 $145,000. These notes shall be dated October 13, 1970, and
shall be payable out of proceeds of the final bond issue for the projects.
The notes shall bear an interest rate of 7% per annum in accordance with
Resolution No. 68 -113, dated May 13, 1968 which established a method
to determine interest rates on funds loaned to other City Funds from the
Investment Trust Fund, but limited to 7% by Minnesota Statutes 1967, Section
475.55 as amended by Chapter 93, Lows of Minnesota, 1969.
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 the City Manager be
authorized to execute the aforementioned note.
October 19, 1970
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 the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.