HomeMy WebLinkAbout1970-230 CCR i
Member Theodore Willard introduced the following
resolution and moved its adoption:
RESOLUTION NO. 70 230
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 $110,000. These notes shall be dated
November 9, 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, Laws 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 of en ioi o e.
November 9, 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, and Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.