HomeMy WebLinkAbout1970-234 CCR Member Theodore Willard introduced the following resolution
and moved its adoption:
RESOLUTION NO.70 -234
RESOLUTION AUTHORIZING A $165, 000. 00 TEMPORARY LOAN
FROM THE INVESTMENT TRUST FUND TO THE CAPITAL PROJECTS
FUND
BE IT RESOLVED by the City Council of the City of Brooklyn Center,
Minnesota to authorize the inter -fund loan of $165,000 from the Investment
Trust Fund to the Capital Projects Fund. The loan shall be dated November 23,
1970 and 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 71y. by Minnesota Statutes 1967,
Section 475.55 as amended by Chapter 93, Laws of Minnesota, 1969.
The loan shall be repaid prior to December 31, 1970.
i'
November 23, 1970
Date �j Mayor
ATTEST:
Clerk
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, Vernon Ausen,
Howard Heck and Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.