HomeMy WebLinkAbout1970-239 CCR Member Howard Heck introduced the following resolution
and moved its adoption:
RESOLUTION NO. 70 -239
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 $90,000. These notes shall be dated December 14,
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 aforementioned note.
s'
December 14. 1970
Date Mayor
ATTEST:
Crerk
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 and Howard Heck;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.