HomeMy WebLinkAbout1970-173 CCR Member Howard Heck introduced the following resolution
and moved its adoption:
RESOLUTION NO. 70 -173
RESOLUTION REQUESTING THE COMMISSIONER OF HIGHWAYS TO KEEP A
BOND RECORD FOR THE CITY OF BROOKLYN CENTER AND TO ANNUALLY
CERTIFY TO THE STATE AUDITOR THE SUM OF MONEY REQUIRED FOR THE
PRINCIPAL AND INTEREST PAYMENTS ON $1,050,000 STATE AID BONDS
WHEREAS, the City of Brooklyn Center has issued and sold bonds
dated September 1, 1970, in the amount of $1,050,000.00 exclusively
for the purpose of establishing, locating, relocating, constructing,
reconstructing or improving its State Aid Highways in accordance with
law, and
WHEREAS, said City has irrevocably pledged to the sinking fund
from which said obligations are payable, that amount of their future
State Aid allotments as is permissible by law and needed to pay the
principal and interest thereon, which principal payments shall be
made from the regular construction account of such State Aid fund,
and the interest payments made from their regular State Aid mainten-
ance account, all as detailed herein:
YEAR DATE PRINCIPAL INTEREST TOTAL DUE
1971 3 -1 $20,000.00 $33,032.50 $53,032.50
9 -1 32,482.50 32,482.50
1972 3 -1 25,000.00 32,482.50 57,482.50
9 -1 31,795.00 31,795.00
1973 3 -1 25,000.00 31,795.00 56,795.00
If 9 -1 31,107.50 31,107.50
1974 3 -1 25,000.00 31,107.50 56,107.50
9 -1 30,420.00 30,420.00
1975 3 -1 25,000.00 30,420.00 55,420.00
9 -1 29,732.50 29,732.50
1976 3 -1 55,000.00 29,732.50 84,732.50
9 -1 28,082.50 28,082.50
1977 3 -1 55,000.00 28,082.50 83,082.50
9 -1 26,432.50 26,432.50
1978 3 -1 55,000.00 '26,432.50 81,432.50
9 -1 24,782.50 24,782.50
1979 3 -1 55,000.00 24,782.50 79,782.50
9 -1 23,132.50 23,132.50
1980 3 -1 55,000.00 23,132.50 78,132.50
9 -1 21 21,413.75
1981 3 -1 55,000.00 21,413.75 76,413.75
9 -1 19,695.00 19,695.00
1982 3 -1 60,000.00 19,695.00 79,695.00
9 -1 17,820.00 17,820.00
1983 3 -1 60,000.00 17,820.00 77,820.00
9 -1 15,930.00 15,930.00
RESOLUTION NO. 70 -173
YEAR DATE PRINCIPAL INTEREST TOTAL DUE
1984 3 -1 $60,000.00 $15,930.00 $75,930.00
9 -1 14,010.00 14,010.00
1985 3 -1 60,000.00 14,010.00 74,010.00
9 -1 12,060.00 12,060.00
1986 3 -1 60,000.00 12,060.00 72,060.00
of 9 -1 10,080.00 10,080.00
1987 3 -1 60,000.00 10,080.00 70,080.00
If 9 -1 8,085.00 8,085.00
1988 3 -1 60,000.00 8,085.00 68,085.00
if 9 -1 6,075.00 6,075.00
1989 3 -1 60,000.00 6,075.00 66,075.00
If 9 -1 4,050.00 4,050.00
1990 3 -1 60,000.00 4,050.00 64,050.00
9 -1 2,025.00 2,025.00
1991 3 -1 60,000.00 2,025.00 62,025.00
NOW, THEREFORE, BE IT RESOLVED by theCity Council of the
City of Brooklyn Center, Minnesota, that the Commissioner of
Highways be and is hereby requested to keep a bond record in his
office for the City of Brooklyn Center.
BE IT FURTHER RESOLVED that the Commissioner of Highways be
and is hereby requested upon receipt of this resolution to annually
certify to the State Auditor the sum of money required for the
principal and interest on said bonds, as evidenced by detailed
reports of the annual expenditures.
September 28, 1970
Date Mayor
ATTEST:
O'lerk
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, Vernon Ausen, Howard Heck and Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.