HomeMy WebLinkAbout1970-011 CCR Member John Leary introduced the following resolution
and moved its adoption:
RESOLUTION NO. 70 -11
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. 19, Temporary Improvement
Notes in the amount of $47,000. These notes shall be dated February
2, 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 Invest-
ment 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.
February 2, 1970
s
Date Mayor
ATTEST:
Clem
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 Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.