HomeMy WebLinkAbout1970-022 CCR Member Howard Heck introduced the following resolution
and moved its adoption:
RESOLUTION NO. 70-22
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. 19, Temporary Improvement Notes in the
amount of $107,000. These notes shall be dated February 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 aforementioned note.
February 9, 1970
Date Mayor
ATTEST:
C l rk
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.