HomeMy WebLinkAbout1970-066 CCR Member Theodore Willard introduced the following
resolution and moved its adoption:
RESOLUTION NO. 70 -66
RESOLUTION TO CLOSE THE STATE LOAN FUND AND TRANSFER
ITS ASSETS TO THE GENERAL FUND
WHEREAS, on September 22, 1950 the (then) Village of Brooklyn Center
did issue State of Minnesota Loan Bonds in the amount of $25,000 to finance
the initial construction of the City building on Lyndale Avenue ($15,000) and
fire protection equipment ($10,000); and
WHEREAS, property taxes were levied in succeeding years by the Hennepin
County Auditor to make the principal and interest payments on the bonds to the
State of Minnesota; and
WHEREAS, the County Auditor was required by State Statutes to levy
an amount over and above that amount required for annual principal and
interest payments; and
WHEREAS, the July 1, 1969 principal and interest payment to the State
of Minnesota did satisfy the entire debt obligation of the State Loan Fund; and
WHEREAS, because of the additional taxes levied by the County Auditor,
there are presently suplus monies in the State Loan Fund and additional surplus
monies will result from the collection of delinquent taxes:
BE IT THEREFORE RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota that the State Loan Fund cash on hand in the
amount of $965.81 and future collections of its delinquent taxes be transferred
to the City's General Fund;
BE IT FURTHER RESOLVED that the City Director of Finance be authorized
and directed to close the accounts of the State Lo E und
June 1, 1970
Date Mayor
ATTEST:
Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
member Howard Heck and upon vote being taken thereon, the
following voted in favor thereof: Philip Cohen, Howard Heck, Vernon
Ausen, and Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.