HomeMy WebLinkAbout1970-069 CCR Member Theodore Willard introduced the following resolution
and moved its adoption:
RESOLUTION NO. 70 -69
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 $43,000. These notes shall be dated June 8,
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.
J R. 1970
Date Mayor
ATTEST: ri�
Cler
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, Howard Heck, and Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.