HomeMy WebLinkAbout1969-244 CCR Member John Leary introduced the following resolution
and moved its adoption:
RESOLUTION NO. 69 -244
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 $12,000.00. These notes shall be dated
May 26, 1969, and shall be payable out of proceeds of the final bond
issue for the projects. The notes shall bear an interest rate of
5.88% per annum in accordance with Resolution No. 68 -713 dated
May 13, 1968, which established a method to determine interest rates
on funds loaned to other City Funds from the Investment Trust Fund:
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.
May 26, 1969
Date Mayor
ATTEST:
Clerk
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, Earl Rydberg, Howard Heck and Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.