HomeMy WebLinkAbout1969-261 CCR Member Theodore Willard introduced the following resolution and
moved its adoption:
RESOLUTION NO. 69 -261
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 $315,000.00. These noted shall be dated July 14, 1969, and
shall be payable out of proceeds of the final bond issue for the projects.
The notes shall bear an interest rate of S. 88% 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:
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.
Tuly 14, 1969
Date Mayor
ATTEST:
—14? der
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, 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.