HomeMy WebLinkAbout1969-262 CCR 275
Member John Leary introduced the following resolution
and moved its adoption:
RESOLUTION NO. 69 -262
RESOLUTION AUTHORIZING THE ESTABLISHMENT OF A LIBRARY
SALE FUND
WHEREAS, the City of Brooklyn Center has sold its public library
building to Hennepin County for a price of $185, 505.00; and
WHEREAS, a City- County agreement dated April 24, 1969 provides
that the Ccuntymay pay fcr_the building by making an initial down payment of
$86,296.00 and paying the balance of $99,209.00 in 15 equal installments
of $6, 613.93 each due January 1 of each year plus 5% interest on the unpaid
balance; and
WHEREAS, there is outstanding library bonded indebtedness in the
amount of $160400. 00 attributable to the building which is to be retired in
16 equal installments of $10,000.00 each plus 3.871% interest on the unpaid
balance; and
WHEREAS, the earliest date upon which the library bonds outstanding
can be called without penalty is 1979; and
WHEREAS, ad valorem taxes have been levied to provide for the debt
retirement of the library bonds:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota that in accordance with Section 7. 11 of the City
Charter there is hereby created a fund to be known as the LIBRARY SALE FUND.
BE IT FURTHER RESOLVED that the purpose of the LIBRARY SALE FUND
is to act as a repository for payments received from Hennepin County for the
library building and to account for subsequent disbursements of the receipts
and interest earned thereon to the Library Debt Retirement Fund and to such
other funds as the Council may direct.
BE IT FURTHER RESOLVED that annually prior to July 1st of each sub-
sequent year monies be transferred from the LIBRARY SALE FUND to the Library
Debt Retirement Fund in the amount as set forth in the bonded debt retirement
schedule contained in Resolution No. 65 -245, and that the annual tax levy
previously certified for library debt retirement be cancelled prior to October 10th
of each year.
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RESOLUTION NO. 69 -262
Page 2.
BE IT FURTHER RESOLVED that any excess monies over and above that required
to retire the bonded debt may be transferred to such other funds as the Council
may direct.
July 14, 1969
Dat /e�� Mayor
ATTEST: i dot
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,
Earl Rydberg, Howard Heck and Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.