HomeMy WebLinkAbout1969-317 CCR Member Howard Heck introduced the following
resolution and moved its adoption:
RESOLUTION NO. 69 -317
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 $260,000. These notes shall be dated
November 10, 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 -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 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.
November 17, 1969
Date Mayor
ATTEST:
Clerk
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, Earl Rydberg, Howard Heck and Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.