HomeMy WebLinkAbout1969-323 CCR Member Howard Heck introduced the following resolution
and moved its adoption:
RESOLUTION NO. 69 -323
RESOLUTION AUTHORIZING THE ISSUANCE OF TEMPORARY IMPROVE
MENT 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 $141, 000. These notes shall be dated December 8, 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 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.
December 15, 1969
Date Mayor
ATTEST:
y Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
member Earl Rydberg 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.