HomeMy WebLinkAbout1969-157 CCR z05
Member Theodore Willard introduced the following resolution
and moved its adoption:
RESOLUTION NO. 69 -157
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. 18, Temporary Improvement Notes in the
amount of $6, 000.00. These notes shall be dated April 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 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 City Manager be authorized
to execute the aforementioned note.
c'✓
April 14, 1969 e-
Date Mayor
ATTEST: f_ .f a,
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.