HomeMy WebLinkAbout1969-187 CCR 221
Member Theodore Willard introduced the following resolution
and moved its adoption:
RESOLUTION NO. 69 -187
RESOLUTION RECOMMENDING LEGISLATION WHICH WOULD
AMEND 1967 MINNESOTA STATUTES 429.061 REGARDING THE MAXIMUM
INTEREST RATE WHICH A MUNICIPALITY MAY COLLECT ON SPECIAL
ASSESSMENTS FOR LOCAL IMPROVEMENTS
WHEREAS, the current state of the national economy has had a
deleterious effect on the cost of municipal bonding;, and
WHEREAS, Minnesota Session Laws of 1969, Chapter 93 increased
the maximum interest rate that a municipality may legally pay for bonded
indebtedness from 6% to 7 and
WHEREAS, Minnesota Statutes of 1967, Chapter 429.051, subd. 2
limits the interest a municipality may collect on special assessments on
local improvements to a maximum rate of 6 and
WHEREAS, it is logical and necessary that a municipality be allowed
to collect interest on special assessments for local improvements equal to
the cost of servicing the bonded debt to finance said local improvement:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota to recommend legislation amending the 1967
Minnesota Statutes 429.051, subd. 2 to increase the maximum interest rate
allowable on special assessments on local improvemer. 7%.
April 21, 1969
Date Mayor
E
ATTEST:�r
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.