HomeMy WebLinkAbout1969-079 CCR 78
Member Theodore Willard introduced the following resolution
and moved its adoption:
RESOLUTION NO. 69 -79
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 $25, 000.00. These notes shall be dated January 27, 1969, and
shall be payable out of proceeds of the final bond issue for the projects.
The notes shall bear
r n interest re t rate of 5. 88 9 1 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.
January 27, 1969
Date Mayor
ATTEST:
Clerk V
The motion for the adoption of the foregoing resolution was duly seconded by
member Howard Heck and upon vote being taken thereon, the following
voted in favor thereof: Philip Cohen, Earl Rydberg, Howard Heck and
Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.