HomeMy WebLinkAbout1968-246 CCR1
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Member John Leary introduced the following resolution
and moved its adoption:
WHEREAS, the City Council of the City of Brooklyn Center has determined
that there are certain major, permanent facilities that are currently needed or will
be needed in future years by the City of Brooklyn Center; and
WHEREAS, the City Council deems it prudent to finance these facilities
to the extent :possible from sotr ces other than long -term borrowing; and
WHEREAS, from time to time there are certain surpluses from various
City funds and from other sources of revenue which become available to be
used for purposes which may be designated by the City Council:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center that there is hereby created a fund to be known as the CAPITAL
PROJECTS FUND;
BE IT FURTHER RESOLVED that the purpose of the CAPITAL PROJECTS FUND
is to provide funds and to account for the expenditure of such funds for major
capital outlays (which shall include, but not be limited to, construction or
acquisition of major permanent facilities having a relatively long life); and /or
to reduce debt incurred for capital outlays;
BE IT FURTHER RESOLVED that the sources of revenue for said CAPITAL
PROJECTS FUND shall consist of ad valorem taxation, transfers by the City
Council of surpluses of other City funds, issuance of bonds, interest earnings
of the fund, and from other sources of revenue whi h from time to time the City
Council deems to be available for transfe `end.
r
Date Mayor
Cler
ATTEST:
RESOLUTION NO. 68 -246
RESOLUTION AUTHORIZING THE ESTABLISHMENT OF A CAPITAL
PROJECTS FUND
October 14, 1968
The motion for the adoption of the foregoing resolution was duly seconded by
member Earl Rydberg and upon vote being taken thereon, the following
Philip Cohen, John Leary, Earl Rydberg and
voted in favor thereof:
Howard Heck;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
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