HomeMy WebLinkAbout1968-278 CCR1
Member John Leary introduced the following resolution and moved
its adoption:
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 whichae 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 $84,000. These notes shall be dated December 9, 1968, and shall
be payable out of proceeds of the final bond issue for the projects. The notes
shall bear an interest rate of 5.36% 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.
December 9, 1968
Clerk
RESOLUTION NO. 68 -278
The motion for the adoption of the foregoing resolution was duly seconded by
member Theodore Willard 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.
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