HomeMy WebLinkAbout1968-295 CCR1
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Member Earl Rydberg introduced the following resolution and
moved its adoption:
RESOLUTION NO. 68 -295
RESOLUTION AUTHORIZING THE ISSUANCE OF TEMPORARY IMPROVE-
MENT NOTES
WHEREAS, there is a need for interim financing prior to the selling of
bonds to finance the purchase of land for a civic center, fire station, and
park improvements; and
WHEREAS, at an election held in the City on November 5, 1968, more
than the requisite majority of the qualified voters of the City voted in favor
of the issuance and sale of bonds to provide money for the before mentioned
improvements:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota to authorize the issuance and sale by the
Capital Projects Fund, Temporary Improvements Notes in the amount of
$155,000.00. These notes shall be dated December 27, 1968, and shall
be payable out of proceeds of the final bond issue for the improvements.
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 be authorized to
execute the aforementioned notes.
December 26, 1968
Date Mayor
ATTEST:
Clerk
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, Earl Rydbe rg, 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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