HomeMy WebLinkAbout1968-296 CCRMember Howard Heck 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 the purchase of land for a
street department garage, 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 improvement:
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 Improvement Notes in the
amount of $45,000.00. These notes shall be dated December 31,
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;and
BE IT FURTHER RESOLVED that the Mayor and City Manager be
authorized to execute the aforementioned note
4
December 26, 1968
ATTEST:
Date
RESOLUTION NO.68 -296
Mayor
The motion for the adoption of the foregoing resolution was duly
seconded by member Earl Rydberg 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.
7