HomeMy WebLinkAbout1968-113 CCRMember John Leary
its adoption:
WHEREAS, the (then) Village Council of the (then) Village of Brooklyn
Center did on April 5, 1965 adopt Resolution No. 65 -45 establishing a policy
of determining an interest rate to be charged on loans made by the Investment
Trust Fund to other City Funds based on the gross effective earnings rate of
the Investment Trust Fund for the most recent calendar year ended prior to the
granting of the loan; and
WHEREAS, the interest rate determined from the present policy does
not compare favorably with the interest rates on other investments available
to the Investment Trust Fund so that it is disadvantageous to the Fund to make
loans to other City Funds:
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, that the rate of interest to be changed by the
Investment Trust Fund on loans to other City Funds be equal to the average
interest yield of investments, other than inter -fund loans, held by the Invest-
ment Trust Fund on December 31st of the most recent calendar year ended prior
to the granting of the loan computed on a weighted average basis.
May 13, 1968
ATTEST:
introduced the following resolution and moved
Date
RESOLUTION ESTABLISHING A METHOD TO DETERMINE AN INTER
EST RATE ON LOANS FROM THE INVESTMENT TRUST FUND TO OTHER
FUNDS OF THE CITY OF BROOKLYN CENTER
Clerk
RESOLUTION NO. 68 -113
whereupon said resolution was declared duly passed and adopted.
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: John Leary, Earl Rydberg, Howard Heck and
Theodore Willard;
and the following voted against the same: none,