HomeMy WebLinkAbout1968-114 CCR1
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Member Howard Heck
and moved its adoption:
RESOLUTION NO. 68 -114
introduced the following resolution
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 which are 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 $50,000.00. These notes shall be dated May 13, 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 the City Manager be author-
ized to execute the aforementioned note.
ATTEST:
May 13, 1968
Clerk
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, 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.