HomeMy WebLinkAbout1967-331 CCR r
Member Theodore Willard introduced the following resolution and
moved its adoption:
RESOLUTION NO. 67 -331
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. 17, Temporary Improvement Notes in the
amount of $40,000.00. These notes shall be date November 13, 1967, and
shall be payable out of proceeds of the final bond issue for the projects.
The notes shall bear an interest rate of 4.67% per annum in accordance with
Resolution No. 65 -45, dated April 5, 1965, 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
authorized to execute the aforementioned note.
November 13, 1967
4-M Date yor
ATTEST:
lerk
The motion for the adoption of the foregoing resolution was duly seconded by
member john Leary and upon vote being taken thereon, the
following voted in favor thereof: Philip Cohen, john Leary, Gordon Erickson,
Howard Heck and Theodore Willard,
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.