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Member john Leary introduced the following resolution and
moved its adoption:
RESOLUTION N0.67 -149
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 benefited 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 $5,000.00. These notes shall be dated May 8, 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; and
BE IT FURTHER RESOLVED that the City of Brooklyn Center Investment
Trust Fund be authorized to purchase these notes.
;O/ay�or
May 8, 1967
Date
ATTEST:
Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
member Gordon Erickson, and upon vote being taken thereon the following
voted in favor thereof: john Leary, Gordon Erickson and Howard Heck,
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.