HomeMy WebLinkAbout1965-251 CCR Member Howard Heck introduced the following resolution and
moved its adoption:
RESOLUTION NO. 65 -251
RESOLUTION AUTHORIZING A $16,000.00 ADVANCE FROM
THE PUBLIC UTILITIES OPERATING FUND TO THE 1956 B FUND
WHEREAS, ON January 1, 1966, the final principal and interest pay
ment, in the amount of $50,915.50 is due and payable on $200, 000.00 of
Water Improvement Bonds issued October 1, 1960 to finance Water Improve-
ment Project No. 1956 -19, and
WHEREAS, cash on hand at January 1, 1966 in the 1956B Fund from
which the payment is to be made is not sufficient to fully satisfy the obliga-
tion, and
WHEREAS, the temporary deficit of approximately $16,000.00 is
caused by the deferal of special assessments levied to a period after that
set for bond redemption, and
WHEREAS, collections of principal and interest on special assessments
levied to pay the cost of Water Improvement Project No. 1956 -19 will eliminate
the temporary deficit within a three year period, and
WHEREAS, the improvements constructed under Project No. 1956 -19
have become assets of the Village of Brooklyn Center Public Utility, and
WHEREAS, it has been the policy of the Village of Brooklyn Center to
supplement Water Improvements from Public Utilities Operating revenue,
BE IT THEREFORE RESOLVED by the Village Council of the Village of
Brooklyn Center that the Village of Brooklyn Center Public Utilities Operating
Fund advance the sum of $16, 000.00 to the 1956B Fund for payment of principal
and interest due on the Improvement Bonds, and
BE IT FURTHER RESOLVED that the 1956B Fund repay the advance from
proceeds of special assessment collections as they are collected.
December 27, 1965 fj
Date 0 Mayor
0
ATTEST:
a
Clerk
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: Gordon Erickson, Phil Cohen, Earl Simons,
John Leary and Howard Heck,
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
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