HomeMy WebLinkAbout1983-012 HRARMember Celia Scott introduced the following resolution and moved
its adoption:
RESOLUTION NO. 83-12
RESOLUTION AUTHORIZING A TEMPORARY IMPROVEMENT LOAN FROM
THE CITY OF BROOKLYN CENTER INVESTMENT FUND
WHEREAS, there is a need for interim financing for the costs of land
acquisition and preparation of the land for the construction of the Brookwood
Senior Housing Project; and
WHEREAS, said interim financing is available from the City of Brooklyn
Center Investment Trust Fund; and
WHEREAS, said interim financing will be replaced with permanent
financing by the issuance of bonds when final costs have been determined:
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority of Brooklyn Center, Minnesota (HRA) to authorize the issuance of a
General Obligation Master Note to the City of Brooklyn Center Investment Trust
upon which, from time to time, the HRA will borrow funds as needed to make
contract payments. Interest will be paid at the rate of ten percent per annum
from the date of each advance on the loan until the principal amount is paid.
Interest will be accrued annually on the thirty-first day of December until
refunded not more than three years from the date of the issuance of the note.
April 11, 1983
Date Mayor
n _ f_) ff
ATTEST:
The motion for the adoption of the foregoing resolution was duly seconded by
member Bill Hawes, and upon vote being taken thereon, the following voted in
favor thereof: Dean Nyquist, Gene Lhotka, Celia Scott, Bill Hawes, and
Rich Theis;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.