HomeMy WebLinkAbout2003-055 CCRMember Kay Lasman introduced the following resolution and moved its
adoption:
RESOLUTION NO. 2003-55
RESOLUTION AUTHORIZING INTERFUND LOAN AND REPAYMENT OF
INTERFUND LOAN FROM SPECIAL ASSESSMENTS AS PAID
A. WHEREAS, the City Council of the City of Brooklyn Center (the
"Council") has determined it necessary and expedient to finance various improvements to the
2003 Neighborhood Projects - Happy Hollow (the "Project")
B. WHEREAS, after due Notice of Public Hearing on the construction of the
Project, a hearing on said Project was duly held on March 10, 2003 and the Council heard all
persons desiring to be heard on the matter and fully considered the same and the Council passed
Resolution #2003-38 on the same date ordering the improvements, as required by Minnesota
Statutes section 429.031, subdivision. 1(f); and
C. WHEREAS, the Council passed Resolution #2003-39 on March 10, 2003
certifying special assessments in order to finance the Project; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, as follows:
1. The City will pay for the Project from pre-paid special assessments and
from an interfund loan from the Capital Reserve Fund to the Infrastructure Construction Fund.
The City will repay the loan from special assessments levied on the benefited properties.
2. The interest rate on the interfund loan shall be 5.5% simple.
3. The term of the Loan shall not exceed ten years from the date amounts are
transferred from the Capital Reserve Fund to the Infrastructure Construction Fund.
4. Amounts shall be repaid upon tax settlement from Hennepin County in
June and December of each year until the loan has been paid in full. Amounts shall first be
applied to interest and then to principal.
5. The City reasonably expects to reimburse itself for the payment of certain
costs of the Project out of the proceeds of a bond issue or similar borrowing (the "Bonds") to be
issued after the date of payment of such costs. As of the date hereof, the City reasonably expects
that $300,000 is the maximum principal amount of the Bonds which will be issued to finance the
Project.
6. Each expenditure to be reimbursed from the Bonds is or will be a capital
expenditure or a cost of issuance, or any of the other types of expenditures described in Section
1.150-2(d)(3) of the Regulations.
7. As of the date hereof, the statements and expectations contained in this
Declaration are believed to be reasonable and accurate.
1
RESOLUTION NO. 2003-55
March 24, 2003
Date
1.
ATTEST:
City Clerk
Ma r
The motion for the adoption of the foregoing resolution was duly seconded by member
Kathleen Carmody
and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragnes, Kathleen Carmody, Kay lasman, and Bob Peppe;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.
RESOLUTION NO. 2003-55
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF BROOKLYN CENTER
I, the undersigned, being the duly qualified and acting Clerk of the City of Brooklyn
Center, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing
extract of minutes with the original thereof on file in my office, and that the same is a full, true
and complete transcript of the minutes of a meeting of the City Council of said City, duly called
and held on the date therein indicated, insofar as such minutes relate to the City's authorization of
an interfund loan and repayment of the interfund loan from special assessments as paid.
WITNESS my hand this 9y* day of IY\a/\, ~ , 2003.
jl~ww v/xj -
Clerk