HomeMy WebLinkAboutResolution 15-038 Resolution 15-038
Resolution for Opt Out
THE GOVERNING BOARD OF THE CITY OF BROOKINGS, SOUTH DAKOTA, do
state that the above said Board is unable to operate under the tax limitation measure
currently in statute. We therefore OPT OUT of such tax limitation in the amount of
$2,500,000 starting with calendar year 2015 taxes payable in the calendar year 2016.
This opt out will be for 30 years, which will be through taxes payable in the calendar
years 2016 through 2046. This action has been taken by the Board and approved by at
least a two-thirds vote of the Board.
The OPT OUT is for the sole purpose of providing a backup revenue source for the
financing of the Brookings Health System expansion renovation project. The financing
will receive a better rating with the backup revenues source and result in lower interest
rates on the financing. The Board will not levy any portion of the OPT OUT for 2015
taxes payable in 2016 and does not intend to levy for subsequent years unless there is
inability to service the debt of the Brookings Health System.
Unless this action is referred to a vote of the people and reversed by such vote, this
resolution authorizes the County Auditor to spread an excess levy to raise tax dollars in
the above stated amount.
Passed and approved thi 24t'' day of March, 2015.
Mayor Tim Reed
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'`yYl Council Member Tom Bezdichek
��G���G•�� Council Member Keith Corbett
Council Member Dan Hansen
Council Member John Kubal
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ouncil Member Ope Niemeyer
� �- Council Member Jael Thorpe
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°°s ornes, City Clerk