HomeMy WebLinkAboutResolution 16-014 Resolution 16-014
A Resolution authorizing the Retirement of
Brookings Municipal Utility Bonds issued in 1998, 1999, and 2000;
in the actions of the Brookings Municipal Utilities Board
Whereas Brookings Municipal Utilities (BMU) has outstanding debt of$10,715,000 from
municipal tax exempt bonds issued in 1998, 1999, and 2000; and
Whereas the Brookings Municipal Utilities Board has determined that it is beneficial to
BMU to retire the above mentioned bonds issued in 1998, 1999, and 2000; and
Whereas the Brookings Municipal Utilities Board has determined that there are sufficient
resources within the BMU fund balances to retire the debt outstanding from the above
mentioned bonds issued in 1998, 1999, and 2000; and
Whereas the Brookings Municipal Utilities Board authorized the Executive Vice
President and General Manager of BMU to execute the documents necessary to retire
the outstanding debt from the municipal tax free bonds issued in 1998, 1999, and 2000
by BMU Resolution No. 4-16 adopted the 11th day of January, 2016; and
Whereas, the City Council recognizes the benefit of the retirement of the 1998, 1999
and 2000 bonds; and
Whereas, this authorization by the City Council will facilitate the retirement of the 1998,
1999 and 2000 bonds.
Now, Therefore, Be It Resolved by the City Council of the City of Brookings, South
Dakota, as follows:
A. That the retirement of Brookings Municipal Utility Bonds issued in
1998, 1999 and 2000 is hereby authorized; and
B. That the Mayor, City Clerk and the Executive Vice President and
General Manager of BMU are authorized to execute the documents
and notices required in accordance with this Resolution.
Passed and approved on the 26th day of January, 2016.
CITY OF OKINGS:
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Shari Thornes, City Clerk