HomeMy WebLinkAboutResolution 17-100 Resolution 17-100
A Resolution of the City of Brookings, South Dakota, calling for a Pubtic Hearing
in connection with a Proposal for the issuance of its Economic Development
Revenue Bonds (South Dakota State University Foundation Project), Series 2017,
In an original Aggregate Principal Amount not to exceed $9,700,000 for the
purpose of providing Funds to be loaned to South Dakota State University
Foundation, a South Dakota Nonprofit Corporation, for the purpose of Financing
Improvements to the Campus of South Dakota State University
Whereas, the City of Brookings, South Dakota (the "City") is authorized by South
Dakota Codified Laws, Chapter 9-54, as amended (the "Act"), to promote the general
economic welfare by the provision of necessary economic development facilities;
Whereas, at the request of South Dakota State University Foundation, a South Dakota
nonprofit corporation (the "Corporation"), the City is willing to consider the proposed
issuance of economic development revenue bonds in a principal amount not to exceed
$9,700,000 (the "Bonds"), pursuant to the Act in order to finance projects on behalf of
South Dakota State University Foundation, a South Dakota nonprofit corporation (the
"Corporation"), which supports the educational mission of South Dakota State University
(the "University") in Brookings, South Dakota;
Whereas, if the Bonds are issued, the Corporation proposes to apply the proceeds of
the Bonds to finance a project (the "Series 2017 Project") which would consist generally
of the following:
I. A major expansion and remodeling of the South Dakota State University
PerForming Arts Center, including construction, equipping and furnishing of such
facility; and
II. The construction, equipping and furnishing of a practice gym facility adjacent to
the Stanley Marshall HPER academic and athletic facility;
Whereas, the 2017 Project facilities will be owned, managed, and operated by South
Dakota State University;
Whereas, the 2017 Project will be located on the campus of South Dakota State
University (which is the owner of the land), the street address of which is Administration
Ln, Brookings, South Dakota, and on certain adjacent land, all of which is generally
described as bounded on the North by SD Bypass 14, on the East by 22"d Avenue, on
the South by 8t" Street, and on the West by Medary Avenue, all within the City of
Brookings, South Dakota;
Whereas, the Internal Revenue code of 1986, as amended, requires that, as a condition
to the Bonds being issued as tax exempt bonds, a public hearing is required with
advance public notice provided to the public in substantially the form of the attached
Exhibit A;
Res. ��-�o0 1
Now, Therefore, Be It Ordained by the City of Brookings South Dakota, that:
A public hearing shall be set concerning the issuance of the Bonds and the Series 2017
Project, such hearing to occur on November 28, 2017 at 6:00 p.m. at the Brookings City
& County Government Center, Room 310 (Chambers), Brookings, South Dakota. The
City Clerk is hereby instructed to publish a notice of public hearing in substantially the
form of the attached Exhibit A in The Brookings Register, a newspaper of general
circulation in the City of Brookings at least 14 days prior to the date of the public
hearing.
Passed and approved this 24t" day of October, 2017.
CITY OF BROOKINGS, SD
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Keith W. Corbett, Mayor
ATTEST:
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'���� Shari Th�arnes, City �lerk
Res. 17-100 2