HomeMy WebLinkAboutOrdinance 23-1980 F .
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� A�DINANCE NO:'. 23-80
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AN`,EMERGEI�TCY ORD�NANCE .GREATING A SINKING FUND AND LEVYING
TAXES FOR THE PAYMENT OF $700,000 GENERAL OBLIGATION NURSING HOME �
BONDS � ' � . ,•
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BE IT ORDAINED BY THE CITY OF BROOKINGS, Brookings County,
South Dakota: -
Section l. There is hereby created a Sinking Fund for the
payment of principal of and interest on $700,000 General Obligation
Nursing Home Bonds of the City (the Bonds ) to be dated as of June 1,
1980, into which Sinking Fund shall be paid all proceeds of the
taxes herein levied.
Section 2. There is hereby levied upon all of the taxable
property in the City a direct, annual , ad valorem tax, the proceeds
of which are hereby appropriated for the purpose of paying the
principal of and interest on the Bonds, which tax shall be extend-
ed upon the tax rolls for the years (collectible in the respective
succeeding years ) and in the amounts as follows, together with and
as a part of the other general taxes of the City:
Levy Collection Levy Collection
Year Year Amount Year Year Amount
1980 1981 $118,000 1988 1989 $82, 700
1981 1982 77, 200 1989 1990 79, 500
1982 1983 75, 300 1990 1991 $1, 500
1983 1984 73, 500 1991 1992 83,100 _ �
1984 1985 7:h,900 1992 1993 84,400
1985 1986 80,100 1993 1994 85, 300
1986 1987 77, 500 1994 1995 85, 600
1987 1988 80, 300
Section 3. The foregoing levies shall be irrepealable as
long as any of the Bonds or interest thereon shall remain unpaid,
except that, when and if appropriations shall hereafter be made
into said Sinking Fund of cash from any other fund of the City and
moneys therefor actually paid into said Sinking Fund, the Board of
Commissioners has the power to reduce the levy for the ensuing year
or years specified in Section 2 hereof by an amount equal to the
amount so appropriated and upon certification thereof, the levies
above specified shall be accordingly reduced or canceled. The �
moneys in said fund shall be used solely for the payment of prin-
cipal of and interest on the Bonds; provided, that, if any paymen�t
of principal or interest shall fall due on the Bands when mor�eys
in said Sinking Fund are insufficient therefor; such payments shall
be made from the General Fund of the City, and said General Fund
shall be reimbursed for the amounts so advanced out of the proceeds
of the foregoing taxes when collected.
Section 4. The Municipal Officer is directed to file a cert-
ified copy of this ordinance with the County Auditor of : Brookirigs
County, and this ordinance shall constitt�te authority in �a�id
Municipal Finana�. Officer and �t=is> successors in office to spread �
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said levy oi� �the tax `rolls iot��ttle years indicated. in the ordinance.
Section 5. '�his .ordinance is necessary for the immediate
preserv�tion of th� �public peace, health or safety, or support o�
the municipal g.o�vexn�nent and i�s �existing public institutions,
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wherefore an emergency exists, and this ordinance shall take effect
upon its passage and publication. , • ,
FIRST READING: June 17, 1980
SECOND READING: June 24, 1980
PASSED AND APPROVED: June 24, 1980
CITY OF BROOKINGS
(SEAL)
BY_ � �
Roger Pr nty, Mayor
ATTEST:
Bo mith Munic a Finance Officer
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