HomeMy WebLinkAboutOrdinance 31-1978 .� .. ,�
ORDINANCE NO . 31-7s
AN ORDINANCE FOR THE IMPROVEMENT OF THE �
EI�ECTRIC TRANSMISSION & DISTRIBUTION SYSTEM
OF THE CIT Y OF BROOKINGS AND
AUTHORIZING THE ISSUANCE OF $1,000,000 ELECTRIC
TRANSMISSION & DISTRIBUTION SYSTEM REVENUE BONDS . ��
BE IT OR1�A INED BY THE C ITY OF BROOKINGS, SOUTH DAKOTA , AS �FdLLOWS:
l. The City of Br'ookings shall improve the existing electric
transmission and distribution system of the City by the acquisi-
tion and installation of equipment for �,mprovements in the trans-
mission and distribution system of the electric utility at a
presently estimated cost of appro�imately $1,500,000 (her.ein
called the "Project" ) . ,
2 . For the purpose of providing money for part of the Pro-
ject and pursuant to Chapter 9-1�1, South Dakota Compiled Laws of
1967, as amended , the City of Brookings shall issue and Sell i�s ,
negotiable coupon Electric System Revenue Bonds in the aggrega�e
principal amount of not to exceed $1,000,000, and bearing interest
at a rate or rates not to exceed eight per cent ($�) per annum,
which bonds shall be payable from and secured by a first and prior
lien on the pledge . of the net revenues and income of
the Electric System of the City as improved by the Project and
shall mature at such times and in such amounts , shall beaf� such
date , shall be in such denomination and shall be in such form and
sold in such manner and at such price and with such covenants for
the protection of the holders thereof as the Board of Commissioners
may provide by resolution or ordinance adopted prior to the issu-
ance of the bonds and as may be in conformity with law.
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Approved �
Mayor
Attest
nanc Offz er
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' :.��.: . -
• - � �s
Passed first reading : D,ecember 1 , 1�7$ ' .
Passed second reading: December 2��� ;�,97$ �' ,,
�dopted . December 26, ' 197$ -
Approved . December 26, 197$ �
Published . Janu�ry., 1�, 1 9 � �s
. January 19, -'^1�9." '° `
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