HomeMy WebLinkAboutOrdinance 02-1979 - ,
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ORDINANCE NO. 2_�g
AN ORDINANCE CREATING A SINKING FUND AND LEVYING
TAXES FOR THE PAYMENT OF $3, 000,000 GENERAL
OBLTGATION SEWER BONDS, DATED FEBRUARY l, 1979,
AND DECLARING AN EMERGENCY
BE 2T ORDAZNED BY THE CITY OF BROOKINGS, SOUTH DAKOTA:
Section 1. In order to provide money for the prompt
and fu11 payment of principal of and interest on $3,000,000 Gen-
-eral Obligation Sewer Bonds of 1979, dated February l, 1979, as
such principal and interest become due, there shall be and is
hereby levied upon the taxable property in said City a direct
annual irrepealable ad valorem tax in the years and amounts as
follows:
Levy Levy
Year Amount Year Amount
1979 $500,000 1968 $2$0.000
1980 300, 000 1989 281, 000
1981 305, 000 1990 281,000
1982 299,000 1991 281,000
1983 303,000 I99a 280,000
1984 306,000 1993 278,000
1985 299,000 1994 286,000
1986 276, 000 1995 282,000
1987 278,000 1996 278,000
Section 2. The proceeds of said levy when and as col-
lected shall be placed in a separate sinking fund hereby created
to be known as Sinking Fund of $3,000, 000 General Obligation
Bonds of 1979" , dated February l, 1979 , and shall be used for no
other purpose than to pay the principal of and interest on the
bonds as the same become due; provided, that, if any payment of
principal or interest shall fall due on said bonds when moneys
in said Sinking Fund are insufficient therefor, such payments r ,.,
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 3. The foregoing levies shall be irrepealable
so long as any of the bonds of said issue or interest thereon •
shall remain unpaid, except that to the extent permitted by law
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
sha11 have the power to reduce the levy for the ensuing year or
years specified in Section 1 hereof by an amount equal to the
amount so appropriated; and upon certification thereof to the
� County Auditor, the levies above specified shall be accordingly
reduced or cancelled.
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Section 4. This ordinance is necessary for the
immediate preservation of the public peace, health and safety
and for the support of the municipal government and its existing
public institutions, and an emergency exists and this ordinance
sha�l be in full force and effect immediately upon its final
passage, approval and publication.
Approved � �
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Attest
inan e Off er
Passed first reading �aAuwr� 1tS . 1979
Passed second reading January 23 , ► 19�9
Adopted January 23 , , 1979
Approved January 23 , , 1979
Published January 26, . 1979
STATE OF SOUTH DAKOTA )
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COUNTY OF BROOKINGS ) SS.
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CITY OF BROOKINGS )
I, the undersigned, being the duly qualified and acting
Finance Officer of the City of Brookings , South Dakota, hereby
certify that I have carefully compared the attached and foregoing
copy of Ordinance No. �_79 , entitled "An Ordinance Creating a
Sinking Fund and Levying Taxes for the Payment of $3,000,000
General Obligation Sewer Bonds, dated February 1, 1979, and
Declaring an Emergency" with the original thereof on file and
of record in my office and the same is a true and exact copy
thereof.
WITNESS My hand officially as such Finance Officer and
the seal of the City this 29th day of January , 1979.
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Fina Of icer
City of Brookings, South Dakota
iSea1)
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� Cily Hall -- Box 270 -- Phone (605) 692-6281
Office ot
Brookings, South Dakota 57006 The Finance Officer
February 5 , 19'l9
Alvin Schultz
County Auditor
Brookings County
Brookings , S .D .
Re : $3 ,000,000 General
Obligation Sewer Bond
of 1979 Levy
I, Boyce Smith, duly acting and qualified City Finance Officer,
do hereby certify that suffieient funds are in a sinking fund
for the payment when due for the $3 ,000, 000 General Obligation
Sewer Bond of 1979 on August 1, 1979•
In Witness Whereof, I set my hand and seal this 5th day of
February, 1979.
Bo e Sm' h
Finance Officer
(SEAL)