HomeMy WebLinkAboutOrdinance 09-1979 . _ _ • .
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ORDINANCE NO. 9-a9
AN ORDINANCE CREATING A SINKING FUND AND LEVYING
TAXES FOR THE PAYMENT OF $1, 430, 000 GENERAL
OBLIGATION HOSPITAL BONDS, DATED AUGUST 1, 1979, •
AND DECLARING AN EMERGENCY
BE IT ORDAINED BY THE CI�'Y OF BROOKINGS, SOUTH DAKOTA:
Section l. In order to provide money for the prompt .
and full payment of principal of and interest on $1, 430, 000 .
General Obligation Hospital Bonds of 1979, dated August 1, 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 $179 , 000 1989 $129 , 800
1980 132, 100 1990 1�0 , 700
1981 134, 100 1991 131, 400
1982 136, 200 1992 131, 500
1983 132 , 700 1993 131, 500
1984 134 , 500 1994 130 , 900
1985 130, i00 1995 13C, 200
1986 132 , 100 1996 � 129 , 100
1987 133, 300 1997 127 , 700
1988 129 , 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 $1, 430 , 000 General Obligation
Hospital Bonds of 1979 , dated August 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 pay-
ment of principal or interest shall fall due on said bonds when
moneys in said Sinking Fund are insufficient therefor, such pay-
ments 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 �oregoing 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 herea`ter 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
shall have the power to reduce the levy Tor the ensuing year or
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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.
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
shall be in full force and effect immediately upon its final
passage, approval and publication.
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Approved �
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Attest � � �
in nce �f icer
Passed first reading July 31 , 1979
Passed second reading August 7 , 1979
. Adopted August 7 , 1979
Approved August 7 , 1979
Published August 10 , 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 gualified 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. 9-79 , entitled "An Ordinance Creating a
Sinking Fund and Levying Taxes for the Payment of $1, 430, 000
General Obligation Hospital Bonds, dated August l, 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 13th day of August , 1979.
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Fina' e f icer
City of Brookings, South Dakota
(Seal)
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