HomeMy WebLinkAboutOrdinance 23-1973� ` • ♦ � 1: . �' ' . �. �
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ORDINANCE NO. 23-73
AN ORDINANCE CREATING A SINKING FUND AND LEVYING
TAXES FOR THE PAYMENT OF $460,000 GENERAL OBLIGATION
NURSING HOME BONDS, DATED NOVEMBER 1, 1973 ,
AND DECLARI�TG AN EMERGENCY
BE IT ORDAINED BY THE CITY OF BROOKINGS, SOUTH DAKOTA:
Section 1. In order to provide nnoney for the prompt and
full payment of principal of and interest on $460 ,000 General Obli-
gation Nursing Home Bonds of 1973 , dated November 1, 1973 , as such
principal and interest become due, there shall be and is hereby
levied upon the taxable property in said City a direct annual irre-
pealable ad valorem tax in the years and amounts as follows:
Levy Levy
Year Amount Year Amount
1973 $38,584 1981 $38,000
1974 46,000 1982 42,000
1975 50,000 1983 40,000
1976 49,000 1984 39,000
1977 53,000 1985 43,000
1978 41,000 1986 41,000
1979 40,000 1987 44,000
1980 39,000 1988 42,000
Section 2 . The proceeds of said levy when and as collected
shall be placed in a separate sinking fund hereby created to be known
as "Sinking Fund of $460,000 General Obligation Nursing Home Bonds of
1973" , dated November 1, 1973, and shall be used for no other purpose
than to pay the principal of and interest p}� the bonds as the same
become due; provided, that, if any payment of principal or interest
shall fall due on said bonds when moneys �n said Sinking Fund are
insufficient therefor, such payments shall �e made from the General
Fund of the �ity, and said General Fund sha�l be reimbursed for the
amounts so advanced out of the proceeds o'� 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 permitt�.d. by law if appropriations
shall hereafter be made into said Sinking Fund of cash from any other
fund of the City and moneys therefor actua�.�y paid into said Sinking
Fund, the Board of Commissioners shall hava. the power to reduce the
� levy for the ensuing year or years specifi.ed in Section 1 hereof by
an amount equal to the amount so appropriat�d; and upon certification
� thezeof to the County Auditor, the levies above specified shall be
accordingly reduced or canceled.
Section 4. This ordinance is necessary for the immediate
preservation of the public peace, health ar..d safety and for the support
of the municipal government and its existing public institutions , and
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an emergency exists and this ordinance shall be in full force and
effect immediately upon its final passage, approval and publication.
Approved !``
Mayor
�
Attest £
C ty Auditor
Passed first reading October 16 , 1973
PasSed second reading October 23 , , 1973
Adopted October 23 , 1973
Approved October 23 , 1973
Published October 26 , 1973
STATE OF SOUTH DAKOTA )
)
COUNTY OF BROOKINGS ) SS .
)
CITY OF BROOKINGS )
I, the undersigned, being the duly qualified and acting
City Auditor of the City of Brookings, South Dakota, hereby certify
that I have carefully compared the attached and foregoing copy of
Ordinance No.�-3"�3 entitled "An Ordinance Creating a Sinking Fund
and Levying Taxes for the Payment of $460,000 General Obligation
Nursing Home Bonds , dated November 1, 1973 , and Declaring an Emer-
gency" with the original thereo� on file and of record in my offi.ce
and the same is a true and exact copy thereof .
WITNESS My hand officially as such City Auditor and the
seal of' the City this �.y� day of (�c`,��,� � 1973 .
�S'-
City uditor
City of Brookings, South Dakota
(Seal)