HomeMy WebLinkAboutOrdinance 19-1974 . �,. � � .. 1' �.
ORDINANCE N0. 19- 74
AN ORDINANCE FOR THE IMPROVEMENT OF THE
TELEPHONE SYSTEM OF THE CITY OF BROOKINGS AND
AUTHORIZING THE ISSUANCE OF $950,000 TELEPHONE
SYSTEM REVENUE BONDS
BE IT ORDAINED BY THE CITY OF BROOKINGS, SOUTH DAKOTA, AS FOLLOWS:
l. The City of Brookings shall improve the existing
telephone plant and system of the City by the acquisition and
installation of equipment for a new electronic telephone system
at the central office of the telephone utility at a presently
estimated cost of approximately $2, 000,000 (herein called the
"Project" ) .
2. For the purpose of providing money for part of the
Project and pursuant to Chapter 9-41, South Dakota Compiled Laws
of 1967, as amended, the City of Brookings shall issue and sell
its negotiable coupon Telephone System Revenue Bonds in the aggre-
gate principal amount of not to exceed $950,000, and bearing
interest at a rate or rates not to exceed eight per cent (8. 00$)
per annum, which bonds shall be payable from and secured by a
first and prior lien on and pledge of a .partion of the net revenues
and income of the telephone plant and sy�tem of the .Cit� as
improved by the Project and shall mature at such times and in
such amounts, shall bear 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 issuance of the bonds and as may
be in conformity with law.
r �
/
Approved � � •
�-� Mayor
Attest / -� ���
C ty Au itor
Passed first reading October 8, 1974
Passed second reading October 15, 1974 .
Adopted O�tober 15, 1974
Approved October 15, 1974
Published October 31, 1974
November 7� 197�-
and November 14� 197�+