HomeMy WebLinkAboutOrdinance 20-1974 . . • .
.
. , .
ORDINANCE N0. 20_7�-l-
AN EMERGENCY ORDINANCE PROVIDING FOR
ISSUANCE OF $930,000 WATER AND SEGJER I,
GENERAL OBLIGATION REF'UNDING BONDS
BE IT ORDAINED BY THE CITY OF B ROOKINGS, SOUTH `
DAKOTA:
Section 1. The City of B rookings sha11 forth-
with issue $930,000 Water and Sewer General Obligation
Refunding Bor_ds of the City, ( "Refunding Bonds") in
accordance with the terms and at the rates of interest
hereinafter set forth to ref�.ind the outstanding Water
and Sewer Bonds of the City, dated June 1, 1970 ( "Re-
funded Bonds") pursuant to Chapter 6-8A, South Dakota �
Compi�.ed La,ws of 1967 ( "the Act" ) .
Section 2. It is hereby found, determined and .
declared that the issuance of the Refunding Bonds shall
result in a net reduction of interest costs to the City
in the amount •of $11,371.85 and shall affect other eco-
nomies by achieving additional net savings of approxi-
mately $40,000, and will thereby result in a total net
savings to the City of approximately �51,371 . 85, which
� will accrue in the year 1985, all in accordance with
purposes for which said bonds may be issued und'er the .Act ,
and that all limitations imposed under the Act upon issuance
, of the Refunding Bonds will have been met'.
Section 3 . The Refunding Bonds shall be nego- �
tiable coupon genaral obligations of the City, shall be �
dated October 2�-, 197�- and shall be payable as to prin-
cipal and interest at the main office of the Northwestern
National Bank of NLinneapolis, i:� Minneapolis, Minnesota, ,
or ar�y successor Paying Agent duly appointed by the City.
Said bonds shall be 186 in number and numbered from 1 to
186, b oth inclusive, in the denomination of �5,000 each.
Said bonds shall mature serially, 1o�Arest numbers first,
on June l �.n the years and amounts� and b earing the serial
nwnbers set forth belota. Said bonds bear interest payable
December 1, 1974 and semiannually thereafter on June 1 and
Decemb er 1 of each year, at the respective rates per annum
set opposite said maturity years : � ,
Maturity Years Amount Serial Nu��ibers Interest Ra'
1975 $75 ,000 1-15 6 . 50�
1976 80 ,000 16-31 6 . 500
1977 85 ,000 32—�+8 6 . 50�
1978 E5 ,0oo 49-65 6 . 50�
Mattxrit,y Years Amount Serial Numbers Interest Rates
1979 $ �5 ,000 66-82 6 .50�
1980 90 ,000 83-100 6 .50�
1g81 90 ,000 l01-118 6 . 5oq
1982 95 ,000 119-137 6 .50�
1983 95,000 138-156 6 . 50�
198� 100 ,000 157-176 6 .00"
1985 50 ,000 177-186 6 .00�
Section 4 . All Refunding Bonds maturing in the
. years 1982 to 1985 , both inclusive (bonds numbered 119 to
186, both inclusive) , shall be sub�ect to redemption and
prepa,yment at t'he option of the City in inverse order of
serial numbers , on June 1, 1981 and on any interest payment
date thereafter at par and accrued int�erest . Not less
than thirty days prior to the date specified for redemp-
tion of any of said prepayable bonds, the City Treasurer
shall mail to the bank at which principal and interest are
then payable and to the holder of said prepayable bonds,
if known, a notice that said bonds have been called for
redemption and prepayment . The City Treasurer and hi�
successors in office are her•eby authorized and directed to
maintain a record of the names and addresses of the holders
of said prepayable bonds , so far as such information is
made available to them, for the purpose of mailing such
� notices of redemption.
Section 5 . The Refunding Bonds and interest coupons
to be issued hereunder shall be in substantially the following
form:
UNITED STATES OF AMERICA
STATE OF SOUTH DAKOTA
COUNTY OF BROOKINGS
CITY OF BROOKINGS ti��ATER AND SEWER
GENERAL OBLIGATIOid REFUNDING BOND
$5,000
No.
KNOtd ALL MErJ BY THESE PRESENTS that the City of
Brookings , Brookings County , South Dakota, hereby ackr.otol-
edges itself to be indebted and for value received hereby
promises to pay to bearer the principal�rSif thislbond��SSAND
DOLLARS on the lst day of June , 19 ,
prepayable as stated below, on a date prior thereto on whi�h
this bond shall have been duly called for prepa,yment , and
to pay interest on said prin(ipal sum at the rate of
�) per annum, from
the datie hereof unti said princ�pal� sum is paid or until
this bond, if prepayable , has been duly called for pre-
pa,yment and redemption. Said interest is payable on
December l, 1g74 , and semiannually thereafter on each
June 1 and December 1 interest to maturity being payable
in accordance with 2n� upon presentation and surrender of
. the int.erest _ coupons appurtenant hereto. Both principal and
iiiLer�est are payable at the main ot'fice of the NorthVrestern
ldational Bank of Minneapolis, in A4inneapolis, Pti.nnesota, in
any coin or currency of the United States of America �vhietl
on the respective dates of payment is legal tender for the
payment of public and private deb ts . Fc�r the prompt and
full payment of such principal and interest as the same
respectively become due, the full faith, credit and taxing
po:-�ers of the City have been and are hereby irrevocably
pledgE:d .
This bond is one of an issue in the aggregate prin-
cipal amount of �$930,000, all of like date and tenor except
as to serial number, maturity date and redemption privilege,
issued for the purpcse of providing money to refund the
outstanding Water and Sewer Bonds of the City, dated June
1, �97�, pursuant to and in accordance with the Constitu-
tion and laws of the State of South Dakota thereunto en-
abling, including Chapter 6-8A, South Dakota Compiled Laws
of 1967 .
Bonds of this issue maturing in the years 3975
, through 1981 are payable cn their respective stated �
Mai�urity uaties without option of prior payment, bu� bonds
� I:aving stated maturity dates in the yearslg82 through
lgg5 are each subject to redemption and prepayMent, at
t,4je opLion of t�ie City and in inverse order of serial
!�tir:iUers on June 1, �.�81 , and any suUsequent interest pay-
Innrli C��,tg� at a pr-i ce of 100qo of par plus accrued inter-
est . Notice of call for redemption shall be mailed at
least thirty days in advance of the date specified for
redemption to the bank at which principal and interest are
then payable and to the holder, if known, of each bond to
be so prepaid. Holders of prepayable bonds who wish to
receive such notice must register their names, addresses
and bond serial numbers with the City Treasurer, at Brookings,
South Dakota. � �
IT IS HER�'BY C�RTIFIED� RLCIT�D, CO��'NANTED AND
:1���t;'..:�� that ail acts, cond 'itioxls and things required by tt�e
'o��s`�itution and la:�;s of the State of South Dakota to be .
�iu�:��, tc exist, to happe� and to be performed preliminary
' t�� ur��.i i�-� the issuance of this bond in order to make it a
'•'�:�� �� ar��� bi:lding general cbligation of said City, acccrci-
i^F; to i ts te rms, have b een done, do exis t, have happened
'-::.: :�ave been perforrne:z in regular and due forr�, time and
, manner as so required; that this b ond has been duly issued
under the authority of Chapter 6-8A', South Dakota Compiled
Laws; and that prior to the issuance hereof, under and sub-
ject to the provisions of Chapter 6-8A, South Dakota Com-
piled Laws, the City Council has caused to be levied annu-
ally without limitation as to rate or �mount, upon all
taxable property of the City, in addition to other author-
ized taxes, a sum sufficient to pay the principal of and
interest on, the b onds of this issue until they have been
fu11y paid, satisfied and discharged; and that the issuance
of this b ond did not cause the indeb tedness of said City
to exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF the City of B rookings, Brook-
ings County, South Dalcota, by its Common Council has
caused this bond to be executed in its behalf by the
manual signature of the Mayor and the manual signature
of the City Auditor, countersigned b y an attorney residing
in and duly licensed to practice in South Dakota, sealed
by a facsimile of its official seal printed thereon, and
registered and numb ered as required by law, and has caused
the interest coupons appurtenant hereto to b e executed and
authenticated by the facsimile signatures of said officers,
and has caused this bond to be dated as of . October 2�1 ,
1974• �
Mayor
�
Attest: Countersigned
� A orney
Ci y Audi or
(SEAL) ,
(Form of Coupon)
No. $
On the lst day of December (June) , lg , unless
the bond described belo�r� is called for earlier re�fcemption,
the City of Brookings , Brookings County, South Dakotia, will
pay to bearer at the main office of the Northwestern National
Bank of Minneapolis , in Minneaoolis , Minnesota, the amount
- shown hereon in la�aful r�oney of the United States� of America,
for the installment of interest then due on its General
Obligation Refunding Water and Sewer Bond, dated October 2�,
1974 , No.
(Facsimile si�;nature) (Facsimile signature)
City Auditor - Mayor
Section 6 . The Refunding' IIonds shall be prepared
at the direction of the City Auditor and shall b2 execu�ed
on behalf of the City b,y the manual signatures of its Ma,yor
and its Auditor and sealed with a f'acsimile of its corporate
seal printed thereon. The interest coupons pertaining
thereto shall be executed by the printed, engraved or li�ho-
graphed facsimile signatures of the Mayor and City Auditor.
After said b onds have been so executed, they shall be
countersigned b y Alan Glover , an attorney
actually residing in the State of Sout Dakota and duly
licensed to practice therein pursuant to and in accordance
with the provisions of Chapter 277, South Dakota Session
Laws of 1968, whereupon said bo�ds shall be delivered to
the City Treasurer ��ho shall register them in the bond
register as required by law. When the bonds have been
so prepared and executed and registered, they shall be
delivered by the City Aud�tor an� Treasurer to the purchaser
thereof upon receipt of the purchase price, and the purchaser
shall not be required to see to the proper application of
the proceeds .
Section 7. No tax levy monies are in the prior
Sinking Fund heretofore created for the Refunded Bonds under
Ordinance No. 646 of the City. Upon delivery of the Refund-
ing Bonds and the payment therefor by the pvrchaser .thereof,
("Bond Closing") said prior Sinking Fund shall accordingly
be discharged and thereupon $22,907. 79 then in said prior
Sinking Fund, together with the proceeds of the sale of the
� , Refunding Bonds , less any accrued interest and premium re-
ceived thereon from the purchaser thereof, shall be credited
� to and 'are hereby pledged and irrevocably appropria�ed to an
Escrow Sinking Fund hereby established to be used solely to
pay the principal of and the interest and premium on the
Refunded Bonds as hereinafter provided.
� Section 8. Upon Bond Closing, the Escrow Sink-
ing Fund, together with the cash and investments therein,
shall b e held in escrow with the Northwestern National Bank
of Sioux Falls , South Dakota, ("Escrow Agent") , hereby found
to be a suitable bank for such purpose under the Act, and
certain sums in said rund shall be simultaneously invested
in Federal secux�ities permitted under the Act maturing or
callaUle at the option of the holder on such dates and b ear-
in� interest at such rates as shall be required to provide .
sufiicient funds, together with anv cash or other funds re-
tained in the Escrow Sinking Fund, ( "Escrow Deposit") to
pay when due the interest to accrue on each obligation re-
funded to its maturity or prior redemption date if called
for prepa,yment as herein provided, and any redemption prem-
ium, and to pay the principal amount of each such obligation
at maturitv or such redemption date , and the monies in said
Escrow Sinking Fund shall be used solely for the purposes
herein set forth and for no other purpose , except that if
an,y balance shall remain in said Escrow Sinking Fund after
all of the nrincipal and interest has been paid on all of
the bonds refunded pursuant to this Ordinance, then such
balance shall be transferrred to the Refundir.g Bonds of
1974 Sinking Fund hereinafter established, all in accordance
with an Escrow Agreement between the City and the Escrow Agent ,
a form of ��hich agreement is on file in the office of the
City Auditor; and the Mayor and the City Auditor are hereby
authorized and directed to execute such Escrow Agreement on
behalf of the City .
Section 9 . Taxes levied for the years 1970 to
1974, both inclusive, in Ordinance No. 646 for the purpose '
of paying the principal of and interest on the Refunded
Bonds have heretofore been cancelled as provided by law,
but until retirement of the Refunded Bon�.s , all remaining
provisions heretofore made for the security thereof shall
be observed by the City and all of its officers and agents .
Ho�vever, the Co�,mon Council hereby finds , determines and
certifies to the County Auditor of Brookings :County that
' the proceeds of the sale of the Refunding Bonds , together
, with other funds � available and appropriated to the Escrow
� Sinking Fund will be sufficient , together with the earnin�s
on the investment of such funds in said Escro« Sinking Fund
to pay when due all of the principal of, interest and redemp-
tion premium, if any, on the Refunded Bonds . Accordingly,
upon Bond Closing the County Auditor of Brookings Caunty
is hereby authorized and directed to the extent and in the
manner permitted by law to cancel forthwith or if necessary
from year to year the taxes levied in the years 1975 throu�h
1983 under Ordinance No. 646 of the City for the payment of
principal of and interest on said Refunded Bonds and not
needed as a result of the establishment of the aforesaid
Escrow Sinking Fund; and upon Bond Closing the City Auditor
is hereby authorized and directed to give said County Auditor
viritten notice thereof. �
� �
Section 10 . There is hereby created a "Refunding
Bonds of 197� Sinkin� Fund" to be used solely to pay the
principal of and interest and premium, if any, on the
Refunding Bonds ; and there is hereby levied a direct , annual,
ad valorem tax to be spread upon the tax rolls for the years
and in the amounts set forth be�low, and collected with
and as a part of other general taxes of the City in the
respective ensuing collection years :
. '
Levy Collection
Year Year Amount
1975 1976 �142�000
1976 1977 136,000
1977 1978 i3i,000 .
1978 1979 131�000
1979 1980 125,000
1980 1981 119,000
lggl 1982 11g,000
1982 - 1983 112,000
1983 1984 56�000
Said taxes shall be irrepealable so� long as any of the bonds
herein authorized are outstanding and unpaid, provided that
the City reserves the ri�ht and power to reduce or cancel
the levies in the manner and to the extent permitted by la�v
and if and only if the sums then in the Refunding Bonds of 1g74
Sinking Fund, are sufficient to pay when due the interest
and premium (if any) on and principal of the then outstand-
ing Refunding Bor.ds . Tr.ere is hereby irrevocably pledged
and appropriated and there shall be credi.ted to the Refunding
Bonds of 1974 Sinking Fund the taxes herein levieci, any
accrued interest received from the purchaser of the Refunding
Bonds at Bond Closing and sums on hand in the amount of
� $ -0- .
Section 11 . The full faith and credit a::d taxin�
powers of the City are hereby pledged for the payment when •
due of the principal of and interest on the Refunding Bonds .
Section 12 . All of the Refunded Bonds maturing
in the years 1983 to 1985 both inclusive (b onds number.ed
164 to 220 b oth inclusive) shall b e redeemed and pre-
paid on June 1, 1982 at par and accrued interest (plus a '
premium of $15.00 for each bond called) . The City TrQasurer
is hereby au�horized and directed forthtivith to cause to be
mailed notice of the ca11 to the bank at which principal
and interest are pa,yable , and to the holders of the Refunded
Bonds to be so redeemed to the extent the names , addresses
and serial numbers of such holders have been made available .
to him. The notice of the call shall be in substantially
the following form:
P10TICE OF CALL rOR REDEMPTION
$.285 ,000
. 4�ATEK Afdll S�6�1ER BUNDS
DATED June 1, 1970
CITI' OF BROOKINGS.
BROOKINGS COUNTY
SOUTH DAKOTA .
NOTICE IS HEREBY GIVEN that by order of the Common Council
of the City of Brookings , Brookings County, South Dakota,
there have been called for redemption and prepayment on
June 1, 1982
certain outstanding bonds of the City designated as Water
and Sewer Bonds , dated June l , 1970 , bearing serial numbers
164 through 220 , having stated maturity dates in the years
1983 through 1985 , and totaling $285,000 in principal amount .
The bonds are being called at a price of par (plus a premium
of $15. 00 per bond) plus accrued interest to June 1,, 1982 on
� which date all interest on said bonds will cease to accrue .
� Holders of the bonds hereby called� for redemption are re-
quested to present their bonds for payment on or before
, June 1, 1g82 , with June 1, 1982 and subsequently maturing
interest coupons attached, at the main office of the North-
western National Bank of Minneapolis , in Minneapolis , rZinnesota.
BY ORDER OF THE COI�'IMON COUNCIL �
�S� �
` .. -
. .. • ,
' ' � .
Section 13. The offer of Allison-Williams
Company, in Minneapolis , Minnesota, to purchase the Re-
funding Bonds in accordance �•;ith the terms and at the
rate of interest hereinabove set forth, and to pay there-
for the sum of $930 ,000 is hereby accepted.
Section 14. The City Auditor is hereby directed .
to file a certified copy of this Ordinance with the County
Auditor of B rookings County, South Dakota, together with
such other information as he shall r•equire, and to obtain
from said Auditor his certificate at the tax levy for
Refunding Bonds will be spread in ... .cordance with law and
that the tax levy for the payment of principal of and in-
terest on the Refunded Bonds shall be cancelled upon receipt
of notice from the City Treasurer that the Escrow Deposit
has b een irrevocably deposited in the Escrow Sinking Fund
to the extent and in the manner required by this Ordinance.
Section 15. The officers of the City are hereby
authorized and directed to prepare and furnish to the
purchaser of the Refunding Bonds, and to attorneys approving
the legality of the issuance thereof, certified copies of a11
proceedings and records of the City relating to said bonds
and to the financial condition and affairs of the City,
and such o�her aff�davits , certificates and information
� as are required to show the facts relating to the legali,ty
and marketability of said bonds as the same appear from
the books and records under their custody and control or
as otherwise knou�n to them, and all such certified copies ,
certificates and affidavits , including any heretofore
furnished, shall be deemed representations of �he City as
to the facts recited therein.
Section 16 , This Ordinance is hereby found to be
necessary for the immediate preservation of the public
peace, health, safety and support of the municipal govern-
ment and its existing public institutions , wherefore an
emergency exists , and this Ordinance shall take effect
immediately upon its passa�e and publication according to
law.
Passed first reading: October 17, 1974 (
Passed second reading : Oc�ober 22, 1974 •
Published: October 23, 1974 _ ;� � ,
� - -f'.
.
/� '- �� -r�;
� Mayor
�-, `� �. •
; ,
At t e s t : . �:��-y-� �. �-,.�,-�,�r '
Ci y Auditor �
� . -
� ., • . • y
n • • � \
STATE OF SOUTH DAKOTA )
) SS.
COUNTY OF BROOKINGS )
2, the undersigned, being the duly qualified
and acting City Auditor of the City of Brookings , South
Dakota, hereby attest and certify that • the attached and
foregoing is a full, true and correct copy of Ordinance
No.20-74 of said City, adopted October 22 , 1974, entitled
"An Emergency Ordinance Providing for the Issuance of
$930,000 Water and Sewer General Obligation Refunding
Bonds" , and that said Ordinance is now in full force and
effact .
' WITNESS my hand and the seal of said City this
23rd day of October, 197�4 .
�
�
Ci Au itor
(Seal)
�