HomeMy WebLinkAboutOrdinance 20-1975 ORDINANCE NOe 20-75
A1�T ORDII�TANCE CREATING A SINKII�TG FU1�TD AI�ID LEVYING
TP,XES FOR THE PAYMENT OF $375, 000 GEI�TERAL OBLIGATION
I�IBRARX BUILDING BONDS, DATED OC'I'OBER 1, 1975,
AND DECLARING AN EMERGENCY
BE .IT �12DAI1�T��? BY �'HE CITY OF BROOKII�TGS, SOUTH DAICOTA:
Section lo In order to prov.ide money for the prompt and
f�ll payznent of principal of and interest on $375,000 General Obli-
gat.�,�� .L�.�b�°a�°y �uild.ing Bonds of 1975, dated October l, 1975, as such
���nc�.p�l ax�d .interes� become due, there �ha1.1. be and i� hereby levied
upor� �he ta�able property in said City a direct annual irrepealable
acl val.���m t.ax in �.he years and amounts as fo.11o�a�o
L��ry � Levy
Yea.r Amount Year Amount
1975 $42,500 1982 $42,500
1976 42,500 1983 42,500
1977 42, 500 1984 42,500
1978 42,500 1985 42 ,500
1979 42,500 1986 42,500
1980 42,500 1987 42,500
1981 42,500 1988 42,500
1989 42,500
Section 2o The proceeds of said levy when and as collected
�hall b� placed in a separate sinking fund hereby created to be known
�� ee������g F�nd of $375, 000 General Obligation Library Bu�.lding
�onds of 19'�5"' , dated October 1, 1975, and shall be used for no other
pu�po�� than to pay the principal of and interest on the bonds as the
��e b�come due; provided, that, if any payment of principal or
in�e�est sha11 fall due on said bonds when moneys in said Sinking
F°�,nd a.re in�uffic�ent therefor, such payments shall be made from the
Ge���°�1. Fund of the City, and said General Fund shall be reimbursed
for �,h� amount� so advanced out of the proceeds of the forego�ng
�a�e� vahen �ol.lectedo
Section 3m The foregoing levies shall be irrepealable so
l,ong as any of the bonds of said issue or interest thereon shall
.��znai� unpa�ds except that to the extent perm��ted by law �f appro-
pr.ia�.�on� �hall hereafter be made .�nto said Sinlcing Fund of cash fx°om
an.y o�he� fund of the C�ty and moneys therefor actually paid into
�a�d S�.nk�r�g Fund, the �oar,d of Commiss�oners shall have the power
�o redu,ce th� levy for the ensu�ng year ox° years specified in Section
1 he�eof by an amount equal to the amount so appropriated; and upon
cer��ficat��� thereo� t,o the Gounty Aud,itor, the levies above speci-
f�ed shall be accordingly reduced or cancelledo
Sec�ion 4e This ordinance is necessary fox° the immed�.ate
preservatzon of the public peace, heal�h and safety and for the support
of �he ztlunic�pal govexnment and .it,s e��.st.�.ng public �nstitutions, and
an emergency exists and this ordinance shall be in full force and
effect immediately upon its final passage, a proval and publication.
Approved r� ��
Mayor
,
Attest .
ina ce O icer
Passed first reading September 30 , 1975
Passed second reading October 7 , 1975
Adopted October 7 , 1975
Approved October 7 , 1975
Published October 10 , 1975
STP�TE OF SOUTH DAKOTA )
)
COUI�ITY OF BROOKINGS ) SS.
)
CITY OF BROOKINGS )
I, the undersigned, being the duly qualified and acting
Finance Officer of the City of Br,00kings, South Dakota, hereby
certify that I have carefully compared the attached and foregoing
copy of Ordinance No. 20-75 , entitled "An Ordinance Creating a
Sinking Fund and Levying Taxes for the Payment of $375, 000 General
Obligation Library Building Bonds, dated October 1, 1975, 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 thereofe
WITNESS My hand officially as such Finance Officer and the
seal of the City this �U day of �---��-��-� , 1975.
`
Finance ffic
City of Brookings, South Dakota
(Seal)