HomeMy WebLinkAboutResolution 09A-2001 RESOLUTION 09A-01
RESOLUTION RELATING TO SALES TAX REVENUE BONDS, SERIES 2001;
AMENDING RESOLUTION 09-01 ADOPTED ON FEBRUARY 12, 2001
BE IT RESOLVED by the City Council (the Council) of the City of Brookings, South
Dakota(the City), as follows:
SECTION 1. RECITALS AND FINDINGS.
1.01. The City has by resolution duly adopted by this Council on February 12,
2001 (the Bond Resolution) authorized the issuance and sale to Dougherty& Company LLC, of
Minneapolis, Minnesota of its non-ad valorem sales tax revenue bonds (the Bonds).
1.02. Ambac Assurance Corporation, the insurer of the Bonds, has advised the
City that in order to provide insurance for the Bonds, certain provisions of the Resolution require
amendment.
1.03. It is hereby found, determined and declared to be in the best interests of the
City to amend the Bond Resolution as set forth in Section 2 hereto.
SECTION 2. AMENDMENTS TO BOND RESOLUTION.
2.Ol.Paragraph (d) of Section 1.01 of the Bond Resolution is hereby amended to
read as follows:
SECTION 1.01(d) As authorized by the Ordinance and the Act,the City has
determined that it is necessary and desirable to issue its non-ad valorem sales tax revenue bonds
(the Bonds) in a principal amount not to exceed $9,000,000 for the purpose of paying the costs of
improvements of the kinds authorized by the Ordinance, which improvements are described in
Exhibit A attached hereto (the Projects) plus such additional principal amount (not exceeding
$1,000,000) as may be necessary for(i) funding a reserve fund, (ii)paying the costs of issuance
of the Bonds and the premium for bond insurance, if any, and(iii)providing an allowance for
original issue discount.
2.02. Section 4 of the Bond Resolution is hereby amended to read as follows:
SECTION 4. ADDITIONAL BONDS. No additional Bonds shall be issued and
made payable from the Pledged Revenues and having a lien upon such revenues and the Special
Tax Fund which is prior to or superior to the lien of the Bonds authorized herein. Nothing in this
Resolution shall be construed in such manner as to prevent the issuance by the City of additional
bonds payable from the Pledged Revenues and constituting a lien upon the Pledged Revenues
and the Special T�Fund equal to or on a parity with the lien of the Bonds authorized herein,
provided(i)the City is current in the payment of principal and interest on the Outstanding Bonds
and is current in the accuxnulations required for the Principal and Interest Account and the
Reserve Account, (ii)the City is in compliance with the covenants herein contained, and either
(iii)the Pledged Revenues collected by the City in the last preceding fiscal year(as determined
by the City) is sufficient to cover 1.25 times the combined m�imum annual principal and
interest requirements on the Outstanding Bonds, and the proposed parity lien bonds, or(iv)the
estimated Pledged Revenues to be collected in the fiscal year in which the proposed parity lien
bonds will be issued shall be at least equal to 1.25 times the combined maximum annual
principal and interest requirements of the Outstanding Bonds and the proposed parity lien bonds.
Nothing herein shall prevent the City from issuing Bonds payable from the Pledged Revenues
and the Special Tax Fund and having a lien thereon which is junior and subordinate to the lien of
the Bonds authorized herein.
Upon vote being taken thereon,the following voted in favor thereof: Hemott, Artz,Davidson,
McClemans, Weems, Bibby
and the following voted against the same: Bozied
whereupon the resolution was declared duly passed and adopted, and was signed by the Mayor
and attested by the City Clerk.
Passed and approved this fifth day of March, 2001.
CITY OF BROOKINGS
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CERTIFICATE OF MINUTES RELATING TO
SALES TAX REVENUE BONDS, SERIES 2001
Issuer: City of Brookings, South Dakota
Governing Body: City Council
Kind,date,time and place of ineeting: A special meeting,held on March 5,2001 at the City offices.
Members present: Herriott,McClemans,Bozied, Weems,Bibby,Artz,Davidson
Members absent: None
Documents Attached:
Minutes of said meeting(pages):
RESOLUTION RELATING TO SALES TAX REVENUE BONDS, SERIES 2001;AMENDING THE
RESOLUTION ADOPTED ON FEBRUARY 12,2001
I, the undersigned, being the duly qualified and acting recording o�cer of the public corporation issuing
the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above,
have been carefully compared with the original records of said corporation in my legal custody, from which they
have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the
governing body of said corporation, and correct and complete copies of all resolutions and other actions taken and of
all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said
meeting was duly held by the governing body at the time and place and was attended throughout by the members
indicated above,pursuant to call and notice of such meeting given as required by law.
WIT'NESS my hand officially as such recording officer on March 5`�,2001.
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CITY OF
BROOKINGS
Brookings, South Dakota
City Clerk Certification
I, the undersigned, being the duly appointed, qualified and acting Clerk of the City of
Brookings, South Dakota, hereby certify that the foregoing Resolution 09-Olamendment is a
true, correct and accurate copy as duly and lawfully passed and adopted by the governing body
of the city of Brookings on the 5th day of March, 2001.
ATTEST:
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