HomeMy WebLinkAboutResolution 64-2000 -
Resolution No. 64-00
EXPRESSING THE 1NTENT OF THE CITY OF BROOKINGS, BROOKINGS
COUNTY, SOUTH DAKOTA TO CONSIDER REIMBURSING COSTS
PERTAINING TO LANDFILL EQUIPMENT FROM THE PROCEEDS OF THE
ISSUANCE OF TAX-EXEMPT LEASE OR OTHER FORM OF
INDEBTEDNESS; AND STATING OTHER MATTERS PERTAINING
THERETO.
WHEREAS, the City of Brookings, South Dakota (the "City") intends to consider issuing a tax-
exempt lease or other form of indebtedness (the "Lease") to finance the purchase of certain
landfill equipment, a more detailed description being on file with the City Manager and open to
public inspection (the "Project" ); and
WHEREAS, the City desires to express its intent to continue to reimburse costs, which includes
debt incurred in acquisition of the equipment, from the proceeds of the Lease, and desires to
make such reimbursement in compliance with Treasury Regulations Section 1.150-2 (the
"Reimbursement Regulations");
NOW, THEREFORE, BE IT RESOLVED by the City Council:
Section 1 - That the City will consider financing the landfill equipment through
the issuance of its tax-exempt lease or other form of indebtedness (the "Bonds") in
an amount not to exceed $358,000 pursuant to SDCL Title 9 & Chapter 6-8B.
Section 2 - That the City intends to reimburse such equipment costs incurred
within the last 60 days from the proceeds of the Lease, if issued.
Section 3 - That the equipment costs will initially be paid from the Landfill fund
of the City.
Section 4. That City does hereby declare its official intent to reimburse the
expenditures with proceeds of the t�-exempt lease.
Section 5. That this Resolution is intended to be the declaration of official intent
under the Reimbursement Regulations. The reimbursement shall relate to the
improvements above mentioned.
Section 6. This declaration of intent shall be available for public inspection.
ADOPTED AND APPROVED this l lth day of September, 2000.
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