HomeMy WebLinkAboutResolution 98-1999 RESOLUTION NO. 98-99
AMENDING RESOLUTION NO. 72-97 PERTAINING TO FINANCING OF 'TI�
MULTIPLEX.
WI�REAS, Resolution No. 72-97 was adopted by the City Commission of the City of
Brookings on August 11, 1997, and provided therein for the financing of$4,600,000.00 for the
construction of an agri-plex facility; and
WHEREAS, it was initially contemplated that the financing and construction of said agri-
plex would be done by the Brookings Area MultiPlex Corporation by receipt of a loan from the
City of Brookings; and
WHEREAS, the City of Brookings has subsequently elected to construct and own the
agri-plex(MultiPlex) facililty and utilize the MultiPlex Corporation as a Manager only; and
WHEREAS, the agri-plex project has subsequently been renamed and refened to as the
MultiPlex Project; and
WHEREAS, it is necessary for the adoption of this Resolution to clarify the source and
use of second penny sales t�revenues for construction of the MultiPlex facility, now therefore,
BE IT RESOLVED, that the original sum of$4,600,000.00 referred to in Resolution No.
72-97 be obtained by means of sales tax revenue bond financing and sha11 be utilized for the
construction of the MultiPlex facility, which sha11 remain the property of the City of Brookings to
be managed by the MultiPlex Board or such other entity as may be retained for said purposes
from time to time.
BE IT FURTHER RESOLVED that it is acknowledged that the bonds have already been
issued and the funds used for the construction of the MultiPlex facility at the time of the adoption
of this Resolution, however, this Resolution is adopted for the purpose of clarifying the intention
of the City Council regarding ownership and financing of the MultiPlex Project.
Passed and approved this 27�`day of March, 20 0.
... � C
���
��s • '��� Mayor
q '.1
o:` ATTEST'-
t� ��
Z��•. ;°�U
G',.'•.. ,•' P
��'`' � �
City Clerk
RESOLUTION NO. 98-99
AMENDING RESOLUTION NO. 72-97 PERTAINING TO FINANCING OF THE
MULTIl'LEX.
VVHEREAS, Resolution No. 72-97 was adopted by the City Commission of the City of
Brookings on August 11, 1997, and provided therein for the financing of$4,600,000.00 for the
construction of an agri-plex facility; and
WHEREAS, it was initially contemplated that the financing and construction of said agri-
plex would be done by the Brookings Area MultiPlex Corporation by receipt of a loan from the
City of Brookings; and
WHEREAS, the City of Brookings has subsequently elected to construct and own the
agi-plex(MultiPlex) facililty and utilize the MultiPlex Corporation as a Manager only; and
Wf-IEREAS, the agri-plex project has subsequently been renamed and refened to as the
MultiPlex Project; and
Wf�REAS, it is necessary for the adoption of this Resolution to cla.rify the source and
use of second penny sales tax revenues for construction of the MultiPlex facility, now therefore,
BE IT RESOLVED, that the original sum of$4,600,000.00 referred to in Resolution No.
72-97 be obtained by means of sales t�revenue bond financing and sha11 be utilized for the
construction of the MultiPlex facility, which shall remain the property of the City of Brookings to
be managed by the MultiPlex Board or such other entity as may be retained for said purposes
from time to time.
BE IT FIJRTHER RESOLVED that it is acknowledged that the bonds have already been
issued and the funds used for the construction of the MultiPlex facility at the time of the adoption
of this Resolution, however, this Resolution is adopted for the purpose of clarifying the intention
of the City Council regaxding ownership and financing of the MultiPlex Project.
TABLED INDEFINETLY this 8�'day of November, 1999.
Mayor
ATTEST:
City Clerk