HomeMy WebLinkAboutResolution 46-1997 RESOLUTION 46-97
DECLARING OFFICIAL 1NTENT TO REIlVIBURSE
WHEREAS, the City of Brookings, a municipal corporation, (hereinafter the"City") has
determined to proceed with a project (as described in Exhibit A hereto, the"Project"), and intends
to obtain financing with respect to the Project as least in part through the issuance of tax-exempt
debt;
WHEREAS, the City desires that all permitted Project costs paid prior to the issuance of
tax-exempt bonds qualify for reimbursement from the proceeds of issuance of such tax-exempt
bonds under the applicable Treasury regulations.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. It is desirable that certain expenditures for or in relation to the Project be incurred and paid
prior to the issuance to tax-exempt bonds to finance such expenditures commencing on
i March 1, 1997.
2. Such expenditures, not to exceed $500,000.00, are expected to be made in the foreseeable
future with respect to the Project, as further described in Exhibit A hereto;
3. The City reasonably expects to reimburse the above-described expenditures by incurring debt
in the form of tax-exempt bonds in an amount not exceeding $2,000,000 and reasonably
expects that actual project costs to be reimbursed from such bond proceeds will probably be
less, depending on the date on which such bonds are issued and the completion schedule for
the Project.
4. No funds(from sources other than such debt) are, or are reasonably expected to be, allocated
on a long-term basis, reserved or otherwise set aside pursuant to the corporation's budget or
financial policies for such expenditures at this time;
5. In connection with the Project, authority is hereby specifically conferred on the designated
officer of the City to make such further declarations of official reimbursement intent on behalf
of this corporation it may be necessary or desirable and as may be consistent with then-
existing budgetary and financial circumstances of the City.
Passed and approved this 3rd day of June 1997.
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EXHIBIT A-1
The Agri-Plex(Multi-Plex) facility will support the area's agricultural heritage, focusing
on research and ag-based events. A 30 to 60 thousand square foot research center, an expo
building and various other structures are proposed on this approximately 35 acres parcel.
1. The proposed construction and acquisition of equipment or other qualifying property
for the"Agri-Plex" project as defined by Resolution No. 46-97.