HomeMy WebLinkAboutResolution 72-1997 RESOLUTION NO. 72-97
AUTHORIZING A LOAN TO THE AGRI-PLEX IN ACCORDANCE WITH ORDINANCE
NO. 25-96 (SECOND PENNY SALES TAX)
WHEREAS, on February 25, 1997, Resolution No. 12-97 authorized the sum of two million
dollars ($2,000,000.00) from the second penny sales tax to be allocated for development and
construction of an agri-plex, and
WHEREAS, Brookings County will be contributing approximately a one million dollar
($1,000,000.00) facility in conjunction with the agri-plex, which they are requesting partial financing by
the City and will be reimbursed to the City by the County through payments to the agri-plex at a rate
and over a time frame to be established and
WHEREAS, the additional funds to complete said project as previously projected are being
requested to be borrowed from the second penny sales tax and that when comparing all other sources of
financing, it is the most economical way to finance said project, now therefore,
BE IT RESOLVED that in the best interest of the community and all t�payers that the total
amount of up to four million six hundred thousand dollars($4,600,000.00)be loaned to the agri-plex,
said loan to be repaid from the second penny sales tax revenue, and
BE IT FURTHER RESOLVED that the interest rate and time period of the loan be established
at a later date to be agreed upon by the City and County.
Passed and approved this 1 lth day August, 1997.
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