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Home My WebLink AboutResolution 83-1997 I , �.� , _ . , RESOLUTION NO. 83-97 RESOLUTION RELATING TO FINANCING OF CERTAIN PROPOSED PROJECTS TO BE UNDERTAKEN BY THE CITY; ESTABLISHING COMPLIANCE WITH REIMBURSEMENT BOND REGULATIONS UNDER THE INTERNAL REVENUE CODE BE IT RESOLVED by the City Commission of the City of Brookings, South Dakota(the"City"),as follows: 1. Recitals (a) The Internal Revenue Service has issued Section 1.150-2 of the Income Tax Regulations(the"Regulations") dealing with the issuance of bonds,all or a portion of the proceeds of which are to be used to reimburse the City for project expenditures made by the City prior to the date of issuance. (b) The Regulations generally require that,(i)within 60 days after payment of the project expenditures,the City make a declaration of its official intent to reimburse itself for such prior expenditures out of the proceeds of a subsequently issued series of bonds,(ii)the bonds be issued and the reimbursement allocation be made from the proceeds of such bonds within the reimbursement period(as defined in the Regulations),and(iii)the expenditures reimbursed be capital expenditures or costs of issuance of the bonds. (c) The City desires to comply with requirements of the Regulations with xespect to certain projects hereinafter identified. 2. Official Intent Declaration (a) The City proposes to undertake the following project or projects and has made,within 60 days prior to the date hereof, and proposes hereafter to make,original expenditures with respect thereto prior to the issuance of reimbursement bonds, and reasonably expects to issue reimbursement bonds for such project or projects in the ma�cimum principal amounts shown below: Project Maximum Amount of Bonds Expected to be Issued for Project Upgrade to DMS 100 Switch to provide $1,750,000.00 for additional switching network capacity via Supernode 60,Advanced Intelligent Network, local number portability,and � Northern Telecom generic software load labeled LEC 8. Upgrade of the local distribution plant by 2,000,000.00 installation of fiber and migration to fiber based distribution plant. Computer and related equipment for 600,000.00 Telephone System. Vehicles and equipment and other capital 2,800,000.00 expenditures for telephone utility. . 1 .,,� Vehicles, equipment and other capital 500,000.00 expenditures for water and sewer utilities. Vehicles,equipment and other capital 1,500,000.00 expenditures for electric utility. Construction of personal communications 9,800,000.00 services network to include a mobile switching office, antennas,towers,base stations,electronic equipment and software and vehicles and office equipment. Wastewater interceptor line and force main 900.000.00 projects. Grand Total $19,850,000.00 (b) Other than(i)de minimis amounts permitted to be reimbursed pursuant to Section 1.150-2(�(1)of the Regulations or(ii)expenditures constituting preliminary expenditures as defined in Section 1.150-2(�(2)of the Regulations,the City will not seek reimbursement for any original expenditures with respect to the foregoing projects paid more than 60 days prior to the date of adoption of this resolution. All original expenditures for which reimbursement is sought will be capital expenditures or costs of issuance of the reimbursement bonds. 3. Bud�arv Matters As of the date hereof, there are no City funds reserved,pledged,allocated on long term basis or otherwise set aside(or reasonably expected to be.reserved,pledged,allocated on a long term basis or otherwise set aside)to provide permanent financing for the original expenditures related to the projects, other than pursuant to the issuance of the reimbursement bonds. Consequently, it is not expected that the issuance of the reimbursement bonds will result in the creation of any replacement proceeds. 4. Reimbursement Allocations The City's Finance Officer shall be responsible for making the"reimbursement allocations"described in the Regulations,being generally the transfer of the appropriate amount of proceeds of the reimbursement bonds to reimburse the source of temporary financing used by the City to make payment of the original expenditures relating to the projects. Each reimbursement allocation shall be make within 30 days of the date of issuance of the reimbursement bonds, shall be evidenced by an entry on the official books and records of the City maintained for the reimbursement bonds and shall specifically identify the original expenditures being reimbursed. Passed and approved this 16�'day of Septe ber, 1997. �RooK�n,c o� Qo�Tfo••.s Mayo �S�'9 :o r `! 9�� ni S � Finance Officer SEP-09-1997 13:25 DOUC�RTYDAW4CINSiVOYAGEUR P.002/003 D�t1GHERTY I�WKINS CITY OF BROQKINGS� SUUTH DAKOTA OF PARTiCIPATION SERIES 1997 CER1'IFICATES � (BROOIQNGS PUBLIC�C7TII.TTIES-PCS SYSTEM PROJECT) Di�tributioa I.ist Iseua�e City of Brnoings FAX: 605.692.6907 PO Hox 270 ot 311 T'l�icd Av¢(Fcd-Ex) Hrookings,SD 51006-0270 Theodore IC�yger,Finance Q�oer 605.692.6281 Wayne Hauscbiid,Mayoc 605.692.6281 Iss�na's Cout+isEt. Alan Glover�g,sq. 605.692.2111 . City Atb�tney �.�►x: 605.692.4808 418 Fvuth S�eat Brookings,SD 57006 Bot�aowrs BrookinBs M�i�ipal Utility PO Box 588 oz 525 westera Aveauo(Fed-Ex) Fnx: 605.697.8570 Bsoolon�s,SD 57006-0588 Craig Osvog,Geua'al Manag� 605.692.6325 sc��,,e►��c Gen�t�� 605.692.6325 Bonnowr.n corn+isst. Richard J.HeL�per 605.692.7775 BM[J Attar�ey Fnx: 605.692.46I l PO Box 198 or dZ5 22nd Av�euue 3outh(Fed-Ex) Brookimga,SD 57006-0198 Ur►n�RvvitiT��t Rap'Wooc}y'E.Wcodsend 605.339.9800 Semiar Vioe President Fex: 605.339.0115 Dcwgheriy Uawkiris LLC 200 North Phiilips Avenue,Suite 203 Sioux�'alls,SD 57104-6042 �/�ly C,p� 612376_413� Senior�cx Prardeat FAx: 612.673.0584 Dou�dty Dswicin4 L�.0 90 South Saventh 3anet,S�te 4300 Mumaapolis,MN 55402-4114 �nUGHF:frl'Y I�AWK(N3 I.J.t: . tW KCNYi'H PHT1.LfPfi,R(ll'fR 2p3 SIf3[IX FA[.J S,Sn[1T}i nAKQ�rA snw-�o42 5U5/33�1-WfIW !'AX 605/339-IH15 us w,�rs aaHaa�-uu SEP-09-1997 13�26 DOU[a�RTYDA4IKINS�t10YAGEUR P.003�003 Uxn�twRrrERs CooxsEt Stephen Rosholt,Esct• 612.336.3000 Faegre�t B�oson LLP Fex: 612.336.3026 2Z00 Norwest Center 90 South Seventh Stteet Mi�,eaplais,MN 55402 BoNDCOVNBSL bIZ/340-2651 Ve,riane L.7.ynQ'EndaTf�Esq. Fex: 61?/340-2868 Dorsey 8c Whimay I,i� 220 South Sixtl�Strat Mim�eap�lis,MN 55402 1�trsrcx TOTAL P.003