HomeMy WebLinkAboutResolution 74-1994 RESOLUTION NO. 74-94
A RESOLUTIOH AUTHORIZIHG THE EXECUTION AHD DELIVERY OF A FIRST
SUPPLEMEHTAL TRUST IHDENTURE AMENDING THAT CERTAIN TRUST INDEHTURE
DATED AS OF JUNE 1, 1969, BETWEEK THE CITY OF BROOKIHGS, SOUTH DAKOTA,
AND THE FIRST NATIONAL BAHK IN BROOKIHGS, AS TBUSTEE, PURSUANT TO
WHICH THE ISSUAHCE OF 51, 000, 000 ECOHOMIC DEVELOPMEAT REVENUE BONDS,
SERIES 1989 (UNITED RETIREMENT CENTER PROJECT), WAS AUTHORIZED.
BE IT RESOLVED by the City of Brookings, South Dakota as folloas:
Section 1. The First Supplemental Trust Indenture, dated as of
August 1, 1994, betveen the City of Brookings, South Dakota (the
"City" ), and the First National Bank in Brookinge, as Trustee (the
"Truetee" ), in the form and content attached hereto ae Exhibit A shall
be, and hereby is, in all respects suthorized, approved and confirmed,
and the Mayor and the Finance Director shall be, and they hereby are,
authorized and directed to execute and deliver said Supplemental
Indenture in substantially the form and content as Exhibit A. for and
on behalf of the City to the Trustee.
Section 2. The Mayor, the F'inance Director, the City Attorney
and other City officials shall be, and they hereby are, authorized to
execute and deliver for and on behalf of the City any and all other
certificates, documents or other papers and to perform such other acts
as they deem necessary or appropriate in order to implement and carry
out the acts herein authorized.
Section 3. The City hereby confirms the designation of the Bonds
as "qualified tax-exempt obligations" as such term is defined in
Section 265(b) t3) of the Internal Revenue Code of 1986, as amended,
relating to the ability of finanaial institutions to deduct from
income for federal income tax purposes, interest expense that is
allocable to carrying and acquiring tax-exempt obligations, and
represents that (i) the reasonably anticipated amount of tax-exempt
obligations (other than private activity bonds, but including the
Bonds referred to in this Resolution) rhich r►ill be issued by the City
during calendar year 1994 does not exceed 510, 000, 000, and (ii> the
aggregate principal amount of obligations designated by the City to be
"qualified tax-exempt obligations" during the celendar year 1994,
including the Bonds, does not exceed 510, 000, 000.
Section 4. This Resolution shall take effect and be in full
force on the 20th day after its publication unless suspended by
referendum.
Passed and approved this Sth day of July, 1994.
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Finance fficer