HomeMy WebLinkAboutResolution 75-1994 RESOLUTION N0. 75-94
A RESOLUTIOH AUTHORIZIHG THE EXECUTION AND DELIVERY OF A FIRST
SUPPLEMEHTAL TRUST IHDENTURE AMEHDING TNAT CERTAIN TRUST IHDEHTURE
DATED AS OF SEPTEMBER 10, 1987, BETWEEH THE CITY OF BROOKIHGS, SOUTH
DAKOTA, AHD THE FIRST HATIOHAL BAHK IH BROOKINGS, AS TRUSTEE, PURSUAHT
TO WHICH THE ISSUANCE OF 8900, 000 ECONOMIC DEVELOPMENT REVENUE BONDS,
SERIES 1987 (PARK PLACE PROJECT), WAS AUTHORIZED.
BE IT RESOLVED by the City of Brookings, South Dakota as folloMe:
Section 1. The Firet Supplemental Trust Indenture, dated as of
August 1, 1994, betaeen the City of Brookings, South Dakota (the
°City" ), and the First Hational Bank in Brookinge, as Truetee tthe
"Trustee" >, in the form and content attached hereto as Exhibit A shall
be, and hereby is, in all respects authorized, 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 Finance Director, the City Attorney
and other City officials shall be, and they hereby are, suthorized 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 suthorized.
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 financial 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 ressonably anticipated amount of tax-exempt
obligations (other than private activity bonds, but including the
Bonds referred to in this Resolution) Nhich will be issued by the City
during calendar year 1994 does not exceed 910, 000, 000, and (ii) the
aggregate principal amount of obligations designated by the City to be
"qualified tax-exempt obligations" during the calendar 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 5th day of July, 1994.
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,�y�,�'�,,P'o'rt�jr.�'�+�, Mayor ��
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Finance Officer