HomeMy WebLinkAboutResolution 68-1993 RESOLUTION N0. 68-93
RESOLUTION PROVIDING FOR A PUBLIC HEARIHG 0
N THE PROPOSED
ISSUANCE OF UP TO 51, 050, 000 IN ECOHOMIC DEVELOPMENT REVENUE BOHDS TO
REFUND THE OUTSTANDIHG ECONOMIC DEVELOPMENT REVEHUE BONDS, SERIES 1985
(HOLIBROOK, IHC. PROJECT) ISSUED BY THE CITY OF BROOKINGS, SOUTH
DAKOTA.
WHEREAS, on December 10, 1985, the Board of Commissionera of the
City of Brookings adopted a resolution tthe "1985 Resolution" )
authorizing the issuance of the City's Economic Development Revenue
Bonds, Seriea 1985 (Holibrook, Inc. Issue) in the amount of S1, 500, 000
for the purpose of providing funds to be loaned to Holibrook, Inc.
(the " Corporation" ) to construct neN improvementa, remodel, renovate
and refurbish existing facilities and to purchase neM furnishings,
fixtures and equipment for a pro�ect located at 2500 East Sixth Street
tnear the intersection of Sixth Street and Interstate 29) Nithin the
City limits of Brookings, South Dakota (the "Pro�ect" ) ; and
WHEREAS, the City Commission has received a request from the
Corporation to refund the 1985 Bonds (on a current basis) in order to
reduce debt service costs and obtaining more favorable financing
terms; and
WHEREAS, the City is authorized to issue economic development
revenue bonds pursuant to SDCL Chapter 9-54;
WHEREAS, on August 31, 1993 the Commission scheduled a public
hearing to be held on September 21, 1993 for the purpose of hearing
comments on the issuance of refunding bonds, and it is neceseary to
postpone the hearing to October 5, 1993;
HOW, THEREFORE, be it resolved the Board of City Commissioners of
the City of Brookings, South Dakota:
( 1 ) The City Commiseion shall hold a public hearing on the
issuance of the Bonds at 2:00 p. m. , October 5, 1993, in City
Hall, 311 Third Avenue, Brookings, South Dakota.
t2) The City Finance Officer ia hereby authorized to publish
notice of the hearing in the official nerspaper of the City not
less than fourteen ( 14) days prior to the hearing date. Such
notice shall be in substantially the form attached hereto.
Passed and approved this 14th day of September, 1993.
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MA� Y Mayor
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Finance Office