HomeMy WebLinkAboutResolution 66-1993 RESOLUTION N0. 66-93
RESOLUTIOH PROVIDIHG FOR A PUBLIC HEARIHG ON THE PROPOSED
ISSUANCE OF UP TO 5900, 000 IR ECOHOMIC DEVELOPMENT REVEHUE BONDS TO
REFUHD THE OUTSTANDIHG ECOHOMIC DEVELOPMEHT REVEHUE BOHDS, SERIES 1985
(HOLIBROOK, IRC. PROJECT) ISSUED BY THE CITY OF BROOKINGS, SOUTH
DAKOTA.
WHEREAS, on December 10, 1985, the Board of Commiseioners of the
City of Brookings adopted a resolution (the "1985 Resolution" )
authorizing the issuance of the City's Economic Development Revenue
Bonds, Series 1985 tHolibrook, Inc. Issue> for the purpose of
providing funds to be loaned to Holibrook, Inc. (the " Corporation" )
to construct new improvements, remodel, renovate and refurbish
existing facilities and to purchase ner furnishings, fixtures and
equipment for a pro3ect located at 2500 East Sixth Street (near the
intersection of Sixth Street and Interatate 29) rithin the City limits
of Brookings, South Dakota tthe "Pro�ect" ) ; and
WHEREAS, the City Commisaion 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;
NOW, THEREFORE, be it resolved the Board of City Commissioners of
the City of Brookings, South Dakota:
ti ) The City Commission shall hold a public hearing on the
issuance of the Bonds at 2:00 p. m. , September 21, 1993, in City
Hall, 311 Third Avenue, Brookings, South Dakota.
(2) The City Finance Officer is hereby authorized to publish
notice of the hearing in the official nerrspaper 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 thia 31at day of August, 1993.
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v i _�_ _ Mayor
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Officer
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NOTICE OF PUHLIC HEARING
The Roard of City Commissioners of the City of Rrookings, South
Dakota, wi 11 cond�.�ct a p�_�bl ic he2ring at 2:0� p. m. on T�aesd�y,
September, �i, 199.�, at City Hall, 311 Third Avenue, Brookings, South
Dakot�, to consider, the adnption of a r,esol�ation for the issuance by
the City of Br�ookings of approximately �90�, �00 in Economic
Development Revenue Bonds �ander� the provisions of SDCL Chapter 9-54.
The pr,oceeds of the bonds are to be loaned by the City to Holibrook,
Inc. , a 5ot�th Dakota cnrpor,�t ion, and �.it i 1 ized by s�ach corpor,at ion to
refund bonds (on a current basis) outstanding fr,om the pr^evious 155U@
of �1, 0��, �0� City of Pr�ookings, South Dakota Economic Development
Reven�ae Ponds, Series 198� (Holibrook, Inc. F�ro.ject ) , which were used
to constr,�_�ct new and to p�archase new furnishings, fixtures and
equipment for a pro.ject located at 250Q� East Sixth Street (near the
intersection of Sixth Street and Interstate 29) within the city limits
of Rr�ookings, South Dakota (the "Rroject " ) . The F�r�o.ject is ,and will
be owned �nd nper,ated by Holibr,00k, Inc.
Anyone wishing to be hear�d with regard to the issuance of the
Economic Development Revenue Bonds by the City of Hr�ookings with
regar,d to the F�r,oject described in this Notice may be heard at the
date, time and place as specified in this Notice.
Dated this �ist day of August, 1993.
� T OF BROOKING
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Mayor _
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Finance Officer -