HomeMy WebLinkAboutRes. 19-066Resolution Authorizing the Modification of the Interest Rate on the Sales Tai
Revenue Bonds, Series 2014a
Whereas, the City of Brookings intends to negotiate with the holder of the Sales Tax
Bonds, Series 2014A (the "Series 2014A Bonds") to lower the interest rates which will
result in reduced debt service costs.
Section 1. Modification of Series 2014A Bonds. The City Council does hereby
authorize the modification of the interest rates and payment schedule of the
Series 2014A Bonds which will result in reduced debt service costs to the City.
Section 2. Authorization of Officers. The Mayor, Chief Financial Officer and City
Clerk (the "Authorized Officers") are hereby authorized, empowered, and directed
to do any and all such acts and things, and to execute, acknowledge, deliver,
and, if applicable file or record, or cause to be filed or recorded, in any
appropriate public offices, all such documents, instruments, and certifications, as
may, in their discretion, be necessary or desirable to implement or comply with
the intent of this Resolution.
Section 3. Tax Exemption. The modification of the interest rate and payment
schedule will result in the reissuance of the Bonds. The Authorized Officers are
directed to take any and all actions within its powers to ensure that the basic
interest on the 2014A Bonds will not become includable in gross income for
federal income tax purposes under the Internal Revenue Code and the Treasury
Regulations.
Section 4. Effective Date. This Bond Resolution shall take effect upon passage.
Passed and approved this 27 th day of August, 2019
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Keith W. Corbett, Mayor
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nf ster, Acting City Clerk
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