HomeMy WebLinkAboutRes. 20-057Resolution 20-057
Resolution Dissolving Tax Increment District Number #3
of the City of Brookings, South Dakota
Whereas, the City of Brookings created Tax Increment District Number Three on June
10,2008 -and
Whereas, under SDCL §11-9-46 a tax incremental district shall terminate when either
(1) the positive tax increments are no longer allocable to a district under § 11-9-25 or (2)
the governing body, by resolution, dissolves the district, after payment or provision for
payment of all project costs and all tax incremental bonds and notes of the district; and
Whereas, all project costs incurred or obligations issued pledging tax increment
revenues have been satisfied.
Now Therefore, Be It Resolved by the City of Brookings, South Dakota as follows:
Section 1. Termination. Tax Increment District Number Three shall be terminated as of
the date of this resolution.
Section 2. Allocation of Tax Increment Fund. Any moneys remaining in the Tax
Increment Number Three fund, shall be paid to the treasurer of the county, school
district, or other tax -levying municipality or to the general fund of the municipality in such
amounts as belong to each respectively, having due regard for what portion of such
moneys, if any, represents tax increments not allocated to the municipality and what
portion thereof, if any, represents voluntary deposits of the municipality into the fund.
Section 3. Authorization of Officers. The officers of the city shall take such action as is
necessary to carry out the intent of this resolution.
Passed and approved this 30th day of June. 2020.
CITY OF BROOKINGS
A'&611 �
Keith W. Corbett, Mayor
ATTEST:
onn e"F 'er, City lerk
0 SOUTH OPm i