HomeMy WebLinkAboutRes. 21-045Resolution 21-045
A Resolution Authorizing the Retirement of Brookings Municipal Utility Bonds
Whereas, Brookings Municipal Utilities (BMU) has outstanding debt of $3,880,000 from
municipal tax exempt bonds issued in 2011; and
Whereas, the Brookings Municipal Utilities Board has determined that it is beneficial to
BMU to retire the above mentioned bonds issued in 2011; and
Whereas, the Brookings Municipal Utilities Board has further determined that there are
sufficient resources within the BMU fund balances to retire the debt outstanding from
the above mentioned bonds; and
Whereas, on May 10, 2021 the Brookings Municipal Utilities Board authorized the
Executive Vice President and General Manager of BMU to execute the documents
necessary to retire the outstanding debt from the municipal tax free bonds issued in
2011 by BMU Resolution No. 14-21; and
Whereas, the City Council recognizes the benefit of the retirement of the 2011 bonds;
and
Whereas, this authorization by the City Council will facilitate the retirement of the 2011
bonds effective December 1, 2021.
Now, Therefore, Be It Resolved by the City Council of the City of Brookings, South
Dakota, as follows:
A. That the retirement of Brookings Municipal Utility Bonds issued in 2011
is hereby authorized; and
B. That the Mayor, City Clerk and the Executive Vice President and
General Manager of BMU are authorized to execute the documents
and notices required to retire the 2011 Brookings Municipal Utility
Bonds in accordance with this Resolution.
Passed and approved on the 25th day of May, 2021.
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AT- S � Gepl�g G. Niemeyer,
owe F61ter, City Clerk
eaa. CO. S