HomeMy WebLinkAboutResolution 076-2013 Resolution No. 76-13
Resolution amending Resolution No. 21-13 authorizing the reissuance of the
Lease and the Certificates of Participation, Series 2012
Whereas,the City of Brookings (the "City") pursuant to Resolution No. 112-12 entered into a
Ground Lease, Lease Agreement (the "Lease") and Declaration of Trust (the "Trust"), as the
terms are defined therein, all dated October 1, 2012; and
Whereas,the City passed Resolution No. 21-13 on February 26, 2013;and
Whereas,the City now deems it necessary and in the best interest of the City to amend
Resolution No. 21-13.
Now,Therefore, Be It Resolved by the City Council of the City of Brookings as follows:
1. Amendment of Resolution No. 21-13. Resolution No. 21-13 shall be amended to read as
follows:
Section 1. Authorization and Approval of Transactions. Subject to the terms and
conditions set forth herein, the City hereby authorizes subject to the written approval of
First Bank and Trust as Trustee and as holder of the certificates of Participation to modify
the interest rate and designate the Lease and the$10,000,000 Certificates of
Participation as "qualified tax-exempt obligations" under the Internal Revenue Code and
regulations.
Section 2. Execution and Delivery of Documents. Each Authorized Officer of the City is
authorized and empowered for and on behalf of the City to execute and deliver such
documents as Bond Counsel deems necessary to evidence the reissuance of the Lease
and Certificates of Participation, Series 2012 or with such changes therein and
modifications thereto as may be approved by the Authorized Officer executing and
delivering the same on behalf of the City, such execution and delivery to evidence
conclusively such approval. The Lease and Certificates are issuance in full conformity
with SDCL§§6-8B-30 through 6-8B-52.
Section 3. Bond Counsel. The City hereby selects Meierhenry Sargent LLP to provide
bond counsel services with respect to the execution and delivery of the Certificates as is
necessary in order to accomplish the purposes of this Resolution. Any contracts for the
provision of such services shall be executed by an Authorized Officer, and the execution
of such contracts shall represent approval by the City of the terms of such contracts. The
fees, costs and expenses with respect to the foregoing shall be paid from the proceeds of
the sale of the Certificates or any other legally available moneys.
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Section 4. Miscellaneous. Each Authorized Officer and any other agent or employee of
the City is hereby authorized and empowered to take such other actions and execute
and deliver such other instruments and agreements, including appropriate tax
certifications and other closing certificates, as may be necessary or appropriate for the
purposes of consummating the transactions contemplated herein,the necessity therefor
and the appropriateness thereof to be evidenced conclusively by any such Authorized
Officer's taking any such action or executing and delivering any such instrument,
agreement or certificate and all actions taken heretofore and hereafter pursuant to the
authority hereof are hereby authorized, ratified and approved for and as the actions of
the City.
2. Effective upon Passage. The action of the City is administrative and the Resolution shall
become effective upon passage.
Passed, adopted, and approved this 25th day of June, 2013.
CITY OF BROOKINGS
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Tim Reed, Mayor
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