HomeMy WebLinkAboutResolution 132-2009 Resolution No. 132-09
Resolution Authorizing the Issuance of Promissory Note
for Larson Ice Center Exterior Project
Whereas, a municipality is authorized to borrow money from any source willing
to lend the money by issuing a promissory note under South Dakota Codified Laws
(SDCL) §§ 9-25-13 to SDCL 9-25-16, inclusive, and
Whereas, the City of Brookings is completing the construction of the Larson Ice
Center Exterior Project, and has received a.commitment from Dale Larson, of Brookings,
to loan the City of Brookings funds for the construction costs for the Larson Ice Center
Exterior Project, and
Whereas,the City desires to borrow the sum of$148,123 Dollars from Dale
Larson pursuant to a Promissory Note issued in conformity with SDCL §§ 9-25-13 to 9-
25-16,
Now Therefore Be It Resolved by the City of Brookings as follows:
1. The City hereby determines it will finance $148,123 Dollars of the cost of such
improvements in accordance with a Promissory Note issued to Dale Larson in
conformity with SDCL § 9-25-13 to 9-25-16. The Promissory Note is also
issued in conformity with and under the authority of SDCL Chapter 6-8B.
2. The City Manager and City Clerk are hereby authorized to execute the loan
documents on behalf of the City.
Dated this 15th day of December, 2009.
CITY OF BROOKINGS
Tim Reed, Mayor
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