HomeMy WebLinkAboutResolution 101-2008 Resolution No. I 0 I-08
WHEREAS, the City of Brookings has identified the need to upgrade the SDSU Innovation
Campus Infrastructure (Phases II-IV); and
WHERERAS, the City of Brookings proposes to undertake improvements to the SDSU
Innovation Campus Infrastructure (Phases II-IV); and
WHEREAS, the City of Brookings is eligible to apply for Clean Water State Revolving Fund
(SRF) Program assistance for the proposed project; and
WHEREAS, with the submission of the SRF application, the City of Brookings assures and
certifies that all SRF program requirements will be fulfilled.
THEREFORE BE IT RESOLVED, that the City of Brookings duly authorizes the City Manager of
Brookings to execute and submit an SRF loan application requesting loan funds not to exceed
$3.8 million funds for the proposed project to be borrowed at an interest rate of 3.25% for a
term of 20 years and to be secured by TIF district revenues and city sales tax.
FURTHER BE IT RESOLVED, that the City Manager of Brookings be hereby designated as the
certifying officer for any loan agreement, contracts, pay requests, correspondence, and other
required documents as a result of this application.
This resolution is effective immediately upon passage.
Adopted this I 8th day of November, 2008.
CITY OF BROOKINGS
Scott "a. unsterman, Mayor
IA ts
c
SP
A
--A...
t,'Po
ornes, City Clerk