HomeMy WebLinkAboutResolution 010-2007 RESOLUTION NO. 10-07
RESOLUTION AUTHORIZING THE EXECUTION
OF PAYMENT AND TERMINATION AGREEMENT
BE IT RESOLVED by the City Council of the City of Brookings, South Dakota as
follows:
WHEREAS,the City of Brookings and the City of Beresford entered into a Joint Powers
Agreement on July 6, 1999, which was amended on May 1, 2006, which pertain to the operation
of the Sioux City Joint PCS Fund, and
WHEREAS, the City of Brookings and the City of Beresford have jointly operated the
Sioux City Joint PCS business under the foregoing Agreement and now intend to terminate the
above-described Joint Powers Agreement, as amended, and
WHEREAS, the City of Brookings agrees to acquire the entire ownership interest held by
the City of Beresford in the Sioux City Joint PCS Fund in exchange for payment of the sum of
Two Million Four Hundred Seventy Thousand One Hundred Eighty-seven and 84/100
($2,470,187.84)Dollars, together with such additional funds as necessary to coincide with earliest
payment date under the law.
NOW THEREFORE, IT IS FURTHER RESOLVED by the City Council of the City of
Brookings, South Dakota, as follows:
A. That the City of Brookings hereby approves the proposed Payment and
Termination Agreement between the City of Brookings and the City of
Beresford as to the Joint Powers Agreement dated July 6, 1999; and
B. That the Mayor and City Clerk are authorized to execute the Payment
and Termination Agreement and other required documents in
accordance with this Resolution.
Passed and approved on the 23rd day of January, 2007.
TY O' :ROOKINGS:
A
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0 co I sterman, Mayor
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„ homes, City Clerk