Posted on: October 18, 2017

Notice of Public Hearing - Proposal to Issue Revenue Bonds


NOTICE IS HEREBY GIVEN that the County Commission of Brookings County, South Dakota (the “County”) will meet on November 21, 2017, at 8:30 a.m. at the Brookings City & County Government Center, Room 310 (Chambers), Brookings, South Dakota.  At 9:00 a.m. the Commission will conduct a public hearing on the proposal to issue revenue bonds in a principal amount not to exceed $10,000,000 (the “Bonds”), pursuant to South Dakota Codified Laws, Chapter 9-54, as amended (the “Act”), in order to finance projects on behalf of South Dakota State University Foundation, a South Dakota nonprofit corporation (the “Corporation”), which supports the educational mission of South Dakota State University (the “University”) in Brookings, South Dakota.

Proceeds derived from the sale of the Bonds will be lent to the Corporation and will be used together with other available funds of the Corporation (i) to finance costs associated with the projects described below (the “2017 Project”), and (ii) to pay certain costs of issuing the Bonds.

The 2017 Project includes two structures located on the campus of South Dakota State University (which is the owner of the land), the street address of which is Administration Ln, Brookings, South Dakota, and on certain adjacent land, all of which is generally described as bounded on the North by SD Bypass 14, on the East by 22nd Avenue, on the South by 8th Street, and on the West by Medary Avenue, all within the City of Brookings, South Dakota.  The 2017 Project is currently expected to consist generally of the following:  
(i)A major expansion and remodeling of the South Dakota State University Performing Arts Center, including construction, equipping and furnishing of such facility; and
(ii)The construction, equipping and furnishing of a practice gym facility adjacent to the Stanley Marshall HPER academic and athletic facility.
All of the 2017 Project facilities will be owned, managed, and operated by South Dakota State University.

Following the public hearing, the County Commission of the County will consider the adoption of a resolution approving the issuance of the Bonds in an aggregate principal amount not expected to exceed $10,000,000.  The Bonds will be limited obligations of the County, payable solely from revenues and other properties of the Corporation pledged to the payment thereof.  The Bonds will not be general or moral obligations of the County, and will not be secured by, or payable from, any assets, revenues, or other property of the County, and will not be secured by or payable from any revenues derived from any application of the taxing powers of the County.

This Notice is required by the Internal Revenue Code of 1986, as amended.  At the time and place set for the public hearing, residents, taxpayers, and other interested persons will be given the opportunity to express their views, both orally and in writing, on the proposed 2017 Project, the Bonds and on the location and nature of the 2017 Project.  Written comments may also be submitted to the Finance Officer, Brookings County, 520 3rd Street, Suite 210, Brookings, South Dakota, 57006.  Additional information may be obtained from the County at the preceding address.

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