Resolution 2026-25: Bond Resolution for Orleans Project DANR funding - Drinking Water

Attached is Resolution 2026-25 for the Bond Agreement for the Drinking Water portion of the Orleans Project.  The City is planning to close on the loan for the drinking water portion of the Orleans project prior to starting the bid process.  In order to move towards setting a closing date it is necessary to adopt a resolution approving the loan agreement and issuance of a bond.  The attached document was prepared by Davenport Evans Law Firm, bond counsel for the City on this loan with the DANR. The document approves financing of $1,158,000, authorizing preparation of financial documents and pledges security in the form of the drinking water surcharge.

RESOLUTION GIVING APPROVAL TO THE ISSUANCE BY CITY OF DELL RAPIDS, SOUTH DAKOTA OF ITS DRINKING WATER SURCHARGE REVENUE BOND, SERIES 2026, IN AN AMOUNT NOT EXCEEDING $1,158,000 TO FINANCE, DIRECTLY AND INDIRECTLY, CONSTRUCTION OF IMPROVEMENTS TO THE CITY’S DRINKING WATER SYSTEM; APPROVING THE FORM OF LOAN AGREEMENT AND REVENUE BOND; AUTHORIZING THE SALE OF SAID REVENUE BOND; PLEDGING DRINKING WATER SURCHARGE REVENUES FOR SERVICING DEBT ISSUED HEREUNDER; AND THE MANNER OF EXECUTION AND ISSUANCE OF SAID BOND.

Approved as presented.