Title
RESOLUTION ACCEPTING SPECIAL LAWS EXTENDING THE EXISTING ONE-HALF OF ONE PERCENT INCREMENT IN THE CITY OF DULUTH FOOD AND BEVERAGE TAX AND THE CITY OF DULUTH LODGING TAX AND AUTHORIZING THE REVENUES TO BE SPENT ON CAPITAL IMPROVEMENTS TO PARKS-BASED PUBLIC ATHLETIC FACILITIES.
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CITY PROPOSAL:
RESOLVED, that the city council accepts Laws 2023, Chapter 64, Article 11, Section 1 amending Laws 1980, chapter 511, section 1, subdivision 2, as amended by Laws 1991, chapter 291, article 8, section 22, Laws 1998, chapter 389, article 8, section 25, Laws 2003, First Special Session chapter 21, article 8, section 11, Laws 2008, chapter 154, article 5, section 2, Laws 2014, chapter 308, article 3, section 21, and Laws 2017, First Special Session chapter 1, article 5, section 1, authorizing the extension of the existing one-half of one percent increment in the city of Duluth food and beverage tax for the purpose of funding the debt service on bonds in the principal amount of no more than $36 million, in addition to the previously authorized $18,000,000 for a total not to exceed $54,000,000, plus issuance and discount costs, to finance capital improvements to parks-based public athletic facilities to support sports tourism.
RESOLVED, that the city council accepts Laws 2023, Chapter 64, Article 11, Section 2 amending Laws 1980, chapter 511, section 2, as amended by Laws 1998, chapter 389, article 8, section 26, Laws 2003, First Special Session chapter 21, article 8, section 12, Laws 2014, chapter 308, article 3, section 22, and Laws 2017, First Special Session chapter 1, article 5, section 2, authorizing the extension of the existing one-half of one percent increment in the city of Duluth lodging tax for the purpose of funding the debt service on bonds in the principal amount of no more than $36 million, in addition to the previously authorized $18,000,000 for a total not to exceed $54,000,000, plus issuance and discount costs, to finance capital improvements to parks-based public athletic facilities to support sport tourism.
RESOLVED, that pursuant to the above special legislation, the city of Duluth may sell and issue up to an additional $36 million in general obligation bonds, plus issuance and discount costs, the proceeds of which will be used to finance capital improvements to parks-based public athletic facilities to support sports tourism.
FURTHER RESOLVED, that the clerk shall promptly file with the secretary of state the certification required by Minn. Stats. Sec. 645.021, subd. 3.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution provides the required approval of the state laws that authorize the extension of the one-half of one percent city of Duluth food and beverage tax and the city of Duluth lodging tax for the purpose of funding up to an additional $36,000,000 in general obligation bonds for a total of no more than $54,000,000. The bond proceeds will be used to finance capital improvements to parks-based public athletic facilities in support of sports tourism. This extension of the one-half of one percent food, beverage and lodging taxes is for an additional period of 30 years from the date of issuance of the bonds or until the tax has produced revenues sufficient to pay the debt service on bonds, plus issuance and discount costs.