Title
RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF GENERAL OBLIGATION STREET IMPROVEMENT REFUNDING BONDS, SERIES 2015F.
Body
CITY PROPOSAL:
BE IT RESOLVED, by the city council of the city of Duluth, Minnesota, as follows:
1. Authorization of Bonds. It is hereby found, determined, and declared to be necessary, and in the best interests of the city and its residents, that the city should issue its approximately $2,790,000 General Obligation Street Improvement Refunding Bonds, Series 2015F (the “Bonds”), pursuant to Minnesota Statutes, Chapter 475 (the “Act”), and Section 475.67, Subdivisions 1 through 4 of the Act, for the purpose of refunding, on a current refunding basis, the 2016 through 2022 maturities of the city’s General Obligation Street Improvement Bonds, Series 2006C, dated September 7, 2006, and the 2016 through 2023 maturities of the city’s General Obligation Street Improvement Bonds, Series 2007A, dated December 13, 2007.
2. Issuance and sale of Bonds. The terms and conditions of the Bonds and the sale thereof are set forth in the official terms of offering attached as Exhibit A hereto. Each and all of the terms and provisions set forth in the official terms of offering are adopted and confirmed as the terms and conditions of the Bonds and the sale thereof, and the city council shall meet at the time and place fixed herein to consider bids for the purchase of the Bonds. Due to changes in the municipal bond market, the city’s chief administrative officer, with the advice of the city’s municipal advisor, may modify the official terms of offering regarding the maturity schedule, the minimum bid and the maximum bid prior to the sale of the Bonds.
3. Competitive sale of Bonds. Public Financial Management, Inc., independent municipal advisor to the city, is hereby authorized to provide the notice of the sale for the Bonds in accordance with Minnesota Statutes, Section 475.60, subdivision 3, and in accordance with the official terms of offering.
4. Subsequent resolution. The form, specifications and provisions for repayment of the Bonds shall be set forth in a subsequent resolution of this city council.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to authorize the issuance of General Obligation Street Improvement Refunding Bonds in the approximate amount of $2,790,000 to refinance two series of city street improvement bonds. Based upon present interest rates (as of September 1, 2015), the refunding would provide a net present value savings of approximately $171,176.