Title
RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF TAXABLE GENERAL OBLIGATION AIRPORT IMPROVEMENT BONDS, SERIES 2015C.
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 Taxable General Obligation Airport Improvement Bonds, Series 2015C, in the approximate amount of $2,910,000 (the “Bonds”), pursuant to Minnesota Statutes, Chapter 475, and Sections 360.011 through 360.076 and all other enabling statutes, for the purpose of financing improvements to Hanger 103 located at the Duluth International Airport; such improved Hanger is being leased in connection with Lake Superior College’s aviation program.
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 Taxable General Obligation Airport Improvement Bonds, Series 2015C, in the approximate amount of $2,910,000 to finance improvements to Hanger 103 located at the Duluth International Airport, which Hanger is to be leased in connection with Lake Superior College’s aviation program, and are secured by revenues expected to be paid by Airport Authority revenues, including the lease payments from such Hanger. The bond resolution for the sale of this bond issue will require an affirmative vote of at least six councilors.