Title
RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF GENERAL OBLIGATION UTILITIES REVENUE REFUNDING BONDS, SERIES 2015G.
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 Utilities Revenue Refunding Bonds, Series 2015G (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 Stormwater Utility Revenue Bonds, Series 2006B, dated September 7, 2006, the 2016 through 2022 maturities of the city's General Obligation Utilities Revenue Bonds, Series 2006F, dated December 19, 2006, and the 2016 through 2023 maturities of the city's General Obligation Sewer Utility Revenue Bonds, Series 2007B, 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, i...
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