Title
RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 2015A.
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CITY PROPOSAL:
BE IT RESOLVED, by the city council of the city of Duluth, Minnesota, as follows:
1. Authorization of Bonds. The city council adopted Resolution No. 14-0593 on December 8, 2014, declaring its intent to issue capital improvement bonds in 2015 in an amount not to exceed $1,800,000. 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 General Obligation Capital Improvement Bonds, Series 2015A, in the approximate amount of $1,530,000 (the "Bonds"), pursuant to Minnesota Statutes, Section 475.521 and Chapter 475, and the City Charter, for the purpose providing approximately $1,603,000 for capital improvements projects pursuant to an approved capital improvement plan. The city's municipal advisor is anticipating receipt of bids with original issue premium.
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 accordan...
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