Title
RESOLUTION ESTABLISHING ANNUAL BONDING PLAN FOR 2016.
Body
CITY PROPOSAL:
RESOLVED, that, pursuant to Section 20-33 of the Duluth City Code, 1959, as amended, the following is hereby established as the annual, ordinary course general obligation bonding plan for the city of Duluth for the year 2016.
General obligation bonds and notes to be issued in 2016 $14,450,000
General obligation bonds and notes scheduled to be retired in 2016 $16,116,000
Net anticipated decrease in general obligation bonding for 2016 ($1,666,000)
Statement of Purpose
STATEMENT OF PURPOSE: This resolution sets forth the city’s estimated bond and note issuances and repayments for the year 2016 as required by Section 20-33 of the city code. The city estimates its bonding activity in 2016 will result in a net decrease of $1.67 million in the amount of the city’s general obligation outstanding debt during 2016; see Exhibit A for estimated debt issuance.
The amounts set forth in this resolution are estimates only based on the needs anticipated at this time; the actual amounts may vary. There is nothing in the ordinance which prevents the amounts set forth in the plan from being modified as circumstances and needs change.