Title
RESOLUTION AUTHORIZING A REVOLVING LINE OF CREDIT IN THE AMOUNT OF $1,000,000 FOR THE DULUTH ENTERTAINMENT CONVENTION CENTER AUTHORITY.
Body
CITY PROPOSAL:
RESOLVED, that the city council hereby authorizes a revolving line of credit in the amount of $1,000,000 for the Duluth Entertainment Convention Center Authority subject to a fully executed Promissory Note, requiring loan repayment at 5.25% interest with the entire outstanding principal amount, and accrued interest, due and payable by October 1, 2024, funds to be paid from 110-1330 (General Fund, Loans Receivable)
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes a line of credit in the amount of $1,000,000 for the Duluth Entertainment Convention Center (DECC) subject to a fully executed Promissory Note which provides for interest at 5.25% per annum and for all outstanding principal amounts and accrued interest to be due and payable by October 1, 2024.