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RESOLUTION OF THE CITY OF DULUTH, MINNESOTA, AMENDING RESOLUTION 21-0175R ADOPTED MARCH 22, 2021, AND RESOLUTION 20-08664 ADOPTED DECEMBER 14, 2020, MODIFYING THE ISSUE SIZE AND CAPITAL EQUIPMENT LIST ASSOCIATED WITH THE PROPOSED CAPITAL EQUIPMENT NOTES.
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CITY PROPOSAL:
BE IT RESOLVED, by the city council (the "Council") of the city of Duluth, Minnesota (the "City"), as follows:
Section 1. Under and pursuant to the provisions of Minnesota Statutes, sections 410.32 and 412.301 (the "Act"), and Minnesota Statutes, Chapter 475, and the City Charter, the City is authorized to issue its general obligation capital equipment notes to provide funds to purchase capital equipment having an expected useful life at least as long as the term of the capital equipment notes.
Section 2. The Council, in Resolution No. 20-0866R adopted December 14, 2020 (the "Original Resolution"), declared the intent of the City to issue capital equipment notes in 2021 in an amount up to $3,350,000 to finance the purchase of capital equipment authorized by the Act and to pay costs of issuance of the capital equipment notes and discount, and in Resolution No. 21-0175R adopted March 22, 2021 (the "Amended Resolution"), the Council amended the Original Resolution to revise the list of capital equipment to be financed.
Section 3. Exhibit A to the Amended Resolution listed the capital equipment to be financed, which list of equipment was approved for purchase in 2021.
Section 4. Due to changing needs of the City and due to the COVID-19 pandemic causing supply shortages, the list of capital equipment to be financed and which is authorized to be purchased in 2021 is hereby amended in its entirety as set forth on Exhibit A, and the City declares its intent to issue capital equipment notes in 2021 in an increased amount up to $4,665,000 to finance the purchase of capital equipment authorized by the Act and to pay costs of issuance of the capital equipment notes and discount. Specif...
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