Title
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF A $1,938,000 TAXABLE GRANT ANTICIPATION REVENUE NOTE SERIES 2024F, AND PROVIDING FOR ITS PAYMENT.
Body
CITY PROPOSAL:
BE IT RESOLVED, by the city council of the city of Duluth, Minnesota (the "City"), as follows:
Section 1. Note Purpose and Authorization.
1.01 Under and pursuant to the provisions of Section 55 of the City Charter, Minnesota Statutes, Sections 444.075, 475.61, subdivision 5, and Chapter 475, and other pertinent provisions of said Charter and statutes, the City is authorized to issue its revenue note to provide funds for the payment of costs of improvements to the municipal water utility, which bonds or notes shall be a specific lien upon the water utility (the "Water Utility"). The City has applied for and received a commitment from the Minnesota Public Facilities Authority (the "PFA") for a grant and loan for the Project, as hereinafter defined.
1.02 The city council has, by Ordinance No. 24-048-O adopted October 28, 2024 (the "Ordinance"), ordered the issuance, sale and delivery of Taxable Grant Anticipation Revenue Notes, in one or more series, in an amount not to exceed $8,218,142 for the payment of improvements to the Water Utility, for replacement of lead service lines as identified in the city's applications to the Authority, including for the following project:
High Priority
(1690011-17)
Duluth LSLR Phase 5
(the "Project").
1.03 The City authorizes the issuance and sale of a taxable grant anticipation note under the Ordinance to be designated the "Taxable Grant Anticipation Note, Series 2024F" in the principal amount of $1,938,000 (the "Note") for the Project to the PFA, in substantially the form attached hereto as Exhibit A, pursuant to a Minnesota Public Facilities Authority Master Loan (Bond Purchase) and/or Grant Agreement dated September 16, 2024, between the PFA and the City (the "Master Agreement") and the Project Order ID Duluth L...
Click here for full text