Title
AN ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF GENERAL OBLIGATION SPIRIT MOUNTAIN BONDS OF THE CITY OF DULUTH IN AN AMOUNT NOT TO EXCEED $13,500,000 UPON TERMS AND CONDITIONS TO BE PROVIDED BY RESOLUTION OF THE CITY COUNCIL AND PROVIDING FOR THE PAYMENT THEREOF.
Body
CITY PROPOSAL:
The city of Duluth does ordain:
Section 1. BOND PURPOSE AND AUTHORIZATION.
1.01 The City Council has determined it to be necessary and expedient and in the public interest that the city finance a portion of the Spirit Mountain Restoration Project consisting of designing and constructing new facilities and to renew, replace, and repair existing facilities at the Spirit Mountain Recreation Area (the "Project").
1.02 Under the provisions of Minnesota Laws 1974, Chapter 130, the City Council may by ordinance provide for the issuance of general obligation bonds to provide the funds necessary to match state, private or federal grant funds for projects within the city's boundaries, which bonds are to be supported by the full faith and credit of the city and are to be issued subject to the provisions of Minnesota Statutes, Section 475, except that they may exceed the limitations in Minnesota Statutes, Section 475.53, by an amount not to exceed $2,000,000, and they may not be issued if the city's contribution to the project, including the proceeds of the bonds, exceeds 60% of the total project cost where such contribution is used to match state or federal grants, or 70% where it is used to match government and private grants, or 80% where it is used to match private grants alone. The Project is of the nature contemplated by said law. The city has been awarded a grant of state funds in the amount of $13,000,000, and it is estimated that such funds, together with the proceeds of bonds issued by the city in an amount not to exceed $13,500,000, will be sufficient to pay the total Project costs, and that the amount of the city's contribution, from the pro...
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