Title
AN ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF TAXABLE GRANT ANTICIPATION REVENUE NOTES IN AN AMOUNT NOT TO EXCEED $8,218,142 OF THE CITY OF DULUTH FOR THE IMPROVEMENT OF THE MUNICIPAL WATER UTILITY UPON TERMS AND CONDITIONS TO BE PROVIDED BY RESOLUTION OF THE CITY COUNCIL AND PLEDGING REVENUES FOR THE PAYMENT THEREOF.
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CITY PROPOSAL:
The City of Duluth does ordain:
Section 1. BOND PURPOSE AND AUTHORIZATION.
1.01 Under and pursuant to the provisions of Section 55 of the City Charter, Sections 444.075, 475.61, subdivision 5 and Chapter 475 of Minnesota Statutes and other pertinent provisions of said Charter and Statutes, the city is authorized to issue its taxable grant anticipation revenue notes, whether one or more, to provide funds for the improvement of the municipal water utility, which bonds shall be a specific lien upon the water utility and are payable primarily from the LSLR Grants and net revenues (as each are hereinafter defined) pledged for their payment. The city has applied for and received commitments from the Minnesota Public Facilities Authority (the "Authority") for loans and grant funding (the "LSLR Grants") for replacement of lead service lines as identified in the city's applications to the Authority for the following projects:
Gary
(1690011-12)
Duluth LSLR Phase 1
New Duluth
(1690011-14)
Duluth LSLR Phase 2
Lincoln West
(1690011-15)
Duluth LSLR Phase 3
High Priority
(1690011-17)
Duluth LSLR Phase 5
(the "Projects").
1.02 The city council hereby determines that it is in the best interest of the city and it is necessary to improve the municipal water utility through the Projects, and determines that it is necessary to issue taxable grant anticipation revenue notes in an amount not to exceed $8,218,142 for the purpose of paying costs of the Projects.
1.03 The city previously issued the following obligations payable from the net revenues (the "Obligations"):
* general obligation water utility revenue not...
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