Title
AN ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF GENERAL OBLIGATION STEAM UTILITY REVENUE BONDS OF THE CITY OF DULUTH IN AN AMOUNT NOT TO EXCEED $4,500,000 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, Minnesota Laws, 1979, Chapter 113 and Chapter 475 of Minnesota Statutes and other pertinent provisions of said Charter and statutes, the city is authorized to issue its general obligation revenue bonds to provide funds for the improvement of the municipal steam plant, which bonds shall be a specific lien upon such plant and may be payable primarily from net revenues to be derived from service charges pledged for their payment.
1.02 The City Council determines that it is necessary and desirable to make capital improvements to the municipal steam utility, which includes steam and hot water for heating and cooling, located in the downtown area of Duluth (the "Municipal Steam Utility"), including but not limited to, the capital maintenance improvements to the steam plant and distribution system, including but not limited to, control upgrades, meters, and distribution line improvements; and determines that it is necessary to issue general obligation steam utility revenue bonds in an amount not exceeding $4,500,000 for the purpose of paying for the improvements and paying for a portion of the interest cost of the issue, as allowed by Minnesota Statutes, Section 475.56.
1.03 The city heretofore issued and sold Taxable General Obligation Steam Utility Revenue Bonds, Series 2015D, dated November 5, 2015 (the "2015D Bonds"), now outstanding in the amount of $2,980,000; and Taxable General Obligation Steam Utility Revenue Bonds, Series 2020D, dated October 21...
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