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RESOLUTION PROVIDING FOR THE ISSUANCE OF UP TO $4,570,000 GENERAL OBLIGATION TOURISM TAX REVENUE BONDS, IN ONE OR MORE SERIES.
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CITY PROPOSAL:
BE IT RESOLVED, by the City Council of the city of Duluth, Minnesota (the "City"), as follows:
Section 1. Bond Purpose and Authorization.
1.01 (a) Under the provisions of Minnesota Laws 2014, Chapter 308, Article 3, Sections 21 and 22 (the "2014 Act"), the City Council was authorized to issue and sell up to $18,000,000 of general obligation bonds under Minnesota Statutes, Chapter 475, plus additional amounts to pay for costs of issuance and discount, which bonds were 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 no election shall be required unless required by the City Charter and except that the bonds shall not be included in the City's net debt. The proceeds of such general obligation bonds were used to finance capital improvements to public facilities that support tourism and recreational activities in the portion of the City west of 34th Avenue West, and the area south of and including Skyline Parkway (the "2014 Law Projects") and shall be payable primarily from the 0.5% Tourism Tax, as hereinafter defined.
(b) The City has previously issued pursuant to the authority of the 2014 Act (i) its $2,330,000 Taxable General Obligation Tourism Tax Revenue Bonds, Series 2014C, dated October 30, 2014 (the "2014C Bonds"); (ii) its $2,150,000 General Obligation Tourism Tax Revenue Bonds, Series 2014D, dated October 30, 2014 (the "2014D Bonds"); and (iii) its $13,800,000 Taxable General Obligation Tourism Tax Revenue Bonds, Series 2015E (the "2015E Bonds"). Proceeds of the 2014C Bonds in the amount of $2,300,000 financed costs of an eligible 2014 Law Project and the balance of the proceeds of the 2014C Bonds financed costs of issuance and discount for the 2014C Bonds. Procee...
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