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RESOLUTION PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF GENERAL OBLIGATION BONDS, SERIES 2024B, IN THE APPROXIMATE PRINCIPAL AMOUNT OF $7,790,000; ESTABLISHING THE TERMS AND FORM THEREOF; CREATING A DEBT SERVICE FUND THEREFOR; AND PROVIDING FOR AWARDING THE SALE THEREOF.
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CITY PROPOSAL:
BE IT RESOLVED, by the City Council (the "City Council") of the City of Duluth, St. Louis County, Minnesota (the "City"), as follows:
Section 1. Purpose and Authorization.
1.01 Under and pursuant to the provisions of Minnesota Statutes, Section 475.521 (the "CIP Act"), Chapter 475 and the City Charter, the City is authorized to issue its general obligation bonds to fund capital improvements pursuant to an approved capital improvement plan.
(i) Pursuant to the CIP Act, the City Council has authorized preparation of a capital improvement plan for the years 2024 through 2028 (the "CIP Plan").
(ii) The City Council held a public hearing and approved the proposed CIP Plan on December 11, 2023.
(iii) Also on December 11, 2023, the City Council held a public hearing on the issuance of bonds in an amount not to exceed $2,100,000 to provide funds for the following projects: improvements to eligible facilities (City Hall, libraries, public safety facilities and public works facilities) under the CIP Act throughout the City, including, but not limited to, improvements to City Hall HVAC, City Hall Break Room and PPL Suite, City Hall Planning Department, CIP Eligible VFA Building fiber connection within property lines for CIP Eligible Facilities and Improvements to other CIP Eligible Facilities (collectively, the "CIP Project"). Each element of the CIP Project is a capital improvement within the meaning of the CIP Act.
(iv) Pursuant to a resolution of the City Council adopted on December 11, 2023, the City Council has determined that it is necessary and expedient to issue general obligation capital improvement bonds in an amount not to exceed $2,100,000 ...
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