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RESOLUTION PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF TAXABLE GENERAL OBLIGATION AIRPORT IMPROVEMENT REFUNDING BONDS, SERIES 2021D; 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. Bond Purpose and Authorization.
1.01 Pursuant to Minnesota Laws 1974, Chapter 130 and Minnesota Statutes, Chapter 475, the City previously issued its $7,650,000 Taxable General Obligation Airport Improvement Bonds, Series 2012B, dated May 24, 2012 (the "2012B Bonds"), for the purpose of providing the local match for State of Minnesota grants and federal grants for the construction of a new terminal facility at the Duluth International Airport, including a new parking ramp, access road and aprons (the "Project").
1.02 Under and pursuant to the provisions of Minnesota Statutes, Chapter 475 (the "Act") and Section 475.67, Subdivisions 1 through 12 of the Act, as applicable, the City is authorized to issue and sell its general obligation bonds to refund obligations and the interest thereon six months or less before the due date or the redemption date of the obligations, if consistent with covenants made with the holders thereof, when determined by the City to be necessary or desirable for the reduction of debt service cost to the City or for the extension or adjustment of maturities in relation to the resources available for their payment.
1.03 It is necessary and desirable that the City issue and sell its general obligation refunding bonds in order to (i) reduce debt service costs of the City; and (ii) to refund the outstanding 2012B Bonds which mature on and after February 1, 2022, of which $3,905,000 in principal amount is outstanding (the "Refunded Bonds"). The 2012B Bonds maturing on and after February 1, 2023, are su...
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