Title
AN ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF TAXABLE GENERAL OBLIGATION STEAM UTILITY REVENUE BONDS OF THE CITY OF DULUTH IN AN AMOUNT NOT TO EXCEED $4,150,000 UPON TERMS AND CONDITIONS TO BE PROVIDED BY RESOLUTION OF THE CITY COUNCIL AND PLEDGING REVENUES FOR THE PAYMENT THEREOF.
Body
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 located in the downtown area of Duluth (the "Municipal Steam Utility"), including the (i) capital maintenance improvements; (ii) emergency generator upgrades; (iii) boiler natural gas system upgrades; (iv) DECC piping system repairs and hot water extension to the Great Lakes Aquarium; and (v) biomass cofiring facilities; and determines that it is necessary to issue taxable general obligation steam utility revenue bonds in an amount not exceeding $4,150,000 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 Refunding Bonds, Series 2012G, dated November 27, 2012 (the "2012G Bonds"), now outstanding in the amount of $4,250,000. Under the provisions of the resolution authorizing said bonds, the city reserved the pr...
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