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RESOLUTION PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 2016C, IN THE APPROXIMATE AMOUNT OF $1,230,000; 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 "Act") and Chapter 475, the City is authorized to issue its general obligation bonds to fund capital improvements pursuant to an approved capital improvement plan.
1.02 (a) Pursuant to the Act, the City Council has authorized preparation of a capital improvement plan for the years 2016 through 2020 (the "Plan").
(b) The City Council held a public hearing on the proposed Plan on December 7, 2015, and approved the Plan on December 14, 2015.
1.03 (a) Also on December 7, 2015, the City Council held a public hearing on the issuance of bonds in an amount not to exceed $1,400,000 to provide funds for the following projects: improvements to eligible facilities (City Hall, libraries, public safety facilities and public works facilities) under the Act throughout the City, including improvements to the main library, Mt. Royal library, police multimodal substation building, 42nd tool house, Riley Road tool house, fleet building and Firehall #8 (collectively, the "Project"). Each element of the Project is a capital improvement within the meaning of the Act.
(b) Pursuant to a resolution of the City Council adopted on December 14, 2015, the City Council has determined that it is necessary and expedient to issue general obligation capital improvement bonds in an amount not to exceed $1,400,000 of the City to provide funds to finance the Project and for payment of the costs of issuing such bonds.
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