Title
AN ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF UP TO $5,000,000 GENERAL OBLIGATION DECC IMPROVEMENT BONDS OF THE CITY OF DULUTH UPON TERMS AND CONDITIONS TO BE PROVIDED BY RESOLUTIONS OF THE CITY COUNCIL.
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CITY PROPOSAL:
The City of Duluth does ordain:
Section 1. BOND PURPOSE AND AUTHORIZATION.
1.01 The City of Duluth and the Minnesota Pollution Control Agency (the "MPCA") have proposed a project (i) to repair the dock wall on the west and north sides of Minnesota Slip and a portion of the harbor dock wall (the "Phase I Project") located in the area under the control of the Duluth Entertainment and Convention Center Authority (the "Authority"); and (ii) to cap the contaminants in Minnesota Slip (the "Phase II Project") (the Phase I Project and the Phase II Project as collectively the "Project").
1.02 The City and the MPCA have proposed entering into a joint powers agreement under which the City will construct the Phase I Project, the MPCA will provide the City a grant in the amount of $2,155,660 for the Phase I Project and the MPCA will construct and pay for the Phase II Project. The Phase II Project cannot be constructed without the construction of the Phase I Project.
1.03 The City Council has determined it to be necessary and expedient and in the public interest that the City finance a portion of the costs to design and construct the Phase I Project.
1.04 Under the provisions of Minnesota Laws 1974, Chapter 130, the City Council may by ordinance provide for the issuance of general obligation bonds to provide the funds necessary to match state, private or federal grant funds for projects within the City's boundaries, which bonds are 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 that they may exceed the limitations in Minnesota Statutes, Section 475.53, by an amount not to exceed $2,000,000, and they may not be issued if the...
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