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RESOLUTION PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF GENERAL OBLIGATION DECC IMPROVEMENT BONDS, SERIES 2018A, IN THE APPROXIMATE AMOUNT OF $4,400,000; 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 The City 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 at least 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 (a) Under and pursuant to the provisions of Minnesota Laws 1974, Chapter 130, Minnesota Statutes, Chapter 475 and all other enabling statutes, the City is authorized to issue its general obligation bonds to provide the funds necessary to match state, private and federal grants for projects within the City's boundaries, which bonds are to be payable from annual ad valorem taxes or other revenues of the City.
(b) The city council has, by the ordinance adopted on November 20, 2017, authorized the issuance and sale of general obligation DECC improvement bonds in an amount not to exceed $5,000,0...
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