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RESOLUTION PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF GENERAL OBLIGATION WATER UTILITY REVENUE BONDS, SERIES 2018D, IN THE APPROXIMATE AMOUNT OF $3,825,000; 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 Section 55 of the City Charter, Minnesota Statutes, Section 444.075 and Chapter 475, and other pertinent provisions of said Charter and Statutes, the City is authorized to issue its general obligation bonds to provide funds for the payment of costs of improvements to the municipal water utility (including bonds representing part of the interest cost of the issue, within the limitations specified in Minnesota Statutes, Section 475.56), which bonds shall be a specific lien upon the water utility and are payable primarily from net revenues to be derived from the operation of the municipal water utility and pledged for their payment.
1.02 The City Council has, by Ordinance No. 10585 adopted August 27, 2018, ordered the issuance, sale and delivery of general obligation water utility revenue bonds in the maximum amount of $4,200,000 of the City for the payment of the costs of improvements to the municipal water utility and for payment of part of the interest cost of the bonds. The improvement program for the municipal water utility includes replacement of water mains and water lines within the Superior Street corridor from Sixth Avenue West to Fourth Avenue East, as a part of the reconstruction of Superior Street (collectively, the "Project").
1.03 The City Council hereby determines that it is necessary and expedient to issue and sell General Obligation Water Utility Revenue Bonds, Series 2018D, of the City in the approximate principal...
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