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RESOLUTION PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF GENERAL OBLIGATION CAPITAL IMPROVEMENT REFUNDING BONDS, SERIES 2019C; 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. Bond Purpose and Authorization.
1.01 Pursuant to Chapter 475 of Minnesota Statutes and the home rule charter of the City, the City previously issued its $11,905,000 Taxable General Obligation Capital Improvement Bonds (Build America Bonds - Direct Pay), Series 2009C, dated December 17, 2009 (the "2009C Bonds"), for the purpose of financing a public safety facility, consisting of the construction and equipping of a new law enforcement center.
1.02 Under and pursuant to the provisions of Minnesota Statutes, Chapter 475 (the "Act") and Section 475.67, Subdivisions 1 through 12 of the Act, as applicable, the City is authorized to issue and sell its general obligation bonds to refund obligations and the interest thereon six months or less before the due date or the redemption date of the obligations, if consistent with covenants made with the holders thereof, when determined by the City to be necessary or desirable for the reduction of debt service cost to the City or for the extension or adjustment of maturities in relation to the resources available for their payment.
1.03 It is necessary and desirable that the City issue and sell its General Obligation Capital Improvement Refunding Bonds, Series 2019C, in the approximate amount of $10,545,000 (the "Bonds"), in order to (i) reduce debt service costs of the City; and (ii) to refund the outstanding 2009C Bonds which mature on and after February 1, 2021, of which $11,905,000 in principal amount is outstanding (the "Refunded Bonds"). The 2009C Bonds maturing on and after February 1,...
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