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RESOLUTION PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF GENERAL OBLIGATION STATE-AID STREET IMPROVEMENT BONDS, SERIES 2020C, IN THE APPROXIMATE AMOUNT OF $3,960,000; 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 (a) Under and pursuant to the provisions of Minnesota Statutes, Section 162.18, Minnesota Statutes, Chapter 475 and the City Charter, the City is authorized to issue its general obligation bonds to provide funds for establishing, locating, relocating, constructing, reconstructing and improving municipal state-aid streets within the City.
(b) The City Council hereby determines that it is necessary and expedient to issue and sell General Obligation State-Aid Street Improvement Bonds, Series 2020C, of the City in the approximate principal amount of $3,960,000 (the "Bonds") pursuant to the above-described authority, to provide funds to finance a portion of the costs of the Superior Street reconstruction project in downtown Duluth (the "Project") and for payment of the costs of issuing the Bonds. The sale of the Bonds shall be contingent upon favorable market conditions, as determined by the chief administrative officer or by the finance director, as further described below.
1.02 The City Council hereby finds and determines as follows:
(a) The Bonds shall be dated the date of issuance and shall bear interest at the rates determined by the successful bidder. Interest shall be payable on February 1 and August 1 (each an "Interest Payment Date") commencing on August 1, 2021.
(b) The Bonds shall mature on the dates and in the amounts set forth in the Official Terms and Conditions of Bond Sale attached hereto as Exhibit A (as may be adjusted) and as described ...
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