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RESOLUTION PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF TAXABLE GENERAL OBLIGATION STEAM UTILITY REVENUE BONDS, SERIES 2020D, IN THE APPROXIMATE AMOUNT OF $10,775,000; 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 Laws 1979, Chapter 113, and Minnesota Statutes, Chapter 475, and other pertinent provisions of said Charter and Statutes, the City is authorized to issue general obligation revenue bonds to provide funds for the improvements of the municipal steam plant (including bonds representing part of the interest costs of the issue, within the limitations specified in Minnesota Statutes, Section 475.56), which bonds shall be a specific lien upon such plant and may be payable primarily from net revenues to be derived from service charges pledged for their payment.
1.02 The City Council has, by ordinance No. 10711 adopted August 24, 2020 (the "Ordinance"), ordered the issuance, sale and delivery of general obligation steam utility revenue bonds in a maximum amount of $11,000,000 of the City for the payment of costs of improvements to the municipal steam utility located in the downtown area of Duluth (the "Municipal Steam Utility"), and for payment of part of the interest costs of the Bonds, as hereinafter defined. The improvements to the Municipal Steam Utility include the (i) capital maintenance improvements to the steam plant and distribution system; (ii) Superior Street hot water conversion project; and (iii) distribution line extensions (the "Project").
1.03 The City has heretofore issued and sold Taxable General Obligation Steam Utility Revenue Bonds, Series 2012G, ...
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