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RESOLUTION PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF GENERAL OBLIGATION BONDS (LAKEWALK RESTORATION), SERIES 2020E, IN THE APPROXIMATE AMOUNT OF $3,395,000; 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 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 Ordinance No. 10712 adopted on August 24, 2020, authorized the issuance and sale of general obligation bonds (Lakewalk restoration) in an amount not to exceed $4,500,000 for the purpose of providing the local match of state and federal grant funds (the "Grants") to pay part of the costs associated with the Lakewalk restoration project (the "Project").
(c) The City Council hereby determines that it is necessary and expedient to issue and sell General Obligation Bonds (Lakewalk Restoration), Series 2020E, of the City in the approximate principal amount of $3,395,000 (the "Bonds") pursuant to the above-described authority, to provide funds to finance a portion of 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...
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