Title
RESOLUTION PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF TAXABLE GENERAL OBLIGATION TAX ABATEMENT REFUNDING BONDS, SERIES 2021C; ESTABLISHING THE TERMS AND FORM THEREOF; CREATING A DEBT SERVICE FUND THEREFOR; AND PROVIDING FOR AWARDING THE SALE THEREOF.
Body
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 (a) Pursuant to Minnesota Statutes, Section 469.184 and Minnesota Statutes, Chapter 475, the City previously issued its $7,055,000 General Obligation Tax Abatement Bonds, Series 2012A, dated February 23, 2012 (the "2012A Bonds"), for the purpose of financing improvements to the Spirit Mountain Recreation Area, including lift improvements, parking lot improvements and a new chalet on Grand Avenue (the "Project").
(b) Pursuant to Minnesota Statutes, Section 469.1812 through 469.1815 (the "Tax Abatement Act"), the City Council may grant an abatement of the taxes imposed by the City on parcels of property, subject to certain conditions set forth in the Tax Abatement Act.
(c) To pay the costs of the Project or principal of and interest on the general obligation bonds to be issued by the City to pay for the Project, the City Council by Resolution 12-0019R adopted January 17, 2012 (the "Abatement Resolution"), has granted an abatement of property taxes imposed by the City on certain parcels in the City pursuant to the Tax Abatement Act for a period of 15 years commencing with property taxes payable in 2013 and concluding with property taxes payable in 2027 in a total aggregate amount of $7,500,000 (the "Tax Abatement"). The revenues received by the City from such Tax Abatement are herein referred to as the "Tax Abatement Revenues."
(d) The City Council determined to issue the 2012A Bonds and pledged the City's full faith and credit and power to levy direct ad valorem taxes and the Tax Abate...
Click here for full text