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RESOLUTION PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF TAXABLE GENERAL OBLIGATION TOURISM TAX REVENUE BONDS, SERIES 2025I, IN THE APPROXIMATE PRINCIPAL AMOUNT OF $890,000; ESTABLISHING THE TERMS AND FORM THEREOF; CREATING A DEBT SERVICE ACCOUNT 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 Resolution No. 25-0716R adopted on September 22, 2025 (the "Authorizing Resolution"), the City Council authorized the issuance of up to $4,570,000 General Obligation Tourism Tax Revenue Bonds, in one or more series, to finance improvements to the Spirit Mountain Nordic Center Project, which is a Tourism Tax Project (the "Project") authorized and defined in the 2014 Act, as amended by the 2023 Act each as defined in the Authorizing Resolution. The Council hereby determines to issue $890,000 of the Taxable General Obligation Tourism Tax Revenue Bonds under the Authorizing Resolution and this Resolution and shall be payable primarily from the 0.5% Tourism Tax, as hereinafter defined.
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, 2026.
(b) The Bonds shall mature on the date and in the amounts ser forth in the Terms of Proposal attached hereto as Exhibit A (as may be adjusted) and as described in a Certificate as to Terms of Bond Sale to be executed by the city administrator or the acting finance director; provided, however, the total principal amount of the Bonds plus net original issue premium shall not exceed $890,000 plus costs of issuance and underwriter discount for the ...
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