Title
RESOLUTION ESTABLISHING ANNUAL BONDING PLAN FOR 2026.
Body
CITY PROPOSAL:
RESOLVED, that, pursuant to Section 20-33 of the Duluth City Code, 1959, as amended, the following is hereby established as the annual, ordinary course general obligation bonding plan for the city of Duluth for the year 2026.
General obligation bonds and notes to be issued in 2026 $57,525,000
General obligation bonds and notes scheduled to be retired in 2026 $34,860,368
Net anticipated increase in general obligation bonding for 2026 $22,664,632
Statement of Purpose
STATEMENT OF PURPOSE: This resolution outlines the city’s projected bond and note issuances and repayments for the year 2026, as mandated by Section 20-33 of the city code. The city anticipates that its bonding activity in 2026 will result in a net increase of $22,664,632 in the outstanding general obligation debt. A detailed summary of the estimated debt issuance is provided in Exhibit A. The significant increase is primarily attributed to the financing of EPA-mandated corrections to the water treatment and pumping system and the city's matching funds for a State grant aimed at designing, constructing, furnishing, and equipping new facilities, as well as renewing, replacing, and repairing existing facilities at the Spirit Mountain Recreation Area.
The amounts set forth in this resolution are estimates only based on the needs anticipated at this time; the actual amounts may vary. There is nothing in the ordinance which prevents the amounts set forth in the plan from being modified as circumstances and needs change.