BY COUNCILOR HOGG:RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF $5,410,000 GENERAL OBLIGATION STREET IMPROVEMENT BONDS, SERIES 2000A, TO FINANCE THE 2000 STREET IMPROVEMENT PROGRAM.
BE IT RESOLVED, by the city council of the city of Duluth, Minnesota, as follows:
1. Authorization of bonds. It is hereby found, determined, and declared to be necessary, and in the best interests of the city and its residents, that the city should issue its $5,410,000 general obligation street improvement bonds, Series 2000A, for the purpose of financing the 2000 street improvement program, including payment of part of the interest cost of such bond issue and expenses incurred in the issuance of the bonds, pursuant to Minnesota Statutes, Chapter 475 and the City Charter.
2. Issuance and sale of bonds. The terms and conditions of the bonds and the sale thereof are set forth in Exhibit A (official terms of offering), on file in the office of the city clerk as Public Document No. _________________. Each and all of the terms and provisions set forth in the official terms of offering are adopted and confirmed as the terms and conditions of the bonds and the sale thereof, and the city council shall meet at the time and place fixed herein to consider bids for the purchase of the bonds.
3. Competitive sale of bonds. Evensen Dodge, Inc., independent financial advisor to the city, is hereby authorized to provide the notice of the sale of the bonds in accordance with Minnesota Statutes, Section 475.60, subdivision 3, and in accordance with the official terms of offering.
4. Subsequent resolution. The form, specifications and provisions for repayment of the bonds shall be set forth in subsequent resolutions of this city council.