00-0749R

RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF $1,985,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2000D.

BY COUNCILOR HOGG:

BE IT RESOLVED, by the city council of the city of Duluth, Minnesota, as follows:

(a) Authorization of certificates. 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 $1,985,000 general obligation equipment certificates of indebtedness, Series 2000D (the "certificates"), for the purpose of providing funds to purchase capital equipment, as permitted by Minnesota Statutes, Sections 410.32 and 412.301 (the "act"), having an expected useful life at least as long as the term of the certificates, pursuant to the act and Minnesota Statutes, Chapter 475, and the City Charter;

(b) Issuance and sale of certificates. The terms and conditions of the certificates and the sale thereof are set forth in the official terms of offering, which is attached hereto as Exhibit A. 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 certificates 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 certificates;

(c) Competitive sale of certificates. Evensen Dodge, Inc., independent financial advisor to the city, is hereby authorized to provide the notice of the sale of the certificates in accordance with Minnesota Statutes, Section 475.60, subdivision 3, and in accordance with the official terms of offering;

(d) Subsequent resolution. The form, specifications and provisions for repayment of the certificates shall be set forth in a subsequent resolution of this city council.


STATEMENT OF PURPOSE: The purpose of this resolution is to authorize the issuance of $1,985,000 general obligation equipment certificates of indebtedness for the purpose of purchasing capital equipment and which are payable from ad valorem taxes.