00-0750R

RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF $325,000 GENERAL OBLIGATION STEAM UTILITY REVENUE BONDS, SERIES 2000C.

BY COUNCILOR HOGG:

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

(a) 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 $325,000 general obligation steam utility revenue bonds, Series 2000C, for the purpose of providing funds for improvements to the city's central steam utility located in the Downtown area of Duluth, pursuant to Section 55 of the Duluth City Charter, Minnesota Laws, 1979, Chapter 113, and Minnesota Statutes, Section 475, as amended, and Ordinance No. 9459 adopted September 11, 2000;

(b) Issuance and sale of bonds. The terms and conditions of the bonds 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 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;

(c) The council shall hold a public hearing on the issuance of the bonds at 5:00 p.m. on November 30, 2000, pursuant to Section 147(f) of the Internal Revenue Code. The form of the notice of public hearing is attached hereto as Exhibit B;

(d) 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;

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


STATEMENT OF PURPOSE:  The purpose of this resolution is to authorize the issuance of $325,000 general obligation steam utility revenue bonds to provide funds necessary to finance improvements to the city's central steam utility located in the Downtown area of Duluth, and which are payable primarily from net revenues to be derived from steam service charges.