00-0752R

RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF $2,100,000 GENERAL OBLIGATION WATER AND SEWER UTILITIES REVENUE BONDS, SERIES 2000B.

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 $2,100,000 general obligation water and sewer utilities revenue bonds, Series 2000B, for the payment of the costs of improvements to the municipal water utility and the municipal sewer utility, pursuant to Ordinance Nos. 9463 and 9464, adopted October 23, 2000, Minnesota Statutes, Chapter 475, and Section 115.46 and 444.075, and Section 55 of the Home Rule Charter of the city;

(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) 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;

(d) Subsequent resolution. The form, specifications and provisions for repayment of the bonds 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 $2,100,000 general obligation water and sewer utilities revenue bonds to provide funds necessary to make improvements to the municipal water utility and municipal sewer utility and which are payable from net revenues of the municipal water utility and municipal sewer utility.