01-0015R

RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF CITY OF DULUTH $9,000,000 GENERAL OBLIGATION TAX AND AID ANTICIPATION CERTIFICATES OF INDEBTEDNESS OF 2001.

BY COUNCILOR HOGG:

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

                Section 1.    Certificates of indebtedness, purpose and authorization.

                        1.01    Pursuant to the authority contained in Minnesota Statutes, Sections 410.325 and 412.261, and Minnesota Statutes, Chapter 475, the city is authorized to issue its certificates of indebtedness in anticipation of collection of taxes and state aids.

                        1.02    Pursuant to the authority herein recited, the city council authorizes and directs the issuance, sale and delivery of certificates of indebtedness in anticipation of collection of taxes and state aids for the general fund of the city in the amount of $9,000,000 to be dated February 22, 2001 (the certificates).

                Section 2.    Issuance and sale of the certificates. The terms and conditions of the certificates and the sale thereof are set forth in the official terms of offering on file with 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 Certificates and the sale thereof, and the city council shall meet at the time and place fixed therein to consider bids for the purchase of the certificates.

                Section 3.    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.

                Section 4.    Subsequent resolution. The form, specifications and provisions for repayment of the certificates shall be set forth in agreements and subsequent resolutions of this city council.


STATEMENT OF PURPOSE:  This resolution calls for the sale and approves the form of the official terms of offering for the $9,000,000 general obligation tax and aid anticipation certificates of indebtedness of 2001, the sale of which will be awarded by the city council on February 8, 2001.