01-0155R

RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF $3,135,000 GENERAL OBLIGATION BAYFRONT FESTIVAL PARK IMPROVEMENT BONDS, SERIES 2001B.

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 $3,135,000 general obligation Bayfront Festival Park improvement bonds, Series 2001B, pursuant to Laws of Minnesota 1974, Chapter 130, Minnesota Statutes, Chapter 475, and Ordinance No. 9458 adopted September 11, 2000, for the purpose of providing funds to provide the local match of grant funds from private donations to pay part of the costs associated with the development and improvement of Bayfront Festival Park;

                (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 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 bonds and the sale thereof, and the city council shall meet at the time and place fixed herein to consider proposals 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 $3,135,000 general obligation Bayfront Festival Park improvement bonds to provide the city's portion of funds necessary to develop and improve Bayfront Festival Park. The city has entered into grant agreements, or received grant funds, in the amount of $3,000,000, which are pledged to the project.