04-0062R

RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF $800,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 2004A.

BY COUNCILOR NESS:

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 $800,000 general obligation capital improvement bonds, Series 2004A (the bonds). The bonds are hereby authorized and shall be issued pursuant to Minnesota Statutes, Section 410.326 and Chapter 475, and the City Charter, for the purpose providing funds for capital improvements projects pursuant to an approved capital improvement plan;
(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 bids for the purchase of the bonds;
(c) Competitive sale of bonds. Public Financial Management, 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 $800,000 general obligation capital improvement bonds to provide funds for capital improvement projects pursuant to an approved capital improvement plan, which Bonds are payable from ad valorem taxes.