05-0312R


RESOLUTION AMENDING RESOLUTION 05-0262 AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF $1,255,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 2005A, $1,250,000 GENERAL OBLIGATION STEAM UTILITY REVENUE BONDS, SERIES 2005B, AND $2,275,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2005C.

BY COUNCILOR STAUBER:

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

     (a)  On April 25, 2005, the city council adopted resolution 05-0262 entitled “Resolution authorizing the issuance and providing for the sale of $1,255,000 general obligation capital improvement bonds, Series 2005A, $1,250,000 general obligation steam utility revenue bonds, Series 2005B, and $2,275,000 general obligation improvement bonds, Series 2005C” (the official terms resolution);

     (b)  The official terms resolution provided that the terms and conditions of the bonds and the sales thereof were set forth in official terms of offerings on file with the city clerk;

     (c)  Based upon recommendations of the city administration and the city’s financial advisor, the sale of the bonds will be postponed from May 19, 2005, and will be rescheduled for June 9, 2005;

     (d)  Further, the city shall reserve the right to reduce the amount of the general obligation improvement bonds, Series 2005C;

     (e)  Except for the amendments described in paragraphs (c) and (d) above, the official terms resolution shall remain in full force and effect.


STATEMENT OF PURPOSE:  The purpose of this resolution is amend Resolution 05-0262 adopted April 25, 2005, to reschedule the sale date of the $1,255,000 General obligation capital improvement bonds, $1,250,000 general obligation steam utility revenue bonds and the $2,275,000 general obligation improvement bonds from May 19, 2005 to June 9, 2005.

 

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