DISCLAIMER

 

06-0500R


RESOLUTION AUTHORIZING THE ISSUANCE AND PROVIDING FOR THE SALE OF $895,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 2006A, $1,705,000 GENERAL OBLIGATION STORMWATER UTILITY REVENUE BONDS, SERIES 2006B, $3,355,000 GENERAL OBLIGATION STREET IMPROVEMENT BONDS, SERIES 2006C, AND $1,985,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2006D.

BY COUNCILOR STEWART:

     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 general obligation bonds for the following purposes:

(1) $895,000 General Obligation Capital Improvement Bonds, Series 2006A, are hereby authorized and shall be issued pursuant to Minnesota Statutes, Section 475.521 and Chapter 475, and the City Charter, for the purpose providing funds for capital improvements projects pursuant to an approved capital improvement plan;

(2) $1,705,000 General Obligation Stormwater Utility Revenue Bonds, Series 2006B, are hereby authorized and shall be issued pursuant to Ordinance No. 9779, adopted June 26, 2006, Minnesota Statutes, Chapter 475, Minnesota Statutes, Section 444.075 and Section 55 of the Home Rule Charter of the City for the payment of the costs of construction of the Morgan Park stormwater improvements, Phases III and IV;

(3) $3,355,000 General Obligation Street Improvement Bonds, Series 2006C, are hereby authorized and shall be issued for the purpose of financing the 2006 street improvement program, pursuant to Minnesota Statutes, Chapter 475, and the city Charter; and

(4) $1,985,000 General Obligation Improvement Bonds, Series 2006D, are hereby authorized and shall be issued pursuant to Minnesota Statutes, Chapter 475, and the City Charter, for the purpose of financing local public improvements.

The $895,000 General Obligation Capital Improvement Bonds, Series 2006A, the $1,705,000 General Obligation Stormwater Utility Revenue Bonds, Series 2006B, the $3,355,000 General Obligation Street Improvement Bonds, Series 2006C, and the $1,985,000 General Obligation Improvement Bonds, Series 2006D, are hereinafter referred to as the “Bonds.”

     (b)   Issuance and sale of Bonds. The terms and conditions of the Bonds and the sales thereof are set forth in the official terms of offerings 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 offerings are adopted and confirmed as the terms and conditions of the Bonds and the sales 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 sales of the Bonds in accordance with Minnesota Statutes, Section 475.60, subdivision 3, and in accordance with the official terms of offering.

     (d)   Subsequent resolutions. The form, specifications and provisions for repayment of the Bonds shall be set forth in subsequent resolutions of this City Council.


STATEMENT OF PURPOSE:  The purpose of this resolution is to (1) authorize the issuance of $895,000 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;(2) authorize the issuance of $1,705,000 General Obligation Stormwater Utility Revenue Bonds to provide funds necessary for the construction of the Morgan Park stormwater improvements, Phases III and IV, and are payable primarily from net revenues of the municipal stormwater utility; (3) authorize the issuance of $3,355,000 General Obligation Street Improvement Bonds to provide funds necessary to finance the 2006 street improvement program, which are payable in part from special assessments levied or to be levied against property specially benefitted by the improvements and in part from ad valorem taxes or other revenues of the city; and (4) authorize the issuance of $1,985,000 General Obligation Improvement Bonds to provide funds necessary to finance local public improvements, which are payable from special assessments levied or to be levied against property specially benefitted by the improvements.