BY COUNCILOR STEWART:
BE IT RESOLVED, by the city council (the council) of the city of Duluth, Minnesota (the city), as follows:
Section 1. Under and pursuant to the provisions of Minnesota Statutes, sections 410.32 and 412.301, and Minnesota Statutes, Chapter 475, and the City Charter, the city is authorized to issue its general obligation capital equipment certificates of indebtedness to provide funds to purchase capital equipment having an expected useful life at least as long as the term of the certificates of indebtedness.
Section 2. The city council declares the intent of the city to issue certificates of indebtedness in 2007 in the amount of approximately $1,950,000 to finance the purchase of capital equipment authorized by the act, together with an additional amount to pay costs of issuance of the certificates of indebtedness and discount in an amount estimated to be not more than $50,000.
Section 3. The capital equipment to be financed includes those items of equipment set forth on the list (Public Document No. __________), which list of equipment is hereby approved for purchase in 2007.
Section 4. The terms and conditions of the certificates of indebtedness and the sale thereof shall be established by further resolution of the council.
Section 5. This resolution constitutes a declaration of official intent under Treasury Regulations Section 1.150-2. The city reasonably expects to reimburse expenditures incurred with respect to such capital equipment purchase program.
STATEMENT OF PURPOSE: This resolution states the city’s intent to issue general obligation equipment certificates of indebtedness, Series 2007, to finance the purchase of capital equipment. It further approves the capital equipment list as items to be bonded for in 2007 in the amount of $1,950,000 plus an additional amount for costs of issuance and discount.