BY COUNCILOR STEWART:
BE IT RESOLVED, by the city council of the city of Duluth, Minnesota (the city), as follows:
(a) 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 tax and aid anticipation certificates of indebtedness of 2007 in the maximum amount of $17,000,000 (the certificates). The certificates are hereby authorized and shall be issued pursuant to the authority contained in Minnesota Statutes, Sections 410.325 and 412.261, and Minnesota Statutes, Chapter 475, in anticipation of collection of taxes and state aids;
(b) The terms and conditions of the certificates 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 certificates and the sale thereof, and the city council shall meet at the time and place fixed therein to consider bids for the purchase of the certificates;
(c) Public Financial Management, Inc., independent financial advisor to the city, is hereby authorized to provide the notice of the sale of the certificates in accordance with Minnesota Statutes, Section 475.60, subdivision 3, and in accordance with the official terms of offering;
(d) The form, specifications and provisions for repayment of the certificates 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 general obligation tax and aid anticipation certificates of indebtedness of 2007, in the maximum amount of $17,000,000, in anticipation of collection of taxes and state aids.