BY COUNCILOR STEWART:
The city council finds:
(a) That it is desirable and in the public interest to assist the Lake Superior Center authority, d/b/a Great Lakes Aquarium (the GLA), a government agency, in stabilizing its finances; and
(b) Because of cash flow problems, the GLA has incurred certain interest charges related to the purchase of steam from the city’s Steam District No. 1 which is operated and managed by the Duluth Steam Cooperative; and
(c) The city wishes to assist the GLA by not charging it interest on any arrearages, past, present or future.
NOW, THEREFORE, BE IT RESOLVED, that the Duluth Steam Cooperative is hereby directed to forgive all outstanding, unpaid interest owed to Steam District No. 1 and to the city as its owner for steam utility service to the GLA and to abate all such interest charges in the future until such time as the city is no longer responsible for operating losses of the aquarium.
STATEMENT OF PURPOSE: The purpose of this resolution is to forgive all outstanding interest on steam bills owed to the city for service to the Great Lakes Aquarium and to not charge such interest in the future as long as the city remains liable for the operating losses of the facility.
As of April 2007, the GLA's outstanding balance was $24,365, of which $2,324 was finance charges.