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 approximately $40,665,000 general obligation DECC improvement bonds, Series 2008A (the bonds), pursuant to Ordinance No. 9907 adopted May 12, 2008, Minnesota Statutes, Chapter 475, Minnesota Laws 1974, Chapter 130, and the Home Rule Charter of the city, for the purpose of providing the local match for a state of Minnesota grant for improvements to the Duluth Entertainment Convention Center;
(b) Issuance and sale of bonds. The terms and conditions of the bonds 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 bonds and the sale 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 sale of the bonds in accordance with Minnesota Statutes, Section 475.60, subdivision 3, and in accordance with the official terms of offering;
(d) Subsequent resolution. The form, specifications and provisions for repayment of the Bonds 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 approximately $40,665,000 general obligation DECC improvement bonds to provide funds necessary to provide the local match for a state of Minnesota grant for improvements to the Duluth Entertainment Convention Center, and are payable from the additional 0.75 percent food and beverage sales tax receipts and certain revenues of the Duluth entertainment and convention center authority.