The Duluth City Council unanimously approved the sale of $7.055 million in bonds for Spirit Mountain improvements at a special meeting Thursday night.
The bonds will pay for the construction of a new bottom-of-the-mountain chalet off Grand Avenue along with a new lift and parking lot improvements.
Four companies submitted bids, with Bank of America Merrill Lynch receiving the nod for an offer at a true overall interest rate of 2.5176 percent.
Bob Toftey, the city's bond counsel, said the low rate allowed the term of the proposed 20-year agreement to be shortened by two years and reduced the anticipated cost of the project by $1.49 million.
