2014.07.14 RESO 2014-26 - Laserfiche WebLink

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF HUGO, MINNESOTA Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Hugo, Minnesota, was duly held in the City Hall in said City on Monday, July 14, 2014, commencing at 7:00 P.M. The following Council Members were present: Haas, Klein, Petryk, Weidt and the following were absent: Bronk Member Haas introduced the following resolution and moved its adoption: RESOLUTION NO. 2014-26 AUTHORIZING ISSUANCE AND SALE OF CHARTER SCHOOL LEASE REVENUE BONDS (NOBLE ACADEMY PROJECT) SERIES 2014A AND SERIES 2014B WHEREAS, the purpose of Minnesota Statutes, Chapter 469.152 to 469.1655 (the "Act"), as found and determined by the legislature, is to promote the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; WHEREAS, factors necessitating the active promotion and development of economically sound industry and commerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of governmental services required to meet the needs of the increased population and the need for development of land use which will provide an adequate tax base to finance these increased costs and the need for access to employment opportunities for such population; WHEREAS, the City of Hugo, Minnesota (the "City") desires to facilitate the selective development within the State of Minnesota and help to provide the range of services and employment opportunities required by the population, including educational services; and the Project will assist in achieving those objectives and will enhance the image and reputation of the State of Minnesota; WHEREAS, pursuant to the Act, the full faith and credit of the City will not be pledged to the payment of the principal of, premium, if any, and interest on the Bonds (as hereinafter defined);