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The Council then proceeded to consider and discuss- the proposals, after which member <br />Weidt introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2011-3-1 <br />RESOLUTION ACCEPTING PROPOSAL ON THE COMPETITIVE NEGOTIATED SALE <br />OF $1,325,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2011A, <br />PROVIDING FOR THEIR ISSUANCE AND PLEDGING SPECIAL ASSESSMENTS FOR <br />THE SECURITY THEREOF AND LEVYING A TAX FOR THE PAYMENT THEREOF <br />A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"), hereby <br />determines and declares that it is necessary and expedient to issue $1,325,000 General <br />Obligation Improvement Bonds, Series 2011A (the "Bonds" or, individually, a "Bond"), pursuant <br />to Minnesota Statutes, Chapters 429 and 475, to finance the construction of various street and <br />utility improvements in the City (the "Improvements"); and <br />B. WHEREAS, the Improvements and all their components have been ordered prior <br />to the date hereof, after a hearing thereon for which notice was given describing the <br />Improvements or all their components by general nature, estimated cost, and area to be assessed; <br />and <br />C. WHEREAS, it is in the best interests of the City that the Bonds be issued in book - <br />entry form as hereinafter provided; and <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Hugo, <br />Minnesota, as follows: <br />1. Acceptance of Proposal. The proposal of Northland Securities, Minneapolis, <br />Minnesota (the "Purchaser"), to purchase the Bonds in accordance with the Terms of Proposal, at <br />the rates of interest hereinafter set forth, and to pay therefor the sum of $1,330,185.00, plus <br />interest accrued to settlement, is hereby found, determined and declared to be the most favorable <br />proposal received and is hereby accepted, and the Bonds are hereby awarded to the Purchaser. <br />The Clerk is directed to retain the deposit of the Purchaser and to forthwith return to the <br />unsuccessful bidders their good faith checks or drafts. <br />2. Bond Terns. <br />(a) Original Issue Date: Denominations: Maturities: Term Bond Option. The Bonds <br />shall be dated November 1, 2011, as the date of original issue, be issued forthwith on or after <br />such date in fully registered form, be numbered from R-1 upward in the denomination of $5,000 <br />each or in any integral multiple thereof of a single maturity (the "Authorized Denominations"), <br />and shall mature on February 1 in the years and amounts as follows: <br />2 <br />