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EXTRACT OF MINUTES OF A MEETING
<br />OF THE CITY COUNCIL
<br />CITY OF HUGO, MINNESOTA
<br />HELD: June 7, 2010
<br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council
<br />of the City of Hugo, Washington County, Minnesota, was duly held at the City Hall on June 7,
<br />2010, at 7:00 P.M. for the purpose in part of authorizing the competitive negotiated sale of the
<br />$1,375,000 General Obligation Capital Improvement Plan Bonds, Series 2010A.
<br />The following members were present: Haas, Klein, Petryk, Weidt and Miron.
<br />and the following were absent: None.
<br />Member Haas introduced the following resolution and moved its adoption:
<br />RESOLUTION NO. 2010 - 21
<br />RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $1,375,000
<br />GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2010A
<br />A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"), has
<br />heretofore determined that it is necessary and expedient to issue $1,375,000 General Obligation
<br />Capital Improvement Plan Bonds, Series 2010A (the "Bonds") to refund (i) the February 1, 2011
<br />through February 1, 2014 maturities of the Economic Development Authority of the City of
<br />Hugo, Minnesota's (the "Authority") Public Project Revenue Bonds, Series 1998 (City of Hugo
<br />Lease with Option to Purchase Project), dated September 1, 1998; and (ii) the February 1, 2011
<br />through February 1, 2018 maturities of the Authority's Public Facility Lease Revenue Bonds,
<br />Series 2001 (City of Hugo, Minnesota Lease Obligation) dated September 1, 2001; and
<br />B. WHEREAS, the City has retained Springsted Incorporated, in Saint Paul,
<br />Minnesota ("Springsted"), as its independent financial advisor and is therefore authorized to sell
<br />these obligations by a competitive negotiated sale in accordance with Minnesota Statutes,
<br />Section 475.60, Subdivision 2(9); and
<br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo,
<br />Minnesota, as follows:
<br />1. Authorization. The City Council hereby authorizes Springsted to solicit proposals
<br />for the competitive negotiated sale of the Bonds.
<br />2. Meeting, Proposal Opening. This City Council shall meet at the time and place
<br />specified in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering
<br />sealed proposals for, and awarding the sale of, the Bonds. The proposals shall be received at the
<br />offices of Springsted and shall be opened at the time specified in such Terms of Proposal.
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