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E. WHEREAS, the City Council has determined that the issuance of general obligation <br />capital improvement plan bonds in the aggregate principal amount of $1,450,000 is the best way to <br />finance those portions of Plan eligible under Minnesota Statutes, Section 475.521. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, <br />Minnesota, that the City hereby adopts the Capital Improvement Plan amendment and authorizes <br />the issuance of up to $1,450,000 aggregate principal amount of general obligation capital <br />improvement plan bonds. <br />The motion for the adoption of the foregoing resolution was duly seconded by Member <br />Weidt and, after full discussion thereof and upon a vote being taken thereon, the following voted in <br />favor thereof. Haas, Weidt, Klein, Petryk and Miron. <br />and the following voted against the same: None. <br />Whereupon the resolution was declared duly passed and adopted. <br />[Bonds must be approved by at least a three-fifths vote of the membership.] <br />[Issuance of Bonds is subject to a 30 -day reverse referendum after the public hearing.] <br />PA <br />2499611vI <br />