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EXTRACT OF MINUTES OF A MEETING
<br />OF THE CITY COUNCIL
<br />CITY OF HUGO, MINNESOTA
<br />HELD: July 19, 2010
<br />Pursuant to due call, a regular meeting of the City Council of the City of Hugo,
<br />Minnesota, was duly held at the City Hall on July 19, 2010, at 7:00 P.M., for the purpose in part
<br />of considering proposals and awarding the sale of $1,340,000 General Obligation Capital
<br />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. 2010-29
<br />RESOLUTION ACCEPTING PROPOSAL ON THE SALE OF
<br />$1,340,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT
<br />PLAN BONDS, SERIES 2010A, PROVIDING FOR THEIR ISSUANCE
<br />AND LEVYING A TAX FOR THE PAYMENT THEREOF
<br />A. WHEREAS, the City of Hugo, Minnesota (the "City"), after publication of the
<br />notice of public hearing, on June 7, 2010, held a public hearing on the proposed issuance of
<br />General Obligation Capital Improvement Plan Bonds pursuant to Minnesota Statutes, Section
<br />475.521, Subd. 2 and on the proposed capital improvement plan, and adopted the Capital
<br />Improvement Plan Amendment for the City (the "Plan") in accordance with the provisions of
<br />Minnesota Statutes, Section 475.521, Subd. 3, which provided, in part, for the issuance of bonds
<br />to acquire the (i) public safety facility and (ii) City Hall (together, the "Facility") which the City
<br />is leasing from the Economic Development Authority of the City of Hugo, Minnesota (the
<br />"EDA") and refund the outstanding EDA's (i) Public Project Revenue Bonds, Series 1998 (City
<br />of Hugo, Lease With Option to Project) dated September 1, 1998 (the "Prior 1998 Bonds") and
<br />(ii) Public Facility Lease Revenue Bonds, Series 2001 (City of Hugo, Minnesota Lease
<br />Obligation) (the Prior 2001 Bonds") which financed the Facility; and
<br />B. WHEREAS, no petition signed by voters equal to five percent of the votes cast in
<br />the City in the last general election requesting a vote on the issuance of the capital improvement
<br />plan bonds has been filed with the City Clerk within thirty days after the public hearing on the
<br />issuance of the Bonds; and
<br />C. WHEREAS, the City Council has heretofore determined that it is necessary and
<br />expedient to issue $1,340,000 General Obligation Capital Improvement Plan Bonds, Series
<br />2010A (the "Bonds" or individually, a "Bond") pursuant to Minnesota Statutes, Section 475.521
<br />and Chapter 475 to provide funds to acquire the Facility pursuant to a current refunding of the
<br />Prior 1998 Bonds and an advance refunding of the Prior 2001 Bonds; and
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