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D. WHEREAS, the City has heretofore determined, in accordance with Minnesota
<br />Statutes, Section 475.521, Subd. 4, that the maximum amount of principal and interest to become
<br />due in any year on the Bonds, and any other outstanding bonds issued under Minnesota Statutes,
<br />Section 475.521, is less than 0.16 percent of the taxable market value of property of the City; and
<br />E. WHEREAS, $390,000 aggregate principal amount of the Prior 1998 Bonds which
<br />mature on and after February 1, 2011 (the "Refunded 1998 Bonds"), are callable on October 1,
<br />2010 (the "Call Date"), as provided in the Revenue Bond Resolution adopted on August 17, 1998
<br />(the "Prior 1998 Resolution"), and the refunding of the callable Prior 1998 Bonds is consistent
<br />with covenants made with the holders thereof, and is necessary and desirable for the reduction of
<br />debt service cost to the City; and
<br />F. WHEREAS, $1,015,000 principal amount of the Prior 2001 Bonds which matures
<br />on and after February 1, 2012 (the "Refunded 2001 Bonds" and together with the Refunded 1998
<br />Bonds, the "Refunded Bonds"), is callable on February 1, 2011 at a price of par plus accrued
<br />interest, as provided in the Mortgage and Security Agreement and Indenture of Trust of the
<br />EDA, dated September 1, 2001 (the "Prior 2001 Resolution"); and
<br />G. WHEREAS, the City has retained Springsted Incorporated, in St. Paul, Minnesota
<br />("Springsted"), as its independent financial advisor for the sale of the Bonds and was therefore
<br />authorized to sell the Bonds by private negotiation in accordance with Minnesota Statutes,
<br />Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been solicited by
<br />Springsted; and
<br />H. WHEREAS, the proposals set forth on Exhibit A attached hereto were received
<br />by the Clerk, or designee, at the offices of Springsted at 11:00 a.m. this same day pursuant to the
<br />Terms of Proposal established for the Bonds; and
<br />1. WHEREAS, it is in the best interests of the City that the Bonds be issued in book -
<br />entry form as hereafter provided.
<br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo,
<br />Minnesota, as follows:
<br />1. Acceptance of Proposal. The proposal of Robert W. Baird & Company,
<br />Incorporated in Red Bank, New Jersey (the "Purchaser"), to purchase the Bonds in accordance
<br />with the Terms of Proposal established for the Bonds, at the rates of interest hereinafter set forth,
<br />and to pay therefor the sum of $1,359,382.35, plus interest accrued to settlement, is hereby
<br />found, determined and declared to be the most favorable proposal received and is hereby
<br />accepted, and the Bonds are hereby awarded to the Purchaser. The Clerk is directed to retain the
<br />deposit of the Purchaser and to forthwith return to the unsuccessful bidders their good faith
<br />checks or drafts.
<br />2. Bond Terms.
<br />(a) Original Issue Date, Denominations, Maturities: and Term Bond Option. The
<br />Bonds shall be dated August 1, 2010, as the date of original issue and shall be issued forthwith
<br />on or after such date in fully registered form. The Bonds shall be numbered from R-1 upward in
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