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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF HUGO, MINNESOTA <br />HELD: November 1, 2010Pursuant to due call and notice thereof, a regular meeting of the City <br />Council of the City of Hugo, Washington County, Minnesota, was duly held at City Hall on <br />November 1, 2010, at 7:00 p.m. for the purpose, in part, of authorizing the call of certain <br />outstanding Taxable General Obligation Tax Increment Bonds, Series 2000A. <br />The following members were present: Haas, Petryk, Weidt, Klein, and Miron. <br />and the following were absent: None. <br />Member Haas introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2010 - 55 <br />RESOLUTION AUTHORIZING THE CALL OF THE OUTSTANDING <br />TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, <br />SERIES 2000A <br />WHEREAS, by Resolution duly adopted on November 6, 2000 (the "Resolution"), the <br />City issued $1,885,000 original principal amount of Taxable General Obligation Tax Increment <br />Bonds, Series 2000A, dated November 28, 2000 (the 'Bonds"). The City has sufficient funds on <br />hand in the debt service account of the Taxable General Obligation Tax Increment Bonds, Series <br />2000A Fund (the "2000 Fund") to call the remaining $1,250,000 outstanding principal amount of <br />the February 1, 2011 through 2018 maturities of the Bonds on December 15, 2010, at a price of <br />par plus accrued interest. The combined remaining outstanding balance of principal and interest <br />due on the Bonds is $1,284,771.14. <br />NOW, THEREFORE, be it resolved by the City Council of the City of Hugo, Minnesota, <br />as follows: <br />1.01 The City Council hereby determines that there exists sufficient funds in the 2000 <br />Fund to prepay on December 15, 2010, $1,250,000 aggregate principal amount of Bonds <br />maturing on February 1 of the years 2011 through 2018, and the interest due thereon. <br />1.02 U.S. Bank National Association, in St. Paul, Minnesota (formerly, U.S. Bank <br />Trust National Association), the bank at which principal and interest on the Bonds are payable, is <br />hereby authorized and directed to cause the Notice of Call for Redemption attached hereto as <br />Exhibit A to be given in accordance with the provisions of the Resolution. <br />1.03 No further action shall be required of the City Council to complete prepayment of <br />the Bonds. <br />2864777v1 <br />