Laserfiche WebLink
X000 - a j <br />EXTRACT OF MINUTES OF A MEETING <br />OF THE CITY COUNCIL OF THE <br />CITY OF HUGO, MINNESOTA <br />HELD: JUNE 15, 2009 <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 15, <br />2009, at 7:00 P.M., for the purpose, in part, of authorizing the issuance and awarding the sale of <br />$965,000 General Obligation Improvement Bonds, Series 2009A. <br />The following members were present: Fran Miron, Becky Petryk, Phil Klein, Chuck <br />Haas, and Tom Weidt <br />and the following were absent: None <br />In accordance with the resolution adopted by the City Council on May 18, 2009, the City <br />Clerk presented proposals on $965,000 General Obligation Improvement Bonds, Series 2009A, <br />which were received and tabulated at the offices of Springsted Incorporated, in St. Paul, <br />Minnesota ("Springsted") on this same day: <br />Bidder Interest Rate True Interest Cost <br />see attached <br />The Council then proceeded to consider and discuss the proposals, after which Member <br />Chuck Haas introduced the following resolution and moved its adoption: <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $965,000 GENERAL <br />OBLIGATION IMPROVEMENT BONDS, SERIES 2009A, PLEDGING SPECIAL <br />ASSESSMENTS FOR THE SECURITY THEREOF AND LEVYING A TAX FOR THE <br />PAYMENT THEREOF <br />A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"), hereby <br />determines and declares that it is necessary and expedient to issue $965,000 General Obligation <br />Improvement Bonds, Series 2009A (the "Bonds" or, individually, a "Bond"), pursuant to <br />Minnesota Statutes, Chapters 429 and 475, to finance the construction of various improvements <br />in the City (the "Improvements"); and <br />B. WHEREAS, the Improvements and all their components have been ordered prior <br />to the date hereof, after a hearing thereon for which notice was given describing the <br />Improvements or all their components by general nature, estimated cost, and area to be assessed; <br />and <br />C. WHEREAS, the City has retained Springsted as its independent financial advisor <br />for the sale of the Bonds and was therefore authorized to sell the Bonds by private negotiation in <br />accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); and <br />2361332x1 <br />