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EXTRACT OF MINUTES OF A MEETING <br />OF THE CITY COUNCIL <br />CITY OF HUGO, MINNESOTA <br />HELD: September 8, 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 <br />September 8, 2009, at 7:00 P.M. for the purpose in part of authorizing the competitive negotiated <br />sale of the $1,605,000 General Obligation Tax Abatement Bonds, Series 2009B. <br />The following members were present: Weidt, Klein, Petryk, Haas and Miron. <br />and the following were absent: None. <br />Council Member Haas introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2009-28 <br />RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $1,605,000 <br />GENERAL OBLIGATION TAX ABATEMENT BONDS, SERIES 2009B <br />A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"), has <br />heretofore determined that it is necessary and expedient to issue $1,605,000 General Obligation <br />Tax Abatement Bonds, Series 2009B (the 'Bonds") to finance (i) the purchase of land within the <br />City; and (ii) various related park improvements; and. <br />B. WHEREAS, the City has retained Springsted Incorporated, in Saint Paul, <br />Minnesota ("Springsted"), as its independent financial advisor and is therefore authorized to sell <br />these obligations by a competitive negotiated sale in accordance with Minnesota Statutes, <br />Section 475.60, Subdivision 2(9); and <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, <br />Minnesota, as follows: <br />1. Authorization. The City Council hereby authorizes Springsted to solicit proposals <br />for the competitive negotiated sale of the Bonds. <br />2. Meeting: Proposal Opening. This City Council shall meet at the time and place <br />specified in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering <br />sealed proposals for, and awarding the sale of, the Bonds. The proposals shall be received at the <br />offices of Springsted and shall be opened at the time specified in such Terms of Proposal. <br />3. Terms of Proposal. The terms and conditions of the Bonds and the negotiation <br />thereof are fully set forth in the "Terms of Proposal' attached hereto as Exhibit A and hereby <br />approved and made a part hereof. <br />23%137v1 <br />