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EXTRACT OF MINUTES OF A MEETING
<br />OF THE CITY COUNCIL OF THE
<br />CITY OF HUGO, MINNESOTA
<br />HELD: OCTOBER 5, 2009
<br />Pursuant to due call, a regular or special meeting of the City Council of the City of Hugo,
<br />Washington County, Minnesota, was duly held at the City Hall on October 5, 2009, at 7:00 P.M.,
<br />for the purpose, in part, of authorizing issuance and awarding the sale of $1,605,000 General
<br />Obligation Tax Abatement Bonds, Series 2009B.
<br />The following members were present: Klein, Petryk, Weidt, Miron
<br />and the following were absent: Haas
<br />In accordance with the resolution adopted by the City Council on September 8, 2009, the
<br />City Clerk presented proposals on $1,605,000 General Obligation Tax Abatement Bonds, Series
<br />2009B, 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 Net Interest Cost
<br />(See attached)
<br />The Council then proceeded to consider and discuss the proposals, after which Member
<br />Weidt introduced the following resolution and moved its adoption:
<br />Resolution 2009-33
<br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $1,605,000 GENERAL
<br />OBLIGATION TAX ABATEMENT BONDS, SERIES 2009B AND PLEDGING TAX
<br />ABATEMENTS FOR THE SECURITY AND PAYMENT THEREOF
<br />A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"), has
<br />heretofore determined and declared that it is necessary and expedient to issue $1,605,000
<br />General Obligation Tax Abatement Bonds, Series 2009B (the "Bonds" or individually a 'Bond"),
<br />pursuant to Minnesota Statutes, Chapter 475 and Sections 469.1812 through 469.1815,
<br />particularly Section 469.1814, to finance the acquisition of land and to finance various related
<br />park improvements projects in the City (the "Project"); and
<br />B. WHEREAS, on September 8, 2009, following duly published notice thereof, the
<br />Council held a public hearing on the proposed abatement to finance the Project and all persons
<br />who wished to speak or provide written information relative to the public hearing were afforded
<br />an opportunity to do so; and
<br />C. WHEREAS, the City, pursuant to the provisions of Minnesota Statutes, Sections
<br />469.1812 through 469.1815, has provided for the abatement of property taxes for a period of ten
<br />years on various properties in the City, as described in the Resolution adopted by the City
<br />Council on September 8, 2009, approving the Project (the "Abatement Resolution"); and
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