|
EXTRACT OF MINUTES OF A MEETING
<br />OF THE CITY COUNCIL
<br />CITY OF HUGO, MINNESOTA
<br />HELD: November 2, 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 City Hall on November 2,
<br />2009, at 7:00 p.m. for the purpose, in part, of authorizing the call of outstanding General
<br />Obligation Utility Revenue Bonds, Series 2001.
<br />The following members were present: Haas, Petryk, Klein and Miron.
<br />and the following were absent: Wei&.
<br />Councilmember Petryk introduced the following resolution and moved its adoption:
<br />RESOLUTION NO. 2009-37
<br />RESOLUTION AUTHORIZING THE CALL OF OUTSTANDING
<br />GENERAL OBLIGATION UTILITY REVENUE BONDS, SERIES 2001
<br />A. WHEREAS, the City has issued $3,120,000 General Obligation Utility Revenue
<br />Bonds, Series 2001, dated September 1, 2001 (the "Bonds") to finance various public
<br />improvement projects in the City; and
<br />B. WHEREAS, in connection with the issuance of the Bonds the City established a
<br />General Obligation Utility Revenue Bonds, Series 2001 Fund (the "Debt Service Account"); and
<br />C. WHEREAS, as of November 2, 2009, the cash balance in the Debt Service
<br />Account was $2,296,243.75 and the City anticipates an additional $0.00 to be deposited in the
<br />Debt Service Account by February 1, 2010. The remaining outstanding balance of principal and
<br />interest due on the Bonds is $1,967,496.25, which includes the regularly scheduled February 1,
<br />2010 interest and principal payment. Consequently, the balance in the Debt Service Account
<br />will be not less than the remaining outstanding principal and interest requirements of the Bonds
<br />on February 1, 2010; and
<br />D. WHEREAS, the Bonds maturing in the years 2011 through 2017, aggregating
<br />$1,720,000 in principal amount are subject to redemption on February 1, 2010, and on any
<br />interest payment date thereafter, at a price of par plus accrued interest.
<br />NOW, THEREFORE, be it resolved by the City Council of the City of Hugo, Minnesota,
<br />as follows:
<br />1. The Council hereby determines that there will be sufficient money in the Debt
<br />Service Account established by the resolution duly adopted by the Council on August 20, 2001,
<br />to prepay on February 1, 2010, $1,720,000 aggregate principal amount of Bonds maturing in the
<br />years 2011 through 2017.
<br />24197350
<br />
|