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2008.08.18 RESO 2008-0038
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2008.08.18 RESO 2008-0038
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City Council
Document Type
Resolutions
Meeting Date
8/18/2008
Meeting Type
Regular
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A <br />4 <br />RESOLUTION 2008-38 <br />EXTRACT OF MINUTES OF A MEETING <br />OF THE CITY COUNCIL <br />CITY OF HUGO, MINNESOTA <br />HELD: AUGUST 18, 2008 <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 />August 18, 2008, at 7:00 P.M. for the purpose in part of authorizing the competitive negotiated <br />sale of the $1,395,000 Taxable General Obligation Tax Increment Refunding Bonds, <br />Series 2008A. <br />The following members were present: Granger, Haas, Petryk, Puleo, Miron <br />and the following were absent: None <br />Member Haas introduced the following resolution and moved its adoption: <br />RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF <br />$1,395,000 TAXABLE GENERAL OBLIGATION <br />TAX INCREMENT REFUNDING BONDS, SERIES 2008A <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 $1,395,000 Taxable General <br />Obligation Tax Increment Refunding Bonds, Series 2008A (the "Bonds") to finance the current <br />refunding of $1,360,000 in aggregate principal amount of the City's $1,885,000 original <br />principal amount of Taxable General Obligation Tax Increment Bonds, Series 2000A, dated <br />November 28, 2000, which mature on and after February 1, 2010; 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 />2214613vt <br />
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