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LJ <br />d <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF HUGO, MINNESOTA <br />HELD: November 6, 2006 <br />Pursuant to due call and notice thereof, a regular or special meeting of the City <br />Council of the City of Hugo, Washington County, Minnesota, was held at the City Hall in said <br />City on Monday, the 6a' day of November, 2006, at 7:00 o'clock P.M. <br />The following members were present: <br />Mike Granger, Chuck Haas, Becky Petryk, Frank Puleo, and Fran Miron <br />and the following were absent: NONE <br />Member <br />moved its adoption: <br />Chuck Haas <br />introduced the following resolution and <br />RESOLUTION 2006-61 <br />RESOLUTION CALLING FOR REDEMPTION <br />OF CERTAIN OUTSTANDING BONDS <br />A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City") <br />issued on behalf of the City $320,000 Taxable General Obligation Tax Increment Bond, Series <br />1997, dated September 1, 1997 (the "Bonds"), of which $185,000 remain outstanding; and <br />B. WHEREAS, all of the said Bonds maturing in the years 2008 and <br />thereafter, are subject to redemption and prepayment at the option of the City, on February 1, <br />2007, and on any date thereafter, at par and accrued interest, all as provided in the resolution of <br />the City Council authorizing the issuance of said Bonds (the "Prior Resolution"); and <br />C. WHEREAS, the City Council deems it desirable and in the best interests <br />of the City to call the 2008 through 2012 maturities of the Bonds, inclusive, totaling $160,000 in <br />principal amount, on February 1, 2007, in accordance with the Prior Resolution. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, <br />Minnesota, as follows: <br />1. Bonds to be Redeemed. All of the Bonds maturing in the years 2008 <br />through 2012, inclusive, shall be redeemed and prepaid on February 1, 2007 at par and accrued <br />interest for each such Bond called. <br />2. Mailing of Notice of Call. The City Clerk shall cause the Notice of Call <br />for Redemption attached hereto as Exhibit A to be mailed not less than thirty days prior to <br />February 1, 2007, the date for call, to the paying agent where said Bonds are payable and to all <br />registered holders of the Bonds. <br />195469av1 <br />