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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF HUGO, MINNESOTA <br />HELD: April 4, 2005 <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 April 4, <br />2005, at 7:00 o'clock P.M. for the purpose in part of authorizing the competitive negotiated sale <br />of the $7,975,000 General Obligation Tax Abatement Bonds, Series 2005A. <br />The following members were present: <br />Mike.Granger, Chuck Haas, Becky Petry, Frank Puleo, and Fran Miron <br />and the following were absent: NONE <br />Member Mike Granger introduced the following resolution and moved its adoption: <br />RESOLUTION 2005-13 <br />RESOLUTION PROVIDING FOR THE COMPETITIVE <br />NEGOTIATED SALE OF $7,975,000 GENERAL OBLIGATION <br />TAX ABATEMENT BONDS, SERIES 2005A <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 $7,975,000 General Obligation <br />Tax Abatement Bonds, Series 2005A (the "Bonds") to finance (i) street, utility, and drainage <br />improvements within the City, and (ii) site improvements to an existing elementary school; 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 Clerk/Treasurer or designee, shall <br />open proposals at the time and place 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 />1753162v1 <br />