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NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Hugo,
<br />Minnesota, as follows:
<br />1. Acceptance of Proposal. The proposal of Crews and Associates, Inc. (the
<br />"Purchaser"), to purchase the Bonds in accordance with the Terms of Proposal, at the rates of
<br />interest hereinafter set forth, and to pay therefor the sum of $7,845,738.60, plus interest accrued
<br />to settlement, is hereby found, determined and declared to be the most favorable proposal
<br />received and is hereby accepted and the Bonds are hereby awarded to the Purchaser. The Clerk
<br />is directed to retain the good faith deposit of the Purchaser and to return to the unsuccessful
<br />bidders any certified or cashier's checks or financial surety bonds.
<br />2. Bond Terms.
<br />(a) Original Issue Date: Denominations: Maturities: Term Bond Option. The Bonds
<br />shall be dated May 1, 2005, as the date of original issue, shall be issued forthwith on or after
<br />such date in fully registered form, shall be numbered from R-1 upward in the denomination of
<br />$5,000 each or in any integral multiple thereof of a single maturity (the "Authorized
<br />Denominations") and shall mature on February 1 in the years and amounts as follows:
<br />Year
<br />Amount
<br />Year
<br />Amount
<br />2008
<br />$ 50,000
<br />2015
<br />$ 710,000
<br />2009
<br />200,000
<br />2016
<br />775,000
<br />2010
<br />235,000
<br />2017
<br />850,000
<br />2011
<br />355,000
<br />2018
<br />930,000
<br />2012
<br />460,000
<br />2019
<br />1,010,000
<br />2013
<br />595,000
<br />2020
<br />1,100,000
<br />2014
<br />650,000
<br />As may be requested by the Purchaser, one or more term Bonds may be issued having
<br />mandatory sinking fund redemption and final maturity amounts conforming to the foregoing
<br />principal repayment schedule, and corresponding additions may be made to the provisions of the
<br />applicable Bond(s).
<br />For the purpose of complying with Minnesota Statutes, Section 475.54, subdivision 1, the
<br />maturity schedule for the Bonds has been combined with the maturity schedule of the City's
<br />outstanding General Obligation Utility Revenue Bonds, Series 2001; General Obligation
<br />Equipment Certificates, Series 2002A; General Obligation Equipment Certificates of
<br />Indebtedness, Series 2003A; and General Obligation Capital Improvement Bonds, Series 2004A,
<br />as permitted by Minnesota Statutes, Section 475.54, subdivision 2.
<br />(b) . Book &ky Only System. The Depository Trust Company, a limited purpose
<br />trust company organized under the laws of the State of New York or any of its successors or its
<br />successors to its fimctions hereunder (the "Depository") will act as securities depository for the
<br />Bonds, and to this end:
<br />175a203A 3
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