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E. WHEREAS, the City Council has determined that the issuance of General <br />Obligation Capital Improvement Bonds, Series 2004A, in the aggregate principal amount of <br />$2,560,000 is the best way to finance those portions of Capital Improvement Plan eligible under <br />Minnesota Statutes, Section 475.521. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, <br />Minnesota, that the City hereby gives preliminary approval for the issuance of up to $2,560,000 <br />aggregate principal amount of the Bonds. The Plan is hereby adopted, the same being before the <br />City Council and made a part of these proceedings by reference. <br />The motion for the adoption of the foregoing resolution was duly seconded by Member <br />Granger and, after full discussion thereof and upon a vote being taken thereon, the <br />following voted in favor thereof- <br />Mike <br />hereof <br />Mike Granger, Chuck Haas, Frank Puleo, and Fran Miron <br />and the following voted against the same: NONE <br />Whereupon the resolution was declared duly passed and adopted. <br />r4 - <br />ATTEST: <br />Mary Creager, City C6ik <br />1634265x2 <br />