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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF HUGO, MINNESOTA <br />HELD: June 7, 2004 <br />Pursuant to due call, a regular meeting of the City Council of the City of Hugo, <br />Minnesota, was duly held at the City Hall on June 7, 2004, at 7:00 P.M., for the purpose in part <br />of considering proposals and awarding the sale of $2,560,000 General Obligation Capital <br />Improvement Bonds, Series 2004A. <br />The following members were present: Becky Peh* Frank Puleo, Chuck Haas and <br />Michael Granger <br />and the following were absent: Fran Miron <br />Member Chuck Haas introduced the following resolution and moved its adoption: <br />RESOLUTION 2004-39 <br />RESOLUTION ACCEPTING PROPOSAL ON THE SALE OF $2,560,000 GENERAL <br />OBLIGATION CAPITAL IM[PROVEIVIENT BONDS, SERIES 2004A, PROVIDING FOR <br />THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF <br />A. WHEREAS, on April 19, 2004, the City of Hugo, Minnesota (the "City") held a <br />public hearing and adopted the Five Year Capital Improvement Plan for the City (the "Plan") and <br />on the proposed issuance of general obligation capital improvement bonds in accordance with <br />the provisions of Minnesota Statutes, Section 475.521; the Plan provides, in part, for financing to <br />construct a public works facility in the year 2004 (the "Project); and <br />B. WHEREAS, no petition signed by voters equal to five percent of the votes cast in <br />the City in the last general election requesting a vote on the issuance of the Bonds has been filed <br />with the Clerk within 30 days after the date the public hearing on the issuance of the Bonds was <br />held; and <br />C. WHEREAS, the City Council has heretofore determined that it is necessary and <br />expedient to issue $2,560,000 General Obligation Capital Improvement Bonds, Series 2004A <br />(the "Bonds" or individually, a "Bond") pursuant to Minnesota Statutes, Section 475.521 and <br />Chapter 475 to provide funds to finance the Project as set forth in the Plan; and <br />D. WHEREAS, the City has retained Springsted Incorporated, in St. Paul, Minnesota <br />("Springsted"), as its independent financial advisor for the sale of the Bonds and was therefore <br />authorized to sell the Bonds by private negotiation in accordance with Minnesota Statutes, <br />Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been solicited by <br />Springsted; and <br />1651960x1 <br />