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r <br />V. <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF HUGO, MINNESOTA <br />HELD: January,Z 1, 2003 <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 City Hall on January 20, <br />2003, at 7:00 o'clock p.m. for the purpose, in part, of authorizing the call of certain outstanding <br />General Obligation Water and Sewer Revenue Bonds of 1993. <br />The following members were present: Mike Granger, Becky Petryk, Frank Puieo, <br />Fran Miron <br />and the following were absent: Chuck Haas <br />Councilmember Petryk introduced the following resolution and moved its adoption: <br />RESOLUTION 2003-5 <br />RESOLUTION AUTHORIZING THE CALL OF THE OUTSTANDING <br />GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS OF 1993 <br />WHEREAS: by resolution duly adopted on July 6, 1993, the City issued $1,205,000 <br />General Obligation Water and Sewer Revenue Bonds of 1993, dated July 1, 1993 (the "Bonds"). <br />The City has sufficient funds on hand in the water and sewer fund to call the remaining $150,000 <br />outstanding February 1, 2004, maturity of the Bonds on March 1, 2003, at a price of par plus <br />accrued interest. The combined remaining outstanding balance of principal and interest due on <br />the Bonds is $150,625.00. <br />NOW, THEREFORE, be it resolved -by the City of Hugo, Minnesota, as follows: <br />1.01 This Council hereby determines that there exists sufficient funds in the water and <br />sewer fund to prepay on March 1, 2003, $150,000 aggregate principal amount of Bonds maturing <br />in the year 2004. <br />1.02 U. S. Bank Trust Association, in St. Paul, Minnesota (successor to American <br />National Bank and Trust Company), the bank at which principal and interest are payable, is <br />hereby authorized and directed to cause the Notice of Redemption attached hereto as Exhibit A <br />to be given in accordance with the provisions of the City's resolution adopted on July 6, 1993. <br />1.03 No further action shall be required of the Council to complete prepayment of the <br />Bonds. <br />The motion for the adoption of the foregoing resolution was duly seconded by <br />Councilmember Granger , and upon vote being taken thereon, the following voted in favor <br />thereof: <br />Mike Granger, Becky Petryk, Frank Pulee, Fran Miron <br />and the following voted against the same: NONE <br />14891941 <br />