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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF HUGO, MINNESOTA <br />HELD: October 6, 2003 <br />Pursuant to due call thereof, a regular meeting of the City Council of the City of Hugo, <br />Washington County, Minnesota, was duly held at the City Hall on October 6, 2003, at 7:00 o'clock <br />P.M. for the purpose in part of authorizing the competitive negotiated sale of the $875,000 General <br />Obligation Equipment Certificates of Indebtedness, Series 2003A. <br />The following members were present: Granger, Puleo, Haas, Petryk, and Miron. <br />and the following were absent: None. <br />Mayor Miron introduced the following resolution and moved its adoption: <br />RESOLUTION 2003-56 <br />RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $875,000 <br />GENERAL OBLIGATION EQUIPMENT CERTIFICATES <br />OF INDEBTEDNESS, SERIES 2003A <br />A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"), <br />has heretofore determined that it is necessary and expedient to issue its $875,000 General <br />Obligation Equipment Certificates of Indebtedness, Series 2003A (the "Certificates") to finance the <br />acquisition of capital equipment; 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, Section <br />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 bids <br />for the competitive negotiated sale of the Certificates. <br />2. Meeting Bid 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 and awarding the sale of the Certificates. The Clerk/Treasurer or her designee, <br />shall open bids at the time and place specified in the Terms of Proposal. <br />3. Terms of Proposal. The terms and conditions of the Certificates and the <br />negotiation thereof are fully set forth in the "Terms of Proposal" attached hereto as Exhibit A and <br />hereby approved and made a part hereof. <br />1572632v1 <br />