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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF HUGO, MINNESOTA <br />HELD: November 3, 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 the City Hall on <br />November 3, 2003, at 7:00 o'clock P.M., for the purpose, in part, of considering proposals and <br />awarding the competitive negotiated sale of $875,000 General Obligation Equipment Certificates <br />of Indebtedness, Series 2003A. <br />The following members were present: Fran Miron, Becky Petryk, Frank Puleo, Chuck <br />Haas, and Michael Granger <br />and the following were absent: none <br />The City Clerk -Treasurer presented proposals on $875,000 General Obligation <br />Equipment Certificates of Indebtedness, Series 2003A, which were to be received, opened and <br />tabulated by the City Clerk -Treasurer, or designee, this same day, in accordance with the <br />resolution adopted by the City Council on October 6, 2003. <br />The following proposals were received, opened and tabulated at 11:00 A.M., Central <br />Time, at the offices of Springsted Incorporated, in the presence of the City Clerk -Treasurer, or <br />designee, on this same day: <br />Bidder Interest Rate True Interest Cost <br />(See attached bid tabulation) <br />The Council then proceeded to consider and discuss the proposals, after which Member <br />Petryk introduced the following resolution and moved its adoption: <br />RESOLUTION 2003-58 <br />RESOLUTION ACCEPTING PROPOSAL ON THE COMPETITIVE NEGOTIATED SALE <br />OF $875,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF <br />INDEBTEDNESS, SERIES 2003A, PROVIDING FOR THEIR ISSUANCE AND LEVYING A <br />TAX FOR THE PAYMENT THEREOF <br />A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"), has <br />heretofore determined and declared that it is necessary and expedient to issue $875,000 General <br />Obligation Equipment Certificates of Indebtedness, Series 2003A of the City (the "Certificates" <br />or, individually, a "Certificate"), pursuant to Minnesota Statutes, Chapter 475 and Minnesota <br />Statutes, Section 412.301, to finance the acquisition of capital equipment for the City (the <br />"Project"); and <br />15Ma7vi <br />