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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF HUGO,IVIINNESOTA <br />HELD: July 1, 2002 <br />Pursuant to due call thereof, a regular meeting of the City Council of the City of <br />Hugo, Washington County, Minnesota, was duly held at the City Hall on the 1st day of July, <br />2002, at 7 o'clock P.M. for the purpose in part of authorizing the competitive negotiated sale of <br />the $440,000 General Obligation Equipment Certificates, Series 2002A. <br />Thefol�g m`enabers were pre`t: <br />and the following were absent: <br />Member. % introduced the following resolution and moved its <br />adoption: . <br />RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED <br />SALE OF $440,000 <br />GENERAL OBLIGATION EQUIPMENT CERTIFICATES, <br />SERIES 2002A <br />A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"),- <br />has <br />City"),has heretofore determined that it is necessary and expedient to issue its $440,000 General <br />Obligation Equipment Certificates, Series 2002A (the "Certificates") to finance the acquisition of <br />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, <br />Section 475.60, Subdivision 2(9); and <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Hugo, Minnesota, as follows: <br />1. Authorization. The City Council hereby authorizes Springsted to solicit <br />bids for the competitive negotiated sale of the Certificates. <br />1420924v1 <br />