2001.07.16 RESO 2001-0031 - Laserfiche WebLink

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RESOLUTION NO. 2001-31 Resolution Providing for the Sale of $1,870,000 Public Project Revenue Bonds BE IT RESOLVED by the Board of Commissioners (the "Board") of the Hugo Economic Development Authority (the "Authority") as follows: 1. Background 1.1. The City Council of the City of Hugo, Minnesota, has heretofore determined that it is necessary and expedient to issue the Authority's $1,870,000 Public Project Revenue Bonds (the "Bonds"), to finance a portion of the construction of a new City Hall. 1.2. The EDA has the statutory authority to issue bonds to finance the Project and to enter into a lease with the City to provide security for the Bonds 1.3. The City has designated Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its independent financial advisor and is therefore authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9). 2. Action 2.1. Authorization; Findings. The Authority hereby authorizes Ehlers to solicit proposals for the sale of the Bonds. 2.2. Meeting; Proposal Opening. The Board shall meet at the time and place to be specified in the Terms of Proposal for the purpose of considering sealed proposals for, and awarding the sale of the Bonds. The [official], or designee, shall open proposals at the time and place to be specified in such Terms of Proposal. 2.3. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof are fully set forth in the Bond Sale Report and are hereby approved and made a part hereof. 2.4. Official Statement. In connection with said sale, the officers or employees of the Authority are hereby authorized to cooperate with Ehlers and participate in the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the Authorityupon its completion. Adopted this 16th day of July, 2001. WON