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2001.07.16 RESO 2001-0031
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2001.07.16 RESO 2001-0031
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City Council
Document Type
Resolutions
Meeting Date
7/16/2001
Meeting Type
Regular
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RESOLUTION NO. 2001-31 <br />Resolution Providing for the Sale of <br />$1,870,000 Public Project Revenue Bonds <br />BE IT RESOLVED by the Board of Commissioners (the "Board") of the Hugo Economic <br />Development Authority (the "Authority") as follows: <br />1. Background <br />1.1. The City Council of the City of Hugo, Minnesota, has heretofore determined that it is necessary <br />and expedient to issue the Authority's $1,870,000 Public Project Revenue Bonds (the "Bonds"), <br />to finance a portion of the construction of a new City Hall. <br />1.2. The EDA has the statutory authority to issue bonds to finance the Project and to enter into a <br />lease with the City to provide security for the Bonds <br />1.3. The City has designated Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its <br />independent financial advisor and is therefore authorized to solicit proposals in accordance with <br />Minnesota Statutes, Section 475.60, Subdivision 2(9). <br />2. Action <br />2.1. Authorization; Findings. The Authority hereby authorizes Ehlers to solicit proposals for the <br />sale of the Bonds. <br />2.2. Meeting; Proposal Opening. The Board shall meet at the time and place to be specified in the <br />Terms of Proposal for the purpose of considering sealed proposals for, and awarding the sale of <br />the Bonds. The [official], or designee, shall open proposals at the time and place to be specified <br />in such Terms of Proposal. <br />2.3. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof are fully set <br />forth in the Bond Sale Report and are hereby approved and made a part hereof. <br />2.4. Official Statement. In connection with said sale, the officers or employees of the Authority are <br />hereby authorized to cooperate with Ehlers and participate in the preparation of an official <br />statement for the Bonds and to execute and deliver it on behalf of the Authorityupon its <br />completion. <br />Adopted this 16th day of July, 2001. <br />WON <br />
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