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RESOLUTION NO. 2001-32 <br />Resolution Providing for the Sale of <br />$1,870,000 Public Project Revenue Bonds <br />BE IT RESOLVED by the City Council (the "City Council") of the City of Hugo, Minnesota (the <br />"City") as follows: <br />1. Background <br />1.1. The City Council of the Hugo, Minnesota, has heretofore determined that it is necessary and <br />expedient to issue $1,870,000 Public Project Revenue Bonds, Series 2001A (the "Bonds"), to <br />finance a portion of the construction of the new City Hall. <br />1.2. The Bonds will issued by the Hugo Economic Development Authority (the "Authority"), The <br />City and the Authority will enter into a lease purchase agreement for the Project. <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 City hereby authorizes Ehlers to solicit proposals for the sale of. <br />the Bonds. <br />2.2. Meeting: Proposal Opening. The City Council shall meet at the time and place to be specified <br />in the Terms of Proposal for the purpose of ratifying Authority action on the sale of the bonds <br />and approving the lease and other agreements for the Project. <br />2.3. Terms of Proposal. The terns 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 City 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 upon its completion. <br />Adopted this 16th day of July, 2001. <br />��y <br />Clerk <br />