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I( <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF HUGO, MINNESOTA <br />HELD: August 20, 2001 <br />Pursuant to due call and notice thereof, a regular meeting of the City <br />Council of the City of Hugo, Minnesota was duly called and held at the City Hall on <br />August 20, 2001 at 7:00 o'clock P.M. <br />The following members were present: <br />Mike Granger, Becky Petryk, Frank Puleo, Fran Miran <br />and the following were absent: chuck Haas <br />Member Becky Petryk introduced the following resolution and <br />moved its adoption: RESOLUTION 2001-42 <br />RESOLUTION AUTHORIZING <br />THE EXECUTION AND DELIVERY OF A GROUND LEASE AGREEMENT, <br />LEASE AGREEMENT AND CONTINUING DISCLOSURE AGREEMENT <br />AND ALLOCATING SMALL ISSUER REBATE EXCEPTION AUTHORITY <br />WHEREAS, the City of Hugo, Minnesota (the "City"), is authorized, <br />pursuant to Minnesota Statutes, Section 465.71, to enter into lease purchase agreements; <br />WHEREAS, the Economic Development Authority of the City of Hugo, <br />Minnesota, a body corporate and politic (the "Authority") has agreed to enter into a lease <br />purchase agreement (the "Lease') with the City pursuant to which the Authority will <br />provide for construction of a city hall (the "Project") to be used by the City; <br />WHEREAS, in order to carry out the transaction, (1) the City will ground <br />lease the Project to the Authority pursuant to a ground lease agreement executed by the <br />City (the "Ground Lease"), and (2) the Authority will lease back the Project to the City, <br />pursuant to the Lease; <br />WHEREAS, the Authority will issue its revenue bonds (the "Bonds) to <br />provide funds to finance the Project pursuant to a Mortgage and Security Agreement and <br />Indenture of Trust dated as of September 1, 2001 (the "Indenture") between the Authority <br />and U.S. Bank Trust National Association, as mortgagee and Trustee, setting forth the <br />form and details of the Bonds and their issuance, pledging the rental payments derived <br />from the Lease to the payment of the Bonds and whereby the Authority grants to the <br />Trustee a mortgage interest in the Project with certain reservations as security for the <br />Bonds; <br />12NN:j70 <br />