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<br />EXTRACT OF MINUTES OF A MEETING OF THE
<br />CITY COUNCIL OF THE CITY OF
<br />HUGO, MINNESOTA
<br />HELD: AUGUST 20, 2001
<br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
<br />of Hugo, Washington County, Minnesota, was duly held at the City Hall on Monday, August 20,
<br />2001, at 7:00 o'clock P.M., for the purpose in part, of considering proposals for and awarding the
<br />sale of $3,120,000 General Obligation Utility Revenue Bonds, Series 2001 of. the City.
<br />The following members were present: Mayor Miron, Mike Granger, Becky Petryk,
<br />Frank Puleo
<br />and the following were absent: Chuck Haas
<br />Member Becky Petryk introduced the following resolution and moved its adoption:
<br />RESOLUTION NO. 200143
<br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$3,120,000 GENERAL OBLIGATION UTILITY REVENUE BONDS, SERIES 2001
<br />AND PLEDGING FOR THE SECURITY THEREOF NET REVENUES
<br />A. WHEREAS, the City of Hugo, Minnesota (the "City"), owns and operates a
<br />municipal water and sewer system as a combined revenue producing public utility (the
<br />"System"); and
<br />B. WHEREAS, there are outstanding General Obligation Water and Sewer Revenue
<br />Bonds of 1993, dated July 1, 1993 (the "Outstanding Bonds"), which are payable from the net
<br />revenues of the System; and
<br />C. WHEREAS, the City Council has heretofore determined that it is necessary and
<br />expedient to issue $3,120,000 General Obligation Utility Revenue Bonds, Series 2001 (the
<br />"Bonds" or individually, a "Bond"), pursuant to Minnesota Statutes, Section 444.075 and
<br />Chapter 475 to finance improvements to the System (the "Project"); and
<br />D. WHEREAS, the City has retained Ehlers and Associates, Inc., in Roseville,
<br />Minnesota ("Ehlers"), as its independent financial advisor for the sale of the Bonds and was
<br />therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota
<br />Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been
<br />solicited by Ehlers; and
<br />E. WHEREAS, the proposals set forth on Exhibit A attached hereto were received
<br />by the Clerk -Treasurer, or designee, at the offices of Ehlers, at 12:00 Noon, this same day
<br />pursuant to the Terms of Proposals established for the Bonds; and
<br />F. WHEREAS, it is in the best interests of the City that the Bonds be issued in book -
<br />entry form as hereinafter provided; and
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