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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />HUGO, MINNESOTA <br />HELD: November 6, 2000 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of <br />the City of Hugo, Washington County, Minnesota, was duly held at the City Hall in said City on <br />Monday, the 61' day of November, 2000, at 7:00 P.M., for the purpose, in part, of considering <br />proposals for, and awarding the sale of, $1,885,000 Taxable General Obligation Tax Increment <br />Bonds, Series 2000A of the City. <br />The following members were present: <br />Mayor Walter Stoltzman; Council Members, Debra Barnes, Chuck Haas, <br />James Leroux, Becky Petryk <br />and the following were absent: <br />None <br />Member Barnes introduced the following resolution and moved its adoption. <br />RESOLUTION 2000-43 <br />RESOLUTION ACCEPTING PROPOSAL ON <br />SALE OF $1,885,000 <br />TAXABLE GENERAL OBLIGATION <br />TAX INCREMENT BONDS, SERIES 2000A, AND <br />PLEDGING FOR THE SECURITY THEREOF TAX <br />INCREMENTS <br />A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"), <br />by resolution duly adopted on May 4, 1998 (the 'Prior Resolution") has heretofore issued <br />$1,885,000 Taxable General Obligation Temporary Tax Increment Bonds, Series 1998C (the <br />"1998C Bonds"); and <br />B. WHEREAS, on August 19, 1996, the City Council of the City of Hugo, <br />Minnesota (the "City"), created Development District No. 1 (the "Development District") <br />pursuant to the provisions of Minnesota Statutes, Sections 469.124 through 469.134, and <br />approved a development program (the 'Program") with respect to the Development District; and <br />C. WHEREAS, on August 19, 1996, the Council also approved a tax <br />increment financing plan (the "Plan") and designated Tax Increment Financing District No. 1-1, a <br />1221%8.1 <br />