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"scattered site" redevelopment district within the Development District (the "Tax Increment
<br />District") under the provisions of Minnesota Statutes, Sections 469.174 through 469.179; and
<br />D. WHEREAS, the City Council has heretofore determined and declared that
<br />it is necessary and expedient to issue $1,885,000 Taxable General Obligation Tax Increment
<br />Bonds, Series 2000A (the "Bonds"), pursuant to Minnesota Statutes, Chapters 469 and 475, for
<br />the payment of the 1998C Bonds on their maturity date, February 1, 2001, and to pledge tax
<br />increment to the payment thereof; and
<br />E. WHEREAS, it has been determined that the interest on the obligations is
<br />taxable and the requirements as to public sale referred to in Minnesota Statues, Section 475.60,
<br />Subdivision 1 shall not apply as permitted by Minnesota Statutes, section 475.60, Subdivision
<br />2(6), however, the City has retained Ehlers and Associates, Inc. in Roseville, Minnesota
<br />("Ehlers"), as its independent financial advisor for the Bonds and therefore proposals to purchase
<br />the Bonds have been solicited by Ehlers; and
<br />F. WHEREAS, proposals set forth on Exhibit A attached hereto were
<br />received pursuant to the terms established for the Bonds at the offices of Ehlers, in the presence
<br />of the City Clerk -Treasurer, or designee, at 11:00 A.M., Central Time, this same day; and
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Hugo,
<br />Minnesota, as follows:
<br />1. Acceptance of Proposal. The proposal of Bernardi Securities, Inc. (the
<br />"Purchaser"), to purchase the Bonds of the City (or individually, a "Bond"), in accordance with
<br />the terms established for the Bonds, and at the rates of interest hereinafter set forth, and to pay
<br />therefor the sum of $1,864,453.50, plus interest accrued to settlement, is hereby found,
<br />determined and declared to be the most favorable proposal received and is hereby accepted, and
<br />the Bonds are hereby awarded to said proposal maker. The Clerk -Treasurer is directed to
<br />forthwith return to the unsuccessful proposal makers their good faith checks or drafts.
<br />2. Bond Terms.
<br />(a) Title: Original Issue Date: Denominations: Maturities-, Term Bond Option.
<br />The Bonds shall be titled "Taxable General Obligation Tax Increment Bonds, Series 2000A",
<br />shall be dated November 28, 2000, as the date of original issue and shall be issued forthwith on
<br />or after such date as fully registered bonds. The Bonds shall be numbered from R-1 upward in
<br />the denomination of $5,000 each or in any integral multiple thereof of a single maturity. The
<br />Bonds shall mature on February 1 in the years and amounts as follows:
<br />1221%8.1 2
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