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Resolution No. 2000-58 <br />Resolution Authorizing A Finance Plan <br />For the Construction of City Hall <br />Whereas, the City Council has determined that it is necessary and appropriate to acquire a site and <br />construct facilities to replace the existing City Hall (the "Project"), and <br />Whereas, the City Council has retained Bonestroo, Anderlik, Rosene and Associates to design and <br />conduct the bidding process for the Project, and <br />Whereas, the City Council has determined that the Project should be financed through the issuance of <br />lease revenue bonds (the `Bonds"), and <br />Whereas, as part of the planning and design process, it is necessary to develop a plan to issue the Bonds <br />and to support this debt, and <br />Whereas, the City Council requests that the Economic Development Authority agree to serve as the <br />issuer of the Bonds. <br />NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of the City of Hugo, <br />Minnesota, as follows: <br />The Economic Development Authority agrees to serve as the issuer of lease revenue bonds for the <br />City Hall Project. <br />2. City staff is authorized and directed to work with the city's financial advisor (Ehlers & Associates) <br />and bond counsel (Briggs & Morgan) to take all steps necessary to prepare for the issuance of the <br />Bonds. <br />3. City staff shall evaluate and, if necessary, retain the services of a qualified investment banking <br />firm to underwrite the Bonds. <br />Upon roll call, the following members voting AYE: Leroux, Barnes, and Haas. <br />Upon roll call, the following members voting NAY: Petryk and Stoltzman. <br />Whereupon said resolution was declared passed and adopted this 180'day of December, 2000. <br />Walter L. Stoltzman, Mayor✓ <br />ATTEST: <br />Mary reager, City Clerk C <br />