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Council Member James Leroux <br />Resolution No. 1998-4 <br />introduced the following resolution and moved its adoption: <br />Resolution Providing for the Sale of <br />$1,225,000* General Obligation Improvement Refunding Bonds, Series 1998A <br />WHEREAS, the City Council of the City of Hugo, Minnesota, has determined that it is necessary and <br />expedient to issue the City's $1,225,000* General Obligation Improvement Refunding Bonds, Series 1998A <br />(the "Bonds"), to refund in advance of maturity the 1999 through 2005 maturities of the City's General <br />Obligation Improvement Bonds, Series 1988A and the 1999 through 2007 maturities of the City's General <br />Obligation Improvement Bonds of 1991 (*Final amount of the issue subject to change on the date of sale).; and <br />WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its <br />independent financial advisor for the Bonds and is therefore authorized to solicit proposals in accordance with <br />Minnesota Statutes, Section 475.60, Subdivision 2(9); <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of City of Hugo, Minnesota, as follows: <br />1. Authorization: Findings. The City Council hereby authorizes Ehlers to solicit proposals for the sale of the <br />Bonds. <br />2. Meeting: Prgposal Opening. The City Council shall meet at the time and place specified in the Terms of <br />Proposal for the purpose of considering sealed proposals for, and awarding the sale of the Bonds. The City <br />Clerk, or designee, shall open proposals at the time and place specified in such Terms of Proposal. <br />3. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof are fully set forth in the <br />Terms of Proposal. <br />4. Official Statement. In connection with said sale, the officers or employees of the City are hereby <br />authorized to cooperate with Ehlers and participate in the preparation of an official statement for the Bonds <br />and to execute and deliver it on behalf of the City upon its completion. <br />The motion for the adoption of the foregoing resolution was duly seconded by Council Member <br />Andrew Goiffon and, after full discussion thereof and upon a vote being taken thereon, the <br />following Council Members voted in favor thereof: <br />Warren Arcand, Debra Barnes, Andrew Goiffon, James Leroux, Fran Miron <br />and the following voted against the same: NONE <br />Whereupon said resolution was declared duly passed and adopted. <br />Dated this 17th day of February, 1998. <br />(SEAL) <br />