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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />HUGO, MINNESOTA <br />HELD: March 16, 1998 <br />Pursuant to due call and notice thereof, a regular <br />meeting of the City Council of the City of Hugo, Washington <br />County, Minnesota, was duly held at the City Hall in said City on <br />Monday, the 16th day of March, 1998, at 7:00 P.M., for the <br />purpose, in part, of considering proposals for, and awarding the <br />sale of, $1,225,000 General Obligation Improvement Refunding. <br />Bonds, Series 1998A of the City. <br />The following members were present: Warren Arcand, <br />Debra Barnes, Andrew Goiffon, James Leroux, Fran Miron <br />and the following were absent: NONE <br />Member Debra Barnes introduced the following <br />resolution and moved its adoption: <br />RESOLUTION 1998-9 <br />RESOLUTION ACCEPTING PROPOSAL ON <br />SALE OF $1,225,000 GENERAL OBLIGATION <br />IMPROVEMENT REFUNDING BONDS, SERIES 1998A, <br />PROVIDING FOR THEIR ISSUANCE, <br />PLEDGING FOR THE SECURITY THEREOF <br />SPECIAL ASSESSMENTS, AND LEVYING A TAX FOR THE PAYMENT THEREOF <br />A. WHEREAS, on February 17, 1998, the City Council of <br />the City of Hugo, Minnesota (the "City"), adopted a resolution <br />(the "Preliminary Resolution"), which provided for the private <br />negotiation of $1,225,000 General Obligation Improvement <br />Refunding Bonds, Series 1998A (the "Bonds") with the final amount <br />of the issue subject to change on the sale date; and <br />B. WHEREAS, proposals to purchase the Bonds have been <br />solicited by Ehlers and Associates, Inc. ("Ehlers") in accordance <br />with the Preliminary Resolution; and <br />C. WHEREAS, the proposals set forth on Exhibit A <br />attached hereto were received and opened pursuant to the Terms of <br />Proposal established for the Bonds in the presence of the Clerk - <br />Treasurer, or designee, at the offices of Ehlers at 1:00 P.M., <br />Central Time, this same day; and <br />913727.01 <br />