1998.04.13 RESO 1998-0012 - Laserfiche WebLink

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EW Resolution No. 1998-12 Council Member Goiffon introduced the following resolution and moved its adoption: Resolution Providing for the Sale of $985,000 General Obligation Temporary Improvement Bonds, Series 1998B $1,825,000 Taxable General Obligation Temporary Tax Increment Bonds, Series 1998C WHEREAS, the City Council of the City of Hugo, Minnesota, has determined that it is necessary and expedient to issue the City's $985,000 General Obligation Temporary Improvement Bonds, Series 1998B and the $1,825,000 Taxable General Obligation Temporary Tax Increment Bonds, Series 1998C (the "Bonds") to finance the costs of acquiring land and constructing improvements for the Bald Eagle Industrial Park; and WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its independent financial advisor for the Bonds and is therefore authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); NOW, THEREFORE, BE IT RESOLVED by the City Council of City of Hugo, Minnesota, as follows: 1. Authorization: Findings. The City Council hereby authorizes Ehlers to solicit proposals for the sale of the Bonds. 2. Meeting: Proposal Opening. The City Council shall meet at the time and place specified in the Terms of Proposal for the purpose of considering sealed proposals for, and awarding the sale of the Bonds. The City Clerk, or designee, shall open proposals at the time and place specified in such Terms of Proposal. 3. Terms of Proposal. The terms and conditions of the Bonds and the sale thereof are fully set forth in the Terms of Proposal. 4. Official Statement. In connection with said sale, the officers or employees of the City are hereby authorized to cooperate with Ehlers and participate in the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the City upon its completion. The motion for the adoption of the foregoing resolution was duly seconded by Council Member Leroux and, after full discussion thereof and upon a vote being taken thereon, the following Council Members voted in favor thereof: Warren Arcand, Debra Barnes, Andrew Goiffon, James Leroux, Fran Miron and the following voted against the same: NONE Whereupon said resolution was declared duly passed and adopted. Dated this 13th day of April, 1998.