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S, <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />HUGO, MINNESOTA <br />HELD: May 4, 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 4th day of May, 1998, at 7:00 P.M., for the purpose, <br />in part, of considering proposals for, and awarding the sale of, <br />$985,000 General Obligation Temporary Improvement Bonds, Series <br />1998B of the City. <br />The following members were present: <br />Warren Arcand, Debra Barnes, Andrew Goiffon, James Leroux, Fran Miron <br />and the following were absent: NONE <br />Member Goiffon introduced the following resolution and <br />moved its adoption: <br />RESOLUTION 1998-16 <br />RESOLUTION ACCEPTING PROPOSAL ON <br />SALE OF $985,000 GENERAL OBLIGATION <br />TEMPORARY IMPROVEMENT BONDS, SERIES 1998B, <br />PROVIDING FOR THEIR ISSUANCE, AND <br />PLEDGING FOR THE SECURITY THEREOF SPECIAL ASSESSMENTS <br />A. WHEREAS, the City Council of the City of Hugo, <br />Minnesota (the "City"), has heretofore determined and declared <br />that it is necessary and expedient to issue $985,000 General <br />Obligation Temporary Improvement Bonds, Series 1998B of the City <br />(the "Bonds"), pursuant to Minnesota Statutes, Chapters 429 and <br />475, to temporarily finance various improvements in the City, <br />particularly related to the development of the Bald Eagle <br />Industrial Park (the "Improvements"); and <br />B. WHEREAS, the Improvements and all their components <br />have been ordered prior to the date hereof, after a hearing <br />thereon for which notice was given describing the Improvements or <br />all their components by general nature, estimated cost, and area <br />to be assessed; and <br />C. WHEREAS, the City Council has heretofore <br />determined that it is necessary and expedient to provide <br />temporary financing pursuant to Minnesota Statutes, Chapters 429 <br />and 475, particularly Section 429.091, Subdivision 5, for the <br />construction of the Improvements, and to pledge special <br />assessments to the payment thereof; and <br />931992.1 <br />