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1998.05.04 RESO 1998-0016
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1998.05.04 RESO 1998-0016
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City Council
Document Type
Resolutions
Meeting Date
5/4/1998
Meeting Type
Regular
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i <br />D. WHEREAS, the City has retained Ehlers and <br />Associates, Inc. in Roseville, Minnesota ("Ehlers"), as its <br />independent financial advisor for the Bonds and therefore <br />proposals to purchase the Bonds have been solicited by Ehlers in <br />accordance with Minnesota Statutes, Section 475.60, Subdivision <br />2(9); and <br />E. WHEREAS, proposals set forth on Exhibit A attached <br />hereto were received pursuant to the terms established for the <br />Bonds at the offices of Ehlers, in the presence of the City <br />Clerk -Treasurer, or designee, at 10:00 A.M., Central Time, this <br />same day; and <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Hugo, Minnesota, as follows: <br />1. Acceptance of Proposal. The proposal of <br />(the "Purchaser"), to purchase the Bonds (or, <br />individually, a "Bond"), in accordance with the terms established <br />for the Bonds, at the rates of interest hereinafter set forth, <br />and to pay therefor the sum of $ , plus interest accrued to <br />settlement, is hereby found, determined and declared to be the <br />most favorable proposal received and is hereby accepted, and the <br />Bonds are hereby awarded to said proposal maker. The Clerk - <br />Treasurer is directed to retain the deposit of said proposal <br />maker and to forthwith return to the unsuccessful proposal makers <br />their good faith checks or drafts. <br />2. Bond Terms. <br />(a) Title: Original Issue Date: Denominations: <br />Maturitv. The Bonds shall be titled "General Obligation <br />Temporary Improvement Bonds, Series 1998B11, shall be dated May <br />26, 1998, as the date of original issue and shall be issued <br />forthwith on or after such date as fully registered bonds. The <br />Bonds shall be numbered from R-1 upward in the denomination of <br />$5,000 each or in any integral multiple thereof of a single <br />maturity (the "Authorized Denominations"). The Bonds shall all <br />mature on February 1, 2001, unless called for earlier redemption. <br />(b) Book Entry Only System. The Depository Trust <br />Company, a limited purpose trust company organized under the laws <br />of the State of New York or any of its successors or its <br />successors to its functions hereunder (the "Depository") will act <br />as securities depository for the Bonds, and to this end: <br />(i) The Bonds shall be initially issued and, so long <br />as they remain in book entry form only (the "Book Entry Only <br />Period"), shall at all times be in the form of a separate <br />single fully registered Bond for each maturity of the Bonds; <br />and for purposes of complying with this requirement under <br />paragraphs 5 and 10 Authorized Denominations for any Bond <br />931992.1 2 <br />
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