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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 />$1,825,000 Taxable General Obligation Temporary Tax Increment <br />Bonds, Series 1998C 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 James Leroux introduced the following <br />resolution and moved its adoption: <br />RESOLUTION 1998-17 <br />RESOLUTION ACCEPTING PROPOSAL ON <br />SALE OF $1,825,000 TAXABLE GENERAL OBLIGATION TEMPORARY <br />TAX INCREMENT BONDS, SERIES 1998C, <br />PROVIDING FOR THEIR ISSUANCE, AND <br />PLEDGING FOR THE SECURITY THEREOF TAX INCREMENTS <br />A. WHEREAS, the City Council of the City of Hugo, <br />Minnesota (the "City"), has heretofore created Development <br />District No. 1 (the "Development District") pursuant to the <br />provisions of Minnesota Statutes, Sections 469.124 through <br />469.134, and has approved a development program (the "Program") <br />with respect to the Development District; and <br />B. WHEREAS, the Council has also approved a tax <br />increment financing plan (the "Plan") and established Tax <br />Increment Financing District No. 1-1, a redevelopment district <br />within the Development District (the "Tax Increment District") <br />under the provisions of Minnesota Statutes, Sections 469.174 <br />through 469.179; and <br />C. WHEREAS, pursuant to the provisions of the Program <br />and the Plan, funds are to be expended within the Development <br />District to provide money to temporarily finance certain public <br />improvements, constituting capital and administration costs of <br />land acquisition and site improvements related to the development <br />of the Bald Eagle Industrial Park, within the Development <br />District, as set forth in the Plan (hereinafter referred to as <br />the "Project"); and <br />934183.1 <br />