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D. WHEREAS, the City Council of the City has <br />heretofore determined and declared that it is necessary and <br />expedient to issue $1,825,000 Taxable General Obligation <br />Temporary Tax Increment Bonds, Series 1998C of the City (the <br />"Bonds"), pursuant to Minnesota Statutes, Chapters 469 and 475, <br />to finance the Project; and <br />E. WHEREAS, the City Council has heretofore <br />determined that it is necessary and expedient to provide <br />temporary financing pursuant to Minnesota Statutes, Chapters 469 <br />and 475, particularly Section 469.178, Subdivision 5, for the <br />construction of the Project, and to pledge tax increments to the <br />payment thereof; and <br />F. WHEREAS, the City has retained Ehlers and <br />Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its <br />independent financial advisor for the Bonds and therefore <br />proposals to purchase the Bonds have been solicited by Ehlers in <br />accordance with Minnesota Statutes, Section 475.60, Subdivision <br />2(9); and <br />G. WHEREAS, proposals set forth on Exhibit A attached <br />hereto were received pursuant to the terms established for the <br />Bonds at the offices of Ehlers, in the presence of the Clerk - <br />Treasurer, or designee, at 10:00 A.M., Central Time, this same <br />day; and <br />H. WHEREAS, it is in the best interests of the City <br />that the Bonds be issued in book -entry form as hereinafter <br />provided; and <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Hugo, Minnesota, as follows: <br />* 1. Acceptance of Proposal. The proposal of <br />(the "Purchaser"), to purchase the Bonds of <br />the City (or individually, a "Bond"), in accordance with the <br />terms established for the Bonds, at the rate of interest <br />hereinafter set forth, and to pay therefor the sum of <br />$ t ^812,407.50 , plus interest accrued to settlement, is hereby <br />found, determined and declared to be the most favorable proposal <br />received and is hereby accepted, and the Bonds are hereby awarded <br />to said proposal maker. The City Clerk -Treasurer is directed to <br />retain the deposit of said proposal maker and to forthwith return <br />to the unsuccessful proposal makers their good faith checks or <br />drafts. <br />2. Bond Terms. <br />(a) Title; Original Issue Date; Denominations; <br />Maturity. The Bonds shall be titled "Taxable General Obligation <br />Temporary Tax Increment Bonds, Series 1998C11, 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 />934183.1 <br />*John G. Kinnard & Company 2 <br />