1998.07.20 RESO 1998-0025 - Laserfiche WebLink

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Council Member Barnes Resolution No. 1998-25 introduced the following resolution and moved its adoption: Resolution Requesting Economic Development Authority To Issue $1,165,000 Public Project Revenue Bonds, Series 1998 (City of Hugo Lease With Option To Purchase Project) WHEREAS, the City Council (the "Council") has determined that it is necessary for the Economic Development Authority of the City of Hugo, Minnesota (the "EDA") to issue the EDA's $1,165,000 Public Project Revenue Bonds, Series 1998 (City of Hugo Lease With Option To Purchase Project) (the "Bonds"), to finance the construction and equipping of a new municipal fire station in the City of Hugo (the "City"); NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, Minnesota, as follows: 1. The City Council requests the EDA to issue the Bonds pursuant to the terms and conditions of the Bonds and the sale as set forth in the Bond Sale Report and are hereby approved and made a part hereof. 2. 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 and to approve the lease and other agreements needed to secure the Bonds. 3. 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 EDA and the City upon its completion. The motion for the adoption of the foregoing resolution was duly seconded by Council Member Goiffon and, after full discussion thereof and upon a vote being taken thereon, the following Council Member voted in favor thereof: Arcand, Barnes, Goiffon, Leroux, Miron and the following voted against the same: Whereupon said resolution was declared duly passed and adopted. Dated this 20th day of July, 1998. City CI (SEAL) . Page 8