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1998.07.20 RESO 1998-0025
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1998.07.20 RESO 1998-0025
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City Council
Document Type
Resolutions
Meeting Date
7/20/1998
Meeting Type
Regular
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Council Member <br />Barnes <br />Resolution No. 1998-25 <br />introduced the following resolution and moved its adoption: <br />Resolution Requesting <br />Economic Development Authority To Issue <br />$1,165,000 Public Project Revenue Bonds, Series 1998 <br />(City of Hugo Lease With Option To Purchase Project) <br />WHEREAS, the City Council (the "Council") has determined that it is necessary for the Economic <br />Development Authority of the City of Hugo, Minnesota (the "EDA") to issue the EDA's $1,165,000 Public <br />Project Revenue Bonds, Series 1998 (City of Hugo Lease With Option To Purchase Project) (the "Bonds"), to <br />finance the construction and equipping of a new municipal fire station in the City of Hugo (the "City"); <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, Minnesota, as <br />follows: <br />1. The City Council requests the EDA to issue the Bonds pursuant to the terms and conditions of the <br />Bonds and the sale as set forth in the Bond Sale Report and are hereby approved and made a part <br />hereof. <br />2. The City Council shall meet at the time and place specified in the Terms of Proposal for the purpose <br />of considering sealed proposals for, and awarding the sale of the Bonds and to approve the lease and <br />other agreements needed to secure the Bonds. <br />3. In connection with said sale, the officers or employees of the City are hereby authorized to cooperate <br />with Ehlers and participate in the preparation of an official statement for the Bonds and to execute and <br />deliver it on behalf of the EDA and the City upon its completion. <br />The motion for the adoption of the foregoing resolution was duly seconded by Council Member <br />Goiffon and, after full discussion thereof and upon a vote being taken thereon, the <br />following Council Member voted in favor thereof: Arcand, Barnes, Goiffon, Leroux, Miron <br />and the following voted against the same: <br />Whereupon said resolution was declared duly passed and adopted. <br />Dated this 20th day of July, 1998. <br />City CI <br />(SEAL) . <br />Page 8 <br />
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