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and certain planning costs associated with the development of the <br />Bald Eagle Industrial Park within the Tax Increment District, <br />constituting capital and administration costs of the Development <br />District, as set forth in the Plan (hereinafter referred to as <br />the "Project"); and <br />D. WHEREAS, the City Council has heretofore <br />determined and declared that it is necessary and expedient to <br />issue $320,000 Taxable General Obligation Tax Increment Bonds, <br />Series 1997 (the "Bonds") of the City, pursuant to Minnesota <br />Statutes, Chapters 469 and 475, to finance the Project; and <br />E. WHEREAS, it has been determined that the interest <br />on the obligations is taxable and the requirements as to public <br />sale referred to in Minnesota Statutes, Section 475.60, <br />Subdivision 1 shall not apply as permitted by Minnesota Statutes, <br />Section 475.60, Subdivision 2(6); and <br />F. 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 Offer. The offer of Dain Bosworth, <br />Inc. (the "Purchaser"), to purchase the Bonds of the City (or <br />individually, a "Bond"), in accordance with the terms established <br />therefor and at the rates of interest hereinafter set forth, and <br />to pay therefor the sum of $ 314,560.00 , plus interest accrued to <br />settlement, is hereby accepted. <br />2. Title• Orictinal Issue Date: Denominations: <br />Maturities. The Bonds shall be titled "Taxable General <br />Obligation Tax Increment Bonds, Series 199711, shall be dated <br />September 1, 1997, as the date of original issue and shall be <br />issued forthwith on or after such date as fully registered bonds. <br />The Bonds shall be numbered from R-1 upward in the denomination <br />of $5,000 each or in any integral multiple thereof of a single <br />maturity. The Bonds shall mature on February 1 in the years and <br />amounts as follows: <br />360858.1 <br />Year Amount Year Amount <br />2000-2001 $15,000 2009-2010 $30,000 <br />2002-2005 20,000 2011 35,000 <br />2006-2008 25,000 2012 40,000 <br />All dates are inclusive. <br />2 <br />