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r <br />The Council then proceeded to consider and discuss the <br />bids, after which member Jesinski <br />introduced the following resolution and moved is a option: <br />RESOLUTION 1991-1 <br />ACCEPTING BID ON SALE OF <br />$1,2101000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS OF 1991, <br />PROVIDING FOR THEIR ISSUANCE, AND <br />LEVYING A TAX FOR THE PAYMENT THEREOF <br />A. WHEREAS, the Clerk -Treasurer has presented <br />affidavits showing publication of notice of the sale of <br />$1,210,000 General Obligation Improvement Bonds of 1991 (the <br />"Bonds") of the City of Hugo, Minnesota (the "City"), for which <br />bids were to be considered at this meeting in accordance with a <br />resolution adopted by this Council on December 17, 1990; and the <br />affidavits have been examined, have been found to comply with the <br />provisions of Minnesota Statutes, Chapter 475, and have been <br />approved and ordered placed on file; and <br />B. WHEREAS, the bids set forth on Exhibit A attached <br />hereto were received pursuant to the Official Notice of Sale by <br />the Administrator at the City Hall at 3:00 P.M., Central Time, <br />this same day; and <br />C. WHEREAS, the City Council of the City has <br />heretofore determined and declared that it is necessary and <br />expedient to issue the Bonds, pursuant to Minnesota Statutes, <br />Chapters 429 and 475, to finance the construction of various <br />street improvements in the City, consisting generally of <br />bituminous surfacing, related drainage and other related <br />improvements to various streets in the City (the "Project" or <br />"Improvements"); and <br />D. WHEREAS, the Project and all its components have <br />been ordered prior to the date hereof, after a hearing thereon <br />for which notice was given describing the Project or all its <br />components by general nature, estimated cost, and area to be <br />assessed; and <br />E. WHEREAS, the City has heretofore issued registered <br />obligations in certificated form, and incurs substantial costs <br />associated with their printing and issuance, and substantial <br />continuing transaction costs relating to their payment, transfer <br />and exchange; and <br />11676 <br />2 <br />