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.r <br />R. WHEREAS, "Holder" as used herein means the person <br />in whose name a Bond is registered on the registration books of <br />the City maintained by the Clerk -Treasurer or a successor <br />registrar appointed as provided in paragraph 8 (the "Bond <br />Registrar"): <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Hugo, Minnesota, as follows: <br />1. AccUtance of Bid. The bid of Piper, Jaffray & Hopwood, Inc. <br />(the "Purchaser") to purchase $1,210,000 General Obl gation <br />Improvement Bonds of 1991 of the City (the "Bonds", or <br />individually a "Bond"), in accordance with the official Notice of <br />Sale for the bond sale, at the rates of interest hereinafter set <br />forth, and to pay therefor the sum of $ 1,195,480.00 , plus <br />interest accrued to settlement, is hereby found, determined and <br />declared to be the most favorable bid received and is hereby <br />accepted, and the Bonds are hereby awarded to said bidder. The <br />Clerk -Treasurer is directed to retain the deposit of the <br />Purchaser and to forthwith return to the unsuccessful bidders <br />their good faith checks or drafts. <br />2. Title: Original Issue Date: Denominations; <br />Maturities. The Bonds shall be titled "General Obligation <br />Improvement Bonds of 19910, shall be dated January 16, 1991, as <br />the date of original issue and shall be issued forthwith on or <br />after such date as fully registered bonds. The Bonds shall be <br />numbered from R-1 upward. Global Certificates shall each be in <br />the denomination of the entire principal amount maturing on a <br />single date, or, if a portion of said principal amount is <br />prepaid, said principal amount less the prepayment. Replacement <br />Bonds, if issued as provided in paragraph 6, shall be in the <br />denomination of $5,000 each or in any integral multiple thereof <br />of a single maturity. The Bonds shall mature on February 1 in <br />the years and amounts as follows: <br />Year Amount Year Amount <br />1993 <br />$50,000 <br />2001 <br />$ 851000 <br />1994 <br />50,000 <br />2002 <br />90,000 <br />1995 <br />55,000 <br />2003 <br />95,000 <br />1996 <br />60,000 <br />2004 <br />100,000 <br />1997 <br />65,000 <br />2005 <br />1100000 <br />1998 <br />70,000 <br />2006 <br />110,000 <br />1999 <br />75,000 <br />2007 <br />115,000 <br />2000 <br />80,000 <br />3. Purpose. The Bonds shall provide funds for the <br />construction of various street improvements (the "Improvements" <br />11676 <br />4 <br />