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EXHIBIT B <br />OFFICIAL NOTICE OF <br />SALE <br />$1,210,000 <br />GENERAL OBLIGATION IMPROVEMENT <br />BONDS OF 1991 <br />CITY OF HUGO <br />MINNESOTA <br />(Book Entry Only) <br />NOTICE IS HEREBY GIVEN that these bonds will be offered for sale <br />according to the following terms: <br />TIME AND PLACE: Sealed bids will be opened by the <br />City Administrator or his designee <br />on Monday, January 7, 1991, at 3:00 <br />P.M., Central Time, at the Hugo <br />City Hall, 5524 Upper 146 St., Hugo <br />MN 55038. Consideration of the <br />bids for award of the sale will be <br />by the City Council at its meeting <br />in the Hugo City Hall beginning at <br />7:30 P.M., Central Time, on the <br />same day. <br />BOOK ENTRY SYSTEM: The Bonds will be issued by means <br />of a book entry system with no <br />physical distribution of Bond <br />Certificates made to the public. <br />The Bonds will be issued in fully <br />registered form and one Bond <br />Certificate, representing the <br />aggregate principal amount of the <br />Bonds maturing in each year, will <br />be registered in the name of Cede & <br />Co. as nominee of Depository Trust <br />Company ("DTC"), New York, New <br />York, which will act as securities <br />depository of the Bonds. <br />Individual purchases of the Bonds <br />may be made in the principal amount <br />of $5,000 or any multiple thereof <br />of a single maturity through book <br />entries made on the books and <br />records of DTC and its <br />11069 <br />B-1 <br />