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Cost of Equipment (3 police <br />squad cars and 1. pickup <br />truck) $70,100 <br />Costs of Issuance 7,800 <br />Capitalized Interest 7.100 <br />TOTAL $85,000 <br />WHEREAS, the Equipment has an expected useful life <br />at least as long as the final maturity of the Certificates; <br />and <br />WHEREAS, no other obligations of the City have been <br />sold pursuant to a negotiated, non-public sale within the <br />twelve (12) calendar months preceding May 1, 1988, which when <br />combined with this issue and the City's $180,000 General <br />Obligation Improvement Bonds of 1988, would exceed the <br />$1,200,000 limitation on negotiated sales as required by <br />Minnesota Statutes, Section 475.60, Subdivision 2(2). <br />NOW, THEREFORE, BE IT RESOLVED by the City Council <br />(the "Council") of the City of Hugo (the "City"), Minnesota, <br />as follows: <br />1. _Acceptance of Offer. The offer of the First <br />State Bank of Hugo (the "Purchaser") to purchase $85, 000 <br />General Obligation Equipment Certificates of 1988 of the City <br />(hereinafter referred to as the "Certificates", or <br />individually as a "Certificate") in accordance with the terms <br />and at the rates of interest hereinafter set forth, and to pay <br />therefor the sum of $85,000, plus interest accrued to <br />settlement, has been and is hereby accepted. On April 18, <br />1988, the Council adopted Resolution No. 1988-15, which <br />authorized the issuance of the Certificates, and this <br />Resolution is intended to ratify and confirm said prior <br />Resolution and to set forth the specific terms relating to the <br />Certificates. <br />2. Title; Original Issue Date; Denominations; <br />Maturities. The Certificates shall be titled "General <br />Obligation Equipment Certificates of 1988", shall be dated <br />May 1, 1988, as the date of original issue and shall be issued <br />forthwith on or after such date as fully registered <br />Certificates. The Certificates shall be numbered from R-1 <br />upward in the denomination of $5,000 each or in any integral <br />multiple thereof of a single maturity. The Certificates shall <br />mature, without option of prepayment, on May 1 in the years <br />and amounts as follows: <br />N <br />