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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />HUGO, MINNESOTA <br />HELD: November 5, 1984 <br />Pursuant to due call and notice thereof, a Regular <br />meeting of the City Council of the City of Hugo, Washington <br />County, Minnesota, was duly called and held at the City Offices <br />in said City on the 5th day of November, 1984, at 7:00 P.M. for <br />the purpose of considering proposals for, and awarding the sale <br />of, $295,000 General Obligation Improvement Bonds of 1984, <br />Series A of the City. <br />The following members were present: Mayor Mike McAllister <br />Council Members: Dean Atkinson, Theodora Peltier, Charles Schwab, James Hauer <br />and the following were absent: <br />None <br />Member Schwab introduced the <br />following resolution and moved its adoption: <br />1984 - 18 <br />RESOLUTION PROVIDING FOR THE <br />ISSUANCE AND SALE OF <br />$295,000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS OF 1984, SERIES A, AND <br />LEVYING A TAX FOR HE PAY.4ENT TT?EREnF <br />WHEREAS: <br />A. The City Council of the City of Hugo, Minnesota <br />(hereinafter referred to as the "City") has heretofore deter- <br />mined that it is necessary and expedient to issue $295,000 <br />General Obligation Improvement Bonds of 1984, Series A, <br />pursuant to Minnesota Statutes, Chapters 429 and 475 to finance <br />the construction of various improvements in the City (here- <br />inafter referred to as the "Improvements"); and <br />B. To facilitate the preparation of the Request for <br />Proposals distributed with respect to the negotiated sale of <br />the $295,000 General Obligation Improvement Bonds of 1984, <br />Series A, the City's fiscal consultant and Bond Counsel <br />prepared a form of Official Terms of Offering (which form is <br />attached hereto as Exhibit A) to include in the Request for <br />Proposals distributed to potential purchasers; and <br />