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DECEMBER 2000 �1 ®. YOUR CITY I R Elp 0 RT. HUGO CITY HALL, 5524 UPPER 146TH STREET NORTH HUGO, MN 55038 651-429-6676 CITY OF HUGO ELECTS CiTrS NEW MAYOR, 1WO NEW FINANCIAL COUNCIL MEMBERS POSITION Is SOUND Three new City of Hugo officials were elected on Tuesday, November 7, 2000. . Hugo s financial house is in good Hugo residents chose Fran Miron as their new mayor, Frank Puleo as a City order," states Hugo's Financial Council member in Ward 2, and Michael Granger as the at-large council member. Advisor Rusty Fifield of Ehlers & None of the incumbents in these positions ran for re-election. The mayor was Associates. Evidence of this is the elected to a 2-year term, and council members will serve 4-year terms. The voting recent assignment by Moody's results are summarized on page 2. Investors Service of an A3 rating to the City of Hugo's recently issued and ;ity Clerk Mary Ann Creager noted that there were a lot of new voter registrations outstanding bonds. Fifield explains and a large voter turnout, especially in Ward 2. Miron, Puleo, and Granger will be that the bond rating is determined by sworn in at the first City Council meeting of the new year on January 2, 2001. the local economy, the financial con- ELEC110N (continued on Page 2) dition of the City, its current debts, and prospects for future debts. FUNDING FOR EVERTON AVENUE According to Fifield, "A3 is a good bond rating for a growing communi- STUDY APPROVED ty like Hugo. It indicates that Hugo Communication with residents and landowners is a number one priority is in a good financial position and has as planning gets underway acceptable levels of indebtedness." On November 6 the Hugo City Council formally accepted a zero interest loan Hugo Financial Director Ron Otkin from the Metropolitan Council,a planning agency for the Twin Cities area,to fund notes that bond ratings are important a planning study for the Everton Avenue neighborhood. Approximately 1600 acres both to the City and to bond holders. in the southwestern quadrant of the City, the Everton Avenue neighborhood is The rating has a direct influence on defined as the area located north of County Road 8 (Frenchman Road), south of the City's cost of borrowing and on its 165th Street, east of Elmcrest Avenue, and west of Highway 61. ability to issue bonds. Bonds rated A3 possess many favorable investment The planning study will address existing and future land uses, location of collector attributes, making them "investment roadways, park and trail development, sanitary sewer and water, storm water man- grade bonds." agement, wetland identification and management, floodplain designation, and an environmental review.The five-year loan from the Metropolitan Council is in the FINANCIAL .mount of$209,322.75,which represents approximately 75 percent of the cost of (continued on Page 7) the study. EWUON (continued on Page 7)