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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />HUGO, MINNESOTA <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Hugo, Minnesota, was duly held at City Hall in said City on Wednesday, July 5, <br />2017, commencing at 5:00 P.M. <br />The following Council Members were present: Haas, Klein, Petryk, Miron, Weidt <br />and the following were absent: None <br />Member Haas introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2017-23 <br />APPROVING ISSUANCE AND SALE OF <br />THERAPY FACILITIES REVENUE BONDS <br />(MINNESOTA AUTISM CENTER PROJECT) <br />SERIES 2017 <br />WHEREAS, the purpose of Minnesota Statutes, Chapter 469.152 to 469.165 (the "Act"), <br />as found and determined by the Legislature, is to promote the welfare of the state by the active <br />attraction and encouragement and development of economically sound industry and commerce to <br />prevent so far as possible the emergence of blighted and marginal lands and areas of chronic <br />unemployment; and <br />WHEREAS, factors necessitating the active promotion and development of economically <br />sound industry and commerce are the increasing concentration of population in the metropolitan <br />areas and the rapidly rising increase in the amount and cost of governmental services required to <br />meet the needs of the increased population and the need for development of land use which will <br />provide an adequate tax base to finance these increased costs and the need for access to services <br />and employment opportunities for such population; and <br />WHEREAS, the City of Hugo, Minnesota (the "City") desires to facilitate the selective <br />development of the community, retain and improve the tax base and help to provide the range of <br />services, including therapy services, and employment opportunities required by the population; <br />and the Project will assist the City and surrounding communities in achieving those objectives <br />and will enhance the image and reputation of the community; and <br />WHEREAS, pursuant to the Act, the full faith and credit of the City will not be pledged <br />to the payment of the principal of, premium, if any, and interest on the Bonds (as hereinafter <br />defined); and <br />8345736v2 <br />