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EXTRACT OF MINUTES OF A MEETING OF THE <br /> BOARD OF COMMISSIONERS OF THE <br /> ECONOMIC DEVELOPMENT AUTHORITY <br /> OF THE CITY OF HUGO, MINNESOTA <br /> FIELD: July 12, 2010 <br /> Pursuant to due call, a regular meeting of the Board of Commissioners of the Economic <br /> Development Authority of the City of Hugo, Minnesota, was duly held at the City Hall on July <br /> 12, 2010, at P.M.. <br /> The following members were present: <br /> and the following were absent: <br /> Member introduced the following resolution and moved its adoption: <br /> RESOLUTION AUTHORIZING TERM[NAT[ON OF <br /> LEASES AND GROUND LEASES AND CALLING PRIOR BONDS <br /> WHEREAS, the City of Hugo, Minnesota(the"City") proposes to issue its $1,375,000 <br /> General Obligation Capital Improvement Plan Bonds, Series 2010A (the "Bonds") to finance the <br /> construction and equipping of a new city hall and construct a fire station(collectively, the <br /> "Projects") from the Economic Development Authority of the City of Hugo, Minnesota(the <br /> "Authority"); and <br /> WHEREAS, the proposed purchase price for the Projects is an amount equal to the <br /> outstanding principal and interest on the Authority's (i) Public Project Revenue Bonds, Series <br /> 1998 (City of Hugo Lease With Option to Purchase Project), Series 1998, dated September 1, <br /> 1998 (the "Series 1998 Prior Bonds") and (ii) Public Facility Lease Revenue Bonds, Series 2001 <br /> (City of Hugo, Minnesota Lease Obligation) (the "Series 2001 Prior Bonds"), dated September 1, <br /> 2001; and <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the <br /> Economic Development Authority of the City of Hugo, Minnesota, as follows: <br /> 1. The Series 1998 Prior Bonds which mature on and after February 1, 2011, shall be <br /> redeemed and prepaid on October 1, 2010 (the "Call Date"), in accordance with the terms and <br /> conditions set forth in the Notice of Call for Redemption attached as Exhibit A hereto, which <br /> terms and conditions are hereby approved and incorporated herein by reference. <br /> 2. As provided in Section 10.4 of the Lease With Option to Purchase Agreement <br /> between the City and the Authority, dated as of September 1, 1998 (the "Series 1998 Lease"), the <br /> Authority hereby determines and declares that upon the issuance of the Bonds and the funding of <br /> the Payment Account as provided in the City's Bond Resolution to be adopted on July 19, 2010, <br /> the Series 1998 Lease shall be terminated and the Authority shall have no further right, title <br /> and/or interest in and to said Series 1998 Lease. The President and Secretary of the Authority <br /> 25799650 <br />