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85 SEVENTH PLACE EAST,SUITE 100 <br /> SAINT PAUL,MN 55101-2887 <br /> 651.223.3000 FAX:651.223.3002 <br /> E-MAIL:advisors@springsted.com <br /> JUL - 6 2004 SPRINGSTED <br /> Advisors to the Public Sector <br /> June 29, 2004 <br /> The Honorable Fran Miron, Mayor <br /> Mr. Michael A. Ericson, City Administrator <br /> Mr. Ronald J. Otkin, Finance Manager <br /> City of Hugo, Minnesota <br /> 14669 Fitzgerald Avenue North <br /> Hugo, MN 55038 <br /> Dear Mr. Miron, Mr. Ericson, and Mr. Otkin: <br /> We appreciated working with you as your advisor on your recently completed improvement <br /> bond issue. We trust the results of our involvement in the process and the ultimate project met <br /> your objectives. <br /> We deeply value our relationship with the City of Hugo, and we take great pride in serving our <br /> clients. While we are confident the service you received met your expectations, we are always <br /> looking for ways to improve. If you have any suggestions or comments, please contact either of <br /> us to discuss your ideas. <br /> If you would like information on the bond markets, interesting projects or additional Springsted <br /> services, we invite you to view our website at www.springsted.com or please contact Paul <br /> Steinman. <br /> Once again, thank you for allowing us to assist you on this project. We look forward to working <br /> with you in the near future. <br /> Respectfully, �---__ <br /> David N. MacGillivray Paul T. Steinman <br /> Chairman of the Board Vice President/Client Representative <br /> (651) 223-3068 (651) 223-3066 <br /> dmacgillivray@springsted.com psteinman@springsted.com <br /> CORPORATE OFFICE: SAINT PAUL,MN • Visit our website at www.springsted.com <br /> IOWA + KANSAS • MINNESOTA • VIRGINIA - WASHINGTON,DC k WISCONSIN <br />