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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF HUGO, MINNESOTA <br />HELD: JULY 6, 2020 <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council of <br />the City of Hugo, Minnesota, was duly called and held at the City Hall in Hugo, Minnesota on July <br />6, 2020, at 7:00 p.m. for the purpose, in part, of giving preliminary approval to the issuance of <br />general obligation capital improvement plan bonds and adopting the capital improvement plan. <br />The following members were present: Haas, Klein, Miron, Petryk, Weidt <br />and the following were absent: None <br />Member Haas introduced the following resolution and moved its adoption: <br />RESOLUTION 2020-29 <br />RESOLUTION GIVING PRELIMINARY APPROVAL FOR THE ISSUANCE OF GENERAL <br />OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS IN AN AMOUNT NOT TO <br />EXCEED $8,000,000 AND ADOPTING THE CITY OF HUGO MINNESOTA, CAPITAL <br />IMPROVEMENT PLAN THEREFOR <br />A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City") proposes <br />to issue its general obligation capital improvement plan bonds (the "Bonds") and adopt the City of <br />Hugo, Minnesota, Capital Improvement Plan (the "Plan"); and <br />B. WHEREAS, the City has caused notice of the public hearing on the intention to <br />issue the Bonds and on the proposed adoption of the Plan to be published pursuant to and in <br />accordance with Minnesota Statutes, Section 475.521; and <br />C. WHEREAS, a public hearing on the intention to issue the Bonds and on the <br />proposed Plan has been held on this date, following published notice of the public hearing as <br />required by law; and <br />D. WHEREAS, in approving the Plan, the City Council considered for each project and <br />for the overall Plan: <br />1. The condition of the City's existing infrastructure, including the projected <br />need for repair and replacement; <br />2. The likely demand for the improvement; <br />3. The estimated cost of the improvement; <br />4. The available public resources; <br />5. The level of overlapping debt in the City; <br />6. The relative benefits and costs of alternative uses of the funds; <br />7. Operating costs of the proposed improvements; and <br />