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12831294v1 <br /> <br /> <br />EXTRACT OF MINUTES OF A MEETING <br />CITY COUNCIL OF THE <br />CITY OF HUGO, MINNESOTA <br />HELD: OCTOBER 5, 2020 <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Hugo, Washington County, Minnesota, was duly held at the City Hall on October <br />5, 2020, at 7:00 P.M., for the purpose, in part, of authorizing the issuance and awarding the sale <br />of $8,000,000 General Obligation Capital Improvement Plan Bonds, Series 2020A. <br />The following members were present: <br />and the following were absent: <br />Member ________________ introduced the following resolution and moved its adoption: <br />RESOLUTION NO. ___________ <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $8,000,000 <br />GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES <br />2020A AND LEVYING A TAX FOR THE PAYMENT THEREOF <br />A. WHEREAS, on July 6, 2020, the City Council of the City of Hugo, Minnesota <br />(the "City"), held a public hearing on the proposed issuance of general obligation capital <br />improvement plan bonds and, pursuant to resolution approved and adopted the 2020 through <br />2024 Five-Year Capital Improvement Plan (the "Plan"), and approved the issuance of general <br />obligation capital improvement plan bonds to finance a portion of the costs associated with the <br />construction of a new public works facility on city owned property at Irish Avenue Park (the <br />"Project"), all pursuant to the Plan and in accordance with the provisions of Minnesota Statutes, <br />Section 475.521; and <br />B. WHEREAS, no petition signed by voters equal to five percent of the votes cast in <br />the City in the last general election requesting a vote on the issuance of the general obligation <br />capital improvement plan bonds has been filed with the Administrator within thirty days after the <br />public hearing on the Plan and on the issuance of the general obligation capital improvement <br />plan bonds; and <br />C. WHEREAS, the City Council hereby determines and declares that it is necessary <br />and expedient to issue $8,000,000 General Obligation Capital Improvement Plan Bonds, Series <br />2020A (the "Bonds" or, individually, a "Bond"), pursuant to Minnesota Statutes, Section 475.521 <br />and Chapter 475, to provide funds to finance the Project; and <br />D. WHEREAS, other than the Bonds, the City no there are no other bonds issued by <br />the City under Minnesota Statutes, Section 475.521; and <br />E. WHEREAS, the City has heretofore determined, in accordance with Minnesota <br />Statutes, Section 475.521, Subd. 4, that the maximum principal and interest to become due in any