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<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: Haas, Klein, Miron, Petryk, Weidt
<br />and the following were absent: None
<br />Member Weidt introduced the following resolution and moved its adoption:
<br />RESOLUTION NO. 2020-57
<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
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