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13569209v1 <br /> <br /> <br /> 1 <br />EXTRACT OF MINUTES OF A MEETING <br />OF THE CITY COUNCIL <br />CITY OF HUGO, MINNESOTA <br />HELD: AUGUST 2, 2021 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Hugo, Washington County, Minnesota, was duly held at the City Hall in said City on August <br />2, 2021, at 7:00 P.M. for the purpose in part of authorizing the competitive negotiated sale of the <br />$8,380,000 General Obligation Tax Abatement Bonds, Series 2021A. <br />The following members were present: Klein, Miron, Petryk, Strub <br />and the following were absent: Weidt <br />Member Petryk introduced the following resolution, the reading of which was dispensed <br />with by unanimous consent, and moved its adoption: <br />RESOLUTION NO. 2021-53 <br />RESOLUTION PROVIDING FOR THE COMPETITIVE <br />NEGOTIATED SALE OF $8,380,000 GENERAL OBLIGATION <br />TAX ABATEMENT BONDS, SERIES 2021A <br />A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"), has <br />heretofore determined that it is necessary and expedient to issue its $8,380,000 General <br />Obligation Tax Abatement Bonds, Series 2021A (the "Bonds") to finance public improvements <br />to the Lions Park and related public improvements in the City; and <br />B. WHEREAS, the City has retained Baker Tilly Municipal Advisors, LLC, in Saint <br />Paul, Minnesota ("Baker Tilly MA"), as its independent municipal adviser and is therefore <br />authorized to sell these obligations by a competitive negotiated sale in accordance with <br />Minnesota Statutes, Section 475.60, Subdivision 2(9); and <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, <br />Minnesota, as follows: <br />1. Authorization. The City Council hereby authorizes Baker Tilly MA to solicit <br />proposals for the competitive negotiated sale of the Bonds. <br />2. Meeting; Proposal Opening. This City Council shall meet at the time and place <br />specified in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering <br />sealed proposals for, and awarding the sale of, the Bonds. The Administrator or designee, shall <br />open proposals at the time and place specified in such Terms of Proposal. <br />3. Terms of Proposal. The terms and conditions of the Bonds and the negotiation <br />thereof are fully set forth in the "Terms of Proposal" attached hereto as Exhibit A and hereby <br />approved and made a part hereof.