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13590415v1
<br />EXTRACT OF MINUTES OF A MEETING
<br />OF THE CITY COUNCIL
<br />CITY OF HUGO, MINNESOTA
<br />HELD: September 7, 2021
<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 called and held at the City Hall
<br />on September 7, 2021, at 7:00 P.M., for the purpose, in part, of authorizing issuance and
<br />awarding the sale of $8,380,000 General Obligation Tax Abatement Bonds, Series 2021A.
<br />The following members were present:
<br />and the following were absent:
<br />RESOLUTION ACCEPTING OFFER ON THE SALE OF $8,380,000 GENERAL
<br />OBLIGATION TAX ABATEMENT BONDS, SERIES 2021A, PROVIDING FOR THEIR
<br />ISSUANCE AND PLEDGING TAX ABATEMENTS AND LEVYING A TAX FOR THE
<br />SECURITY AND PAYMENT THEREOF
<br />A.WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"), has
<br />heretofore determined and declared that it is necessary and expedient to issue $8,380,000
<br />aggregate principal amount General Obligation Tax Abatement Bonds, Series 2021A (the
<br />"Bonds" or individually a "Bond"), pursuant to Minnesota Statutes, Chapter 475 and Sections
<br />469.1812 through 469.1815, particularly Section 469.1814, to finance the improvements of Lions
<br />Park and related public improvements in the City (the “Project”); and
<br />B.WHEREAS, the City has requested, in writing, that Independent School District
<br />No. 624 (the “White Bear School District”) grant an abatement for the Project. The White Bear
<br />School District has declined, in writing, to grant an abatement and therefore the City has the
<br />authority to grant an abatement for up to 20 years; and
<br />C.WHEREAS, the City has heretofore established a tax abatement program) the
<br />"Program"), pursuant to the provisions of Minnesota Statutes, Sections 469.1812 through
<br />469.1815, with respect to providing for the abatement of property taxes for a period of twenty
<br />(20) years on various properties in the City, as described in the Resolution adopted by the City
<br />Council on July 19, 2021, approving the Program (the "Abatement Resolution"); and
<br />D.WHEREAS, the amount of the property taxes abated are estimated to be at least
<br />equal to the principal of the Bonds and pursuant to the provisions of the Abatement Resolution,
<br />Bond proceeds are to be expended to provide money to pay for costs of the Project; and
<br />E.WHEREAS, the City has retained Baker Tilly Municipal Advisors, LLC, in St.
<br />Paul, Minnesota ("Baker Tilly MA"), as its independent municipal advisor for the sale of the
<br />Bonds and was therefore authorized to sell the Bonds by private negotiation in accordance with
<br />Minnesota Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have
<br />been solicited by Baker Tilly MA; and DRAFT
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