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CITY OF HUGO <br />RESOLUTION 2025 - ___ <br />RESOLUTION APPROVING THE TRANSFER OF REMAINING <br />LIONS PARK BOND PROCEEDS TO THE STREET CIP FUND <br />WHEREAS, on September 7, 2021, the City of Hugo issued $8,170,000 in General Obligation <br />Tax Abatement Bonds to finance public improvements to Lions Park and other related public <br />improvements. <br />WHEREAS, the bond proceeds were recognized in the Lions Park Construction Fund and used <br />to cover expenses related to the improvement of Lions Park. <br />WHEREAS, all financial obligations related to the construction of Lions Volunteer Park and <br />the Peder Pedersen Pavilion have been satisfied. <br />WHEREAS, $147,752.15 of bond proceeds remain in the Lions Park Construction Fund, and as <br />stated in the bond documents, bond proceeds may also be used to cover expenses related to <br />various public improvements associated with the Lions Park improvement project. <br />WHEREAS, Upper 146th Street and Fitzgerald Avenue, which are adjacent to Lions Volunteer <br />Park, were reconstructed to accommodate the improvements to the park and provide on-street <br />parking for park visitors. <br />WHEREAS, the expenses related to the reconstruction of Upper 146th Street and Fitzgerald <br />Avenue were paid out of the Street CIP Fund. <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, <br />Minnesota, that the remaining bond proceeds be transferred from the Lions Park Construction <br />Fund to the Street CIP Fund to cover a portion of the expenses related to the reconstruction of <br />Upper 146th Street and Fitzgerald Avenue, which are related public improvements and eligible <br />uses of bond proceeds as outlined in the bond documents. <br />Adopted by the City Council of the City of Hugo, Minnesota this 3rd day of March, 2025. <br />_______________________ <br />Tom Weidt, Mayor <br />Attested: <br />_______________________ <br />Michele Lindau, City Clerk