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RESOLUTION NO. 2013 - 8
<br />RESOLUTION AMENDING THE JOINT POWERS AGREEMENT DATED
<br />APRIL 18, 2005, BY AND AMONG THE CITY OF HUGO, MINNESOTA AND
<br />INDEPENDENT SCHOOL DISTRICT NUMBER 624
<br />WHEREAS, the City of Hugo issued General Obligation Tax Abatement Bonds in 2005;
<br />and
<br />WHEREAS, Independent School District Number 624 opted to participate in the tax
<br />abatement process and agreed to the payment of 50% of the total debt service; and
<br />WHEREAS, the City of Hugo and Independent School District Number 624 entered into
<br />a Joint Powers Agreement on April 18, 2005; and
<br />WHEREAS, said Joint Powers Agreement contained a promissory note and a schedule of
<br />bi-annual payments to be made to the City of Hugo; and
<br />WHEREAS, the City of Hugo recently refunded the original bond issue with lower
<br />interest bearing bonds and wishes to pass a portion of the savings to the School District.
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
<br />OF HUGO, WASHINGTON COUNTY, MINNESOTA, that Schedule A of the Joint
<br />Powers Agreement dated April 18, 2005 be revised as follows:
<br />Revised Note Receivable
<br />Date Due Original Revised
<br />5/15/2005
<br />$ 34,573.50
<br />$ 34,573.50
<br />$ -
<br />1/15/2006
<br />34,573.50
<br />34,573.50
<br />$ -
<br />7/15/2006
<br />31,344.00
<br />31,344.00
<br />$ -
<br />1/15/2007
<br />31,344.00
<br />31,344.00
<br />$ -
<br />7/15/2007
<br />78,126.00
<br />78,126.00
<br />$ -
<br />1/15/2008
<br />78,126.00
<br />78,126.00
<br />$ -
<br />7/15/2008
<br />114,125.00
<br />114,125.00
<br />$ -
<br />1/15/2009
<br />114,125.00
<br />114,125.00
<br />$ -
<br />7/15/2009
<br />120,278.00
<br />120,278.00
<br />$ -
<br />1/15/2010
<br />120,278.00
<br />120,278.00
<br />$ -
<br />7/15/2010
<br />187,464.00
<br />187,464.00
<br />$ -
<br />1/15/2011
<br />187,464.00
<br />187,464.00
<br />$ -
<br />7/15/2011
<br />217,024.00
<br />217,024.00
<br />$ -
<br />1/15/2012
<br />217,024.00
<br />217,024.00
<br />$ -
<br />7/15/2012
<br />254,923.00
<br />254,923.00
<br />$ -
<br />1/15/2013
<br />254,923.00
<br />254,923.00
<br />$ -
<br />
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