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• EXTRACT OF MINUTES OF MEETING OF THE <br /> CITY COUNCIL OF THE CITY <br /> OF HUG 0, MINNESOTA <br /> HELD: March 18, 1974 <br /> Pursuant to due call and notice thereof, a special <br /> meeting of the City Council of the City of Hugo, Washington <br /> County, Minnesota, was duly held at the City Hall in said <br /> City on the 18th day of March, 1974 , at 8-: 00 o'clock P.M. , <br /> C .D.S.T. , for the purpose of opening and considering bids <br /> for and awarding the sale of $850,000 General Obligation Sani- <br /> tary Sewer Improvement Bonds of 1974 of said City, as one of <br /> two issues of the City offered for sale as one package and <br /> totaling $906,000 . <br /> The following members were present: 'Mayor Crever, <br /> 'Councilmen: Martin, LaValle, Lease, Leroux <br /> and the following were absent: none <br /> The Clerk presented affidavits showing publication <br /> of notice of call for bids on $850 ,000 General Obligation <br /> Sanitary Sewer Improvement Bonds of 1974 and $56,000 General <br /> Obligation Fire Equipment Bonds of 1974 of the City , for which <br /> bids were to be received at this meeting, in accordance <br /> with the resolution adopted by the City Council on February <br /> 11, 1974 . Said affidavits were examined, found to comply with <br /> the provisions of Minnesota Statutes , Chapter 475, and were <br /> approved and ordered placed on file. <br /> The' Council proceeded to receive and open bids for <br /> the sale of said bonds . The following bids were received: <br /> Bidder Interest Rate Net Interest Cost <br /> .- <br /> -epee page 1.1 <br /> The net effective average rate of interest of the $850 ,000 General <br /> Obligation Sanitary Sewer Improvement Bonds of 1974, after <br /> allocating to`this bond issue 'To rata share of the discount <br /> for the two bond issues, is3• � . <br />