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EXTRACT OF MINUTES OF A MEETING OF THE <br /> CITY COUNCIL OF THE CITY OF <br /> HUGO,MINNESOTA <br /> Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br /> of the City of Hugo,Minnesota,was duly held at City Hall in said City on Monday,November 2, <br /> 2015,commencing at 7:00 P.M. <br /> The following Council Members were present: Haas,Klein,Miron, Petryk,Weidt <br /> and the following were absent:None <br /> Member Weidt introduced the following resolution and moved its adoption: <br /> RESOLUTION NO.2015-55 <br /> APPROVING ISSUANCE AND SALE OF <br /> EDUCATIONAL FACILITIES REVENUE BONDS <br /> (MINNESOTA AUTISM CENTER PROJECT) <br /> SERIES 2015 <br /> WHEREAS, the purpose of Minnesota Statutes, Chapter 469.152 to 469.165 (the "Act"), <br /> as found and determined by the Legislature, is to promote the welfare of the state by the active <br /> attraction and encouragement and development of economically sound industry and commerce to <br /> prevent so far as possible the emergence of blighted and marginal lands and areas of chronic <br /> unemployment; <br /> WHEREAS, factors necessitating the active promotion and development of economically <br /> sound industry and commerce are the increasing concentration of population in the metropolitan <br /> areas and the rapidly rising increase in the amount and cost of governmental services required to <br /> meet the needs of the increased population and the need for development of land use which will <br /> provide an adequate tax base to finance these increased costs and the need for access to services <br /> and employment opportunities for such population; <br /> WHEREAS, the City of Hugo, Minnesota (the "City") desires to facilitate the selective <br /> development of the community, retain and improve the tax base and help to provide the range of <br /> services, including educational services, and employment opportunities required by the <br /> population; and the Project will assist the City and surrounding communities in achieving those <br /> objectives and will enhance the image and reputation of the community; <br /> WHEREAS, pursuant to the Act, the full faith and credit of the City will not be pledged <br /> to the payment of the principal of, premium, if any, and interest on the Bonds (as hereinafter <br /> defined); <br /> 7271992v3 <br />