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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 in the City Hall in said City on <br />Monday, May 19, 2014, commencing at 7:00 P.M. <br />The following Council members were present: Bronk, Haas, Klein, Petryk, Weidt <br />and the following were absent: None <br />Member Haas introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2014-15 <br />RESOLUTION CALLING FOR A PUBLIC HEARING ON <br />THE ISSUANCE OF CHARTER SCHOOL REVENUE BONDS <br />AND AUTHORIZING THE PUBLICATION OF A NOTICE OF HEARING <br />(NOBLE ACADEMY PROJECT) <br />WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1655, as <br />amended, relating to municipal industrial development (the "Act"), gives municipalities the <br />power to issue revenue obligations for the purpose of promoting the welfare of the state by the <br />active attraction, encouragement and development of economically sound industry and <br />commerce to prevent so far as possible the emergence of blighted and marginal lands and areas <br />of chronic unemployment; and <br />WHEREAS, the City of Hugo, Minnesota (the "City"), has received from Noble <br />Academy, a Minnesota Charter School and CS Property Noble, LLC, a Minnesota nonprofit <br />limited liability company (the "Borrower"), a proposal that the City assist in financing a project <br />hereinafter described in the form of Notice of Public Hearing attached hereto as Exhibit A, <br />through the issuance of a revenue bonds or other obligations (the `Bonds"), in one or more <br />series, pursuant to the Act; and <br />WHEREAS, before proceeding with consideration of the request of the Borrower <br />it is necessary for the City to hold a public hearing on the proposal pursuant to the Act: <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of Hugo, <br />Minnesota, as follows: <br />1. A public hearing on the proposal of the Borrower will be held at the time <br />and place set forth in the form of Notice of Public Hearing attached hereto as Exhibit A. <br />6237821v1 <br />