HomeMy WebLinkAbout2009.09.08 RESO 2009-28EXTRACT OF MINUTES OF A MEETING
OF THE CITY COUNCIL
CITY OF HUGO, MINNESOTA
HELD: September 8, 2009
Pursuant to due call and notice thereof, a regular or special meeting of the City Council
of the City of Hugo, Washington County, Minnesota, was duly held at the City Hall on
September 8, 2009, at 7:00 P.M. for the purpose in part of authorizing the competitive negotiated
sale of the $1,605,000 General Obligation Tax Abatement Bonds, Series 2009B.
The following members were present: Weidt, Klein, Petryk, Haas and Miron.
and the following were absent: None.
Council Member Haas introduced the following resolution and moved its adoption:
RESOLUTION NO. 2009-28
RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $1,605,000
GENERAL OBLIGATION TAX ABATEMENT BONDS, SERIES 2009B
A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"), has
heretofore determined that it is necessary and expedient to issue $1,605,000 General Obligation
Tax Abatement Bonds, Series 2009B (the 'Bonds") to finance (i) the purchase of land within the
City; and (ii) various related park improvements; and.
B. WHEREAS, the City has retained Springsted Incorporated, in Saint Paul,
Minnesota ("Springsted"), as its independent financial advisor and is therefore authorized to sell
these obligations by a competitive negotiated sale in accordance with Minnesota Statutes,
Section 475.60, Subdivision 2(9); and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo,
Minnesota, as follows:
1. Authorization. The City Council hereby authorizes Springsted to solicit proposals
for the competitive negotiated sale of the Bonds.
2. Meeting: Proposal Opening. This City Council shall meet at the time and place
specified in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering
sealed proposals for, and awarding the sale of, the Bonds. The proposals shall be received at the
offices of Springsted and shall be opened at the time specified in such Terms of Proposal.
3. Terms of Proposal. The terms and conditions of the Bonds and the negotiation
thereof are fully set forth in the "Terms of Proposal' attached hereto as Exhibit A and hereby
approved and made a part hereof.
23%137v1
4. Official Statement. In connection with the sale, the City Clerk, Mayor and other
officers or employees of the City are hereby authorized to cooperate with Springsted and
participate in the preparation of an official statement for the Bonds, and to execute and deliver it
on behalf of the City upon its completion.
The motion for the adoption of the foregoing resolution was duly seconded by Council
Member Petryk and, after full discussion thereof and upon a vote being taken thereon, the
following voted in favor thereof: Weidt, Klein, Petryk, Haas and Miron.
and the following voted against the same: None.
Whereupon the resolution was declared duly passed and adopted this 8`h day of
September, 2009.
ATTEST:
k--� IIL�
Michele Lindau, City Clerk
2396137v1 2