HomeMy WebLinkAbout2005.04.04 RESO 2005-0013EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF HUGO, MINNESOTA
HELD: April 4, 2005
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 April 4,
2005, at 7:00 o'clock P.M. for the purpose in part of authorizing the competitive negotiated sale
of the $7,975,000 General Obligation Tax Abatement Bonds, Series 2005A.
The following members were present:
Mike.Granger, Chuck Haas, Becky Petry, Frank Puleo, and Fran Miron
and the following were absent: NONE
Member Mike Granger introduced the following resolution and moved its adoption:
RESOLUTION 2005-13
RESOLUTION PROVIDING FOR THE COMPETITIVE
NEGOTIATED SALE OF $7,975,000 GENERAL OBLIGATION
TAX ABATEMENT BONDS, SERIES 2005A
A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City"), has
heretofore determined that it is necessary and expedient to issue $7,975,000 General Obligation
Tax Abatement Bonds, Series 2005A (the "Bonds") to finance (i) street, utility, and drainage
improvements within the City, and (ii) site improvements to an existing elementary school; 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 Clerk/Treasurer or designee, shall
open proposals at the time and place 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.
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RESOLUTION 2005-13
4. Official Statement. In connection with the sale, the Clerk/Treasurer 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 member
Chuck Haas and, after full discussion thereof and upon a vote being taken thereon, the
following voted in favor thereof
Mike Granger, Chuck Haas, Becky Petryk, Frank Puleo, and Fran Miron
and the following voted against the same: NONE
Whereupon said resolution was declared duly passed and adopted.
April 4, 2005
j
Fran on, Mayor
ATTEST:
q
Mary 06
Creager, Cit erk
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