HomeMy WebLinkAbout2004.04.19 RESO 2004-00171k
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF HUGO, MINNESOTA
HELD: April 19, 2004
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Hugo, Minnesota, was duly held at the City Hall in Hugo, Minnesota on April 19, 2004, at
7:00 P.M. for the purpose, in part, of giving preliminary approval for the issuance of general
obligation capital improvement bonds and adopting the capital improvement plan therefor.
The following Members were present:
Mike Granger,.Chuck Haas, Frank Puleo, and Fran Miron
and the following were absent: Becky Petryk
Member Haas introduced the following resolution and moved its adoption:
RESOLUTION 2004-17
RESOLUTION GIVING PRELI IINARY APPROVAL FOR THE ISSUANCE
OF GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS IN AN
AMOUNT NOT TO EXCEED $2,560,000 AND ADOPTING THE CAPITAL
IMPROVEMENT PLAN THEREF09
A. WHEREAS, the City Council of the City of Hugo, Minnesota (the "City")
proposes to issue its general obligation capital improvement bonds (the "Bonds") and adopt the
Capital Improvement Plan of 2004 therefor (the "Plan"); and
B. WHEREAS, the City has caused notice of the public hearing on the intention to
issue the Bonds and on the proposed adoption of the Plan to be published pursuant to and in
accordance. with Minnesota Statutes, Section 475.521; and
C. WHEREAS, a public hearing on the intention to issue the Bonds and on the
proposed Plan has been held on this date, following published notice of public hearing as
required by law; and
D. WHEREAS, in preparing the Capital Improvement Plan, the City Council
considered for each project and for the overall plan:
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I . The condition of the City's existing infi astructure, including the
projected need for repair and replacement;
2. The likely demand for the improvement;
3. The estimated cost of the improvement;
4. The available public resources;
5. The level of overlapping debt in the City;
6. The relative benefits and costs of alternative uses of the fluids;
7. Operating costs of the proposed improvements; and
8. Alternatives for providing services more efficiently through shared
facilities with other local governmental units; and
E. WHEREAS, the City Council has determined that the issuance of General
Obligation Capital Improvement Bonds, Series 2004A, in the aggregate principal amount of
$2,560,000 is the best way to finance those portions of Capital Improvement Plan eligible under
Minnesota Statutes, Section 475.521.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo,
Minnesota, that the City hereby gives preliminary approval for the issuance of up to $2,560,000
aggregate principal amount of the Bonds. The Plan is hereby adopted, the same being before the
City Council and made a part of these proceedings by reference.
The motion for the adoption of the foregoing resolution was duly seconded by Member
Granger and, after full discussion thereof and upon a vote being taken thereon, the
following voted in favor thereof-
Mike
hereof
Mike Granger, Chuck Haas, Frank Puleo, and Fran Miron
and the following voted against the same: NONE
Whereupon the resolution was declared duly passed and adopted.
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ATTEST:
Mary Creager, City C6ik
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STATE OF MINNESOTA
COUNTY OF WASHINGTON
CITY OF HUGO
I, the undersigned, being the duly qualified and acting Clerk/Treasurer of the City of
Hugo, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing
extract of minutes with the original thereof on file in my office, and the same is a full, true and
complete transcript of the minutes of a meeting of the City Council duly called and held on the
date therein indicated, insofar as such minutes relate to the issuance of general obligation capital
improvement bonds and adopting the capital improvement plan therefor.
WITNESS my hand on April 19, 2004.
Cl urer
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