HomeMy WebLinkAbout2001.07.16 RESO 2001-0032RESOLUTION NO. 2001-32
Resolution Providing for the Sale of
$1,870,000 Public Project Revenue Bonds
BE IT RESOLVED by the City Council (the "City Council") of the City of Hugo, Minnesota (the
"City") as follows:
1. Background
1.1. The City Council of the Hugo, Minnesota, has heretofore determined that it is necessary and
expedient to issue $1,870,000 Public Project Revenue Bonds, Series 2001A (the "Bonds"), to
finance a portion of the construction of the new City Hall.
1.2. The Bonds will issued by the Hugo Economic Development Authority (the "Authority"), The
City and the Authority will enter into a lease purchase agreement for the Project.
1.3. The City has designated Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its
independent financial advisor and is therefore authorized to solicit proposals in accordance with
Minnesota Statutes, Section 475.60, Subdivision 2(9).
2. Action
2.1. Authorization, Findings. The City hereby authorizes Ehlers to solicit proposals for the sale of.
the Bonds.
2.2. Meeting: Proposal Opening. The City Council shall meet at the time and place to be specified
in the Terms of Proposal for the purpose of ratifying Authority action on the sale of the bonds
and approving the lease and other agreements for the Project.
2.3. Terms of Proposal. The terns and conditions of the Bonds and the sale thereof are fully set
forth in the Bond Sale Report and are hereby approved and made a part hereof.
2.4. Official Statement. In connection with said sale, the officers or employees of the City are
hereby authorized to cooperate with Ehlers and participate in the preparation of an official
statement for the Bonds and to execute and deliver it on behalf of the upon its completion.
Adopted this 16th day of July, 2001.
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Clerk