HomeMy WebLinkAbout2000.12.18 RESO 2000-0058Resolution No. 2000-58
Resolution Authorizing A Finance Plan
For the Construction of City Hall
Whereas, the City Council has determined that it is necessary and appropriate to acquire a site and
construct facilities to replace the existing City Hall (the "Project"), and
Whereas, the City Council has retained Bonestroo, Anderlik, Rosene and Associates to design and
conduct the bidding process for the Project, and
Whereas, the City Council has determined that the Project should be financed through the issuance of
lease revenue bonds (the `Bonds"), and
Whereas, as part of the planning and design process, it is necessary to develop a plan to issue the Bonds
and to support this debt, and
Whereas, the City Council requests that the Economic Development Authority agree to serve as the
issuer of the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of the City of Hugo,
Minnesota, as follows:
The Economic Development Authority agrees to serve as the issuer of lease revenue bonds for the
City Hall Project.
2. City staff is authorized and directed to work with the city's financial advisor (Ehlers & Associates)
and bond counsel (Briggs & Morgan) to take all steps necessary to prepare for the issuance of the
Bonds.
3. City staff shall evaluate and, if necessary, retain the services of a qualified investment banking
firm to underwrite the Bonds.
Upon roll call, the following members voting AYE: Leroux, Barnes, and Haas.
Upon roll call, the following members voting NAY: Petryk and Stoltzman.
Whereupon said resolution was declared passed and adopted this 180'day of December, 2000.
Walter L. Stoltzman, Mayor✓
ATTEST:
Mary reager, City Clerk C