HomeMy WebLinkAbout1998.02.17 RESO 1998-0004Council Member James Leroux
Resolution No. 1998-4
introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
$1,225,000* General Obligation Improvement Refunding Bonds, Series 1998A
WHEREAS, the City Council of the City of Hugo, Minnesota, has determined that it is necessary and
expedient to issue the City's $1,225,000* General Obligation Improvement Refunding Bonds, Series 1998A
(the "Bonds"), to refund in advance of maturity the 1999 through 2005 maturities of the City's General
Obligation Improvement Bonds, Series 1988A and the 1999 through 2007 maturities of the City's General
Obligation Improvement Bonds of 1991 (*Final amount of the issue subject to change on the date of sale).; and
WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its
independent financial advisor for the Bonds and is therefore authorized to solicit proposals in accordance with
Minnesota Statutes, Section 475.60, Subdivision 2(9);
NOW, THEREFORE, BE IT RESOLVED by the City Council of City of Hugo, Minnesota, as follows:
1. Authorization: Findings. The City Council hereby authorizes Ehlers to solicit proposals for the sale of the
Bonds.
2. Meeting: Prgposal Opening. The City Council shall meet at the time and place specified in the Terms of
Proposal for the purpose of considering sealed proposals for, and awarding the sale of the Bonds. The City
Clerk, 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 sale thereof are fully set forth in the
Terms of Proposal.
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 City upon its completion.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member
Andrew Goiffon and, after full discussion thereof and upon a vote being taken thereon, the
following Council Members voted in favor thereof:
Warren Arcand, Debra Barnes, Andrew Goiffon, James Leroux, Fran Miron
and the following voted against the same: NONE
Whereupon said resolution was declared duly passed and adopted.
Dated this 17th day of February, 1998.
(SEAL)