HomeMy WebLinkAbout1998.07.20 RESO 1998-0025Council Member
Barnes
Resolution No. 1998-25
introduced the following resolution and moved its adoption:
Resolution Requesting
Economic Development Authority To Issue
$1,165,000 Public Project Revenue Bonds, Series 1998
(City of Hugo Lease With Option To Purchase Project)
WHEREAS, the City Council (the "Council") has determined that it is necessary for the Economic
Development Authority of the City of Hugo, Minnesota (the "EDA") to issue the EDA's $1,165,000 Public
Project Revenue Bonds, Series 1998 (City of Hugo Lease With Option To Purchase Project) (the "Bonds"), to
finance the construction and equipping of a new municipal fire station in the City of Hugo (the "City");
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, Minnesota, as
follows:
1. The City Council requests the EDA to issue the Bonds pursuant to the terms and conditions of the
Bonds and the sale as set forth in the Bond Sale Report and are hereby approved and made a part
hereof.
2. 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 and to approve the lease and
other agreements needed to secure the Bonds.
3. 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 EDA and the City upon its completion.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member
Goiffon and, after full discussion thereof and upon a vote being taken thereon, the
following Council Member voted in favor thereof: Arcand, Barnes, Goiffon, Leroux, Miron
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
Dated this 20th day of July, 1998.
City CI
(SEAL) .
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