Laserfiche WebLink
CITY OF HUGO <br /> RESOLUTION 2025-4 <br /> RESOLUTION APPROVING THE TRANSFER OF REMAINING <br /> LIONS PARK BOND PROCEEDS TO THE STREET CIP FUND <br /> WHEREAS, on September 7, 2021, the City of Hugo issued $8,170,000 in General Obligation <br /> Tax Abatement Bonds to finance public improvements to Lions Park and other related public <br /> improvements. <br /> WHEREAS,the bond proceeds were recognized in the Lions Park Construction Fund and used <br /> to cover expenses related to the improvement of Lions Park. <br /> WHEREAS, all financial obligations related to the construction of Lions Volunteer Park and the <br /> Peder Pedersen Pavilion have been satisfied. <br /> WHEREAS, $147,752.15 of bond proceeds remain in the Lions Park Construction Fund, and as <br /> stated in the bond documents, bond proceeds may also be used to cover expenses related to <br /> various public improvements associated with the Lions Park improvement project. <br /> WHEREAS, Upper 146th Street and Fitzgerald Avenue, which are adjacent to Lions Volunteer <br /> Park, were reconstructed to accommodate the improvements to the park and provide on-street <br /> parking for park visitors. <br /> WHEREAS,the expenses related to the reconstruction of Upper 146 h Street and Fitzgerald <br /> Avenue were paid out of the Street CIP Fund. <br /> NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, <br /> Minnesota, that the remaining bond proceeds be transferred from the Lions Park Construction <br /> Fund to the Street CIP Fund to cover a portion of the expenses related to the reconstruction of <br /> Upper 146t' Street and Fitzgerald Avenue, which are related public improvements and eligible <br /> uses of bond proceeds as outlined in the bond documents. <br /> Adopted by the City Council of the City of Hugo, Minnesota this 3rd day&- 25. <br /> Tom Weidt, Mayor <br /> Attested: <br /> Michele Lindau, City Clerk <br />