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CITY OF GEM LAKE RESOLUTION NO. 2004-24 18 OCTOBER 2004 A RESOLUTION AWARDING THE SALE OF .$580,0Q0. GENERAL OBLIGATION. IMPROVEMENT BONDS (SCH E U N EMAN ROAD .IMPROVEMENT PROJECT), •S ERI ES. 2044; FINING THEIR FORM AND.SP.ECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED by. the City Council (the "Council") of the City of Gem Lake, Ramsey County, Minnesota (hereinafter, the "City") as follows: Section 1, Sale of Bonds. 1.0 I . The proposal of Wells Fargo Brokerage Services, LLC: (the "'Purchaser") to purchase the City's General Obligation lmprovementBonds:(ScheunemanRoad Improvement Project) .Series 2004 (the "Bonds"), in the original aggregate principal amount: of $586,000 is found and .determined to be a reasonableoffer and is accepted. 1.02. The sum of S26,957.15 will be credited to the Debt Service: Fund hereinafter created, The Mayor and City Clerk are directed to execute a contract with the Purchaser on behalf of the City. 1.03. The Citywill forthwith issue.. and sell the Bonds pursuant to Minnesota Statutes, .Chapter 475, as amended, and Minnesota Statutes. Chapter429, as amended (collectively, the "Act"), originally dated November 3, 2004, bearing interest at.a rate of 3.70% to maturity and maturing on February I, 2016. The payments of the principal of the ]Bonds shall be paid on February 1 and August 1 in accordancewith the schedule on Exhibit A attached to the Bonds when issued. 1.04, Optional Redemption: The City elects to prepay Bonds due on or after August 1, 2005. Redemption maybe in. whole or in part and if in part, on any February 1 or August 1, in minimum amounts of$7 000 and any increment of$1,000 in excess thereof, at the option of the City and in such manner as the City will determine. Payments of the Bonds will be at a price of par plus accrued interest. Section 2. Registration and Payment 2.01. Registered Form. The. Bonds will be issued as a single typewritten bond, only in fully registered form. The interest thereon on the Bonds and the principal amountthereof, will be payable by check or draft issued by the City to the Purchaser. 2.02. Dates: Interest Payment Dates. The Bonds will be dated as of their date of issuance. The interest on the Bonds will be payable on February 1 and August .] of each year, commencing August 1, 2005 to the Purchaser, 2.03. Registration. The City appoints the City Clerk Bond Registrar (the "Registrar"). The effect of: registration and the rights and duties of the City and the Registrar with. respect thereto will be as follows: (a) Rei ister.. The Registrar must keep at its offcea bond register in which the Registrar provides for the registration of ownership. of Bonds and the registration of transfers and exchanges of Bondsentitled to be registered; transferred or. exchanged. (b) Exchange of Bonds. When Boiids are surrendered by the registered owner for exchange the Registrar will authenticateand deliver one or naorc new Bondsof a like aggregate principal amount and maturity asrequested... by the registered owner or the owner's attorney in writing. (c) Cancellation. Bonds surrendered upon transfer or exchange will be promptly cancelled by the Registrar and thereafter disposed of asdirected by the City. (d) Improper or Unauthorized Transfer. When a Bond is presented to the Registrar for transfer, the Registrar may refuse to transfer the: Bond until the Registrar is satisfied that the endorsement on the Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. Tlie Registrar will incur no liability for thc refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized,