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RESOLUTION'NO. 2015 = 07 A RESOLUTION AWARDING THE SALE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2015A, IN THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $ ; FIXING THEIR. FORM. AND SPECIFICATIONS; DIRECTING THEIR. EXECUTION AND DELIVERY;. PROVIDING FOR THEIR PAYMENT; .PROVIDING FOR THE ESCROWING AND INVESTMENT OF THE: PROCEEDS THEREOF; AND PROVIDING FOR THE REDEMPTION OF BONDS REFUNDED THEREBY BE IT RESOLVED By the City Council of the City -of Gem Lake, Ramsey County, Minnesota (the "City") as. -follows: Section 1. )findings; Sale of Bonds. 1. Background. It is. liereby determined tliat: (a) Pursuant. to Minnesota Statutes, .Chapter 475, as. amended (the "Act' }; the City issued General Obligation Capital Improvement Plan Bonds, Series 2007A (the "Series 2007A Bonds" or the "Refunded Bonds".), .dated June 20, 2007, in the original aggregate principal amount of $8501000, the proceeds of -which were used to finance certain capital. improvements under an approved capital improvement: plan (the "2007 Project"); and (b) The. City is authorized by Minnesota'Statutes, Section 475.6-7, subdivision 13, to issue and sell its general obligation bonds to refund outstanding bonds when determined by the City Council to be necessary and desimble (e) The CityCouncil. finds: it necessary:atid expedient to* the sound. financial management of the affairs*of-the City thaf the City issue its General Obligation.ReRthding Bonds;. Series 2615A (the `Bonds"), in. the original aggregate: principal amount:of to refund in advance of maturity and at their redemption date the 2017 through 202E maturities of the Refunded Bonds, currently outstanding in the aggregate "principal ameunt-bf $.745,000, of which $730000 will be;called for redemption on Fehruary. 1,.2016. (d) The City is -authorized. by Minnesota Statutes, Section 475.6.0, subdivision 2(5) to negotiate the sale of the Bonds, since the. Bonds will be issued as crossover refunding obligations referred to in Minnesota Statutes, Section 475k, subdivision 13. The actions of the City staff and financial advisors, in .negotiating. tha sale of the Bonds- are ratified and confirmed in all aspects. 1.02.. Award to the. Purchaser and Interest Rates. The proposal of , (thee "Purchaser") to purchase the. Bonds of the City is determined to be a .reasonable offer and is accepted, the .proposal being to purchase the Bonds price of $ (par amount of $ plus original issue premium of $ less underwriter's discount of plus accrued interest to date of delivery, if any, for Bonds bearing interest as follows: 46135�vl GAP: r�t9o-12 �.