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RESOLUTION NO.2015-07 <br />A RESOLUTION AWARDING THE SALE OF GENERAL <br />OBLIGATION REFUNDING BONDS, SERIES 2015A, IN THE <br />ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $775,000; <br />FIXING THEIR FORM. AND SPECIFICATIONS; DIRECTING <br />THEIR EXECUTION AND DELIVERY; PROVIDING FOR <br />THEIR PAYMENT; PROVIDING FOR THE ESCROWING AND <br />INVESTMENT OF THE PROCEEDS THEREOF; .AND <br />PROVIDING FOR THE. REDEMPTION OF BONDS REFUNDED <br />THEREBY <br />BaJT RESOLVED By the. City Couneil *of the City. of Gem Lake, Ramsey County, Minnesota <br />(the*"Gity") as follows: <br />Section 1. Findings_Sale ofBonds. <br />l . Back=gnd. It is hereby determined that: <br />(a) Pursuaat to. Minnesota Statutes, Chaptei: 475,-as amended (the. "Act'), the City <br />issued General. Obligation Capital Improvement Plan Bonds, Series 2007A (the "Series 2007A <br />Bonds" or the "Refunded Bonds"), dated June 20,. 20.07k in the original aggregate principal <br />amount of $850,000,.the-proceeds of which -were used1o: finance certain capital improvements <br />under -an approved capitol improvement plan (tile -2007 Project"); and <br />(b) The City is-authorized*by Minnesota Statutes,.Sectioii 475.67, subdivision 13, to <br />issue and still its. general obligation bonds to refund outstanding bonds when determined by the <br />City Council to be necessary and iiesirable. <br />(c) lNe. City Council finds it necessary and expedient -to the sound financial <br />management of the. -affairs. of the City that1he City issue its General Obligation Refunding Bonds, <br />Series 2015A (the "Bonds.), in'the original aggregate principal amount of*$775,000, to refund in <br />advance of .maturity and. at their. redemption dote the 2011 through 2028 maturities of the <br />Refunded. Bonds, currently outstanding in the':aggregate principal amount of $745,000, of which <br />$730,000 will:be called for redemption on..February 1, 2016. <br />(d) The City is authorized by Minnesota. Statutes, Section 475.60, subdivision `2(5) to <br />negotiate the sale -of-the Bonds, since the Bonds will be issued as crossover refunding obligations <br />referred to in Minnesota Statutes, Section 475.67, .subdivision 13. The actions of the City staff <br />and financial advisors in negotiating the sale of the Bonds are ratified. and confumied in all <br />aspects. <br />1.02. Award to the Purchaser and. interest aces. The proposal of United Bankers' Bank, <br />Bloomington, Minnesota (the "Purchaser) " to purchase the.Bonds of the. City is determined to be a <br />reasonable offer and is accepted,.the proposal being to purchase the Bonds -.price of $765,700 (par amount <br />of $775,000, less underwriter's discount of $0,500),. plus accrued interest -to date of delivery, if any, for <br />Bonds bearing interest as follows: <br />461255vGAF GE190-12 <br />