2007-11 Awarding the Sale of GO Bonds

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BE IT'RESOLVED By the City Cbuncil of the. City of Gem Lake, Ramsey County, Minnesota (the "City") as follows: Section 1. Back=. 1.01. Statutory Authorization. The City is authorized by ,Minnesota Statutes, section. 415.5-21 (the `Act") to finance certain capital improvements. -under an approved capital improvement plan the issuance of general obligAtionbonds of the City payable from ad valorem taxes, Capital improvements include acquisition or betterment. of public lands, buildings or other improvements for the purpose of -it city liall, libtaiy,..public safety facility and public works facilities (excluding light rail. transit or arty activity related to it, or. a park, road, bridge, administrative building other than a. city hall, or land for :any of those activities).. .,02. Capital Improvement Plan Authorizing Issuance of Bonds. On February 20, 2007 the City held a public hearing regarding.a five year capital improvement plan {the "Plan"), and regarding issuance of bonds in. the maximum principal amount of.$850,000 to frzrance planned .capital improvements, all in accordance with the Act. 'fhe Plan authorizes issuance of bonds to pay the cost of the construction of anew joint use city hall building.'to be shared with White.B car Township -and the Ramsey County Sheriffs. Office (hereinafter referred to as the. ".Improvement"). L01. No Petition for a Referendum. Received. The. City Council has determined that,. Widfui 30 days after the hearing, no petition fora referendum on issuance of bonds pursuant to the Plan was received by the City in accordance with .the Act. 1.04. Estimated Total Cost of Capital Improvement. The City estimates that the total cost .of the improvement is S , including capitalized interest, costs of ssuance. and: bond. discount. 1,.05. Determinations of the City in Compliance with the Act. As required by the Act,. the. City has determined that. (i) the expected useful life of the Improvement will. beat least five years.; and (ii) the amount of principal and intere.st-,due in any year on..all outstanding bonds issued by the City under the Act, including. the. Bonds, will'not exceed:.16 percent of the taxable` market value of property in the. City for taxes payable in 2001.. 1.06. Issuance of the Bonds. it is necessary and. expedient to -the sound. financial -management of the affairs of .the City to issue. its $ General Obligation. Capital Improvement Plan Bonds,. Series 2007A (the "Bonds") pursuant to the Act to provide financing for the.Improvement, ,310976v1 MNI 0190-4 .2