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Sale Day Report — June 19, 2018 <br />City of Gem Lake, Minnesota <br />$660,000 General Obligation Improvement Bonds, Series 2018A <br />Purpose: <br />Rating: <br />Number of Bids: <br />Low Bidder: <br />Winning Bid: <br />(TIC as bid) <br />Notes: <br />Closing Date: <br />For the purpose of financing the construction of the 2018 <br />Scheuneman Road Reconstruction Project in the City. <br />MN Credit Enhancement Rating: S&P Global Ratings "AA+" <br />1 <br />Northland Securities, Inc., Minneapolis, Minnesota <br />Winning Bid <br />3.7254% <br />Summary of Results: <br />Results of Sale <br />Principal Amount: <br />$660,000 <br />Underwriter's Discount: <br />$23,760 <br />Reoffering Premium: <br />$19,227 <br />True Interest Cost: <br />3.7265% <br />Capitalized Interest: <br />$12,631 <br />Costs of Issuance: <br />$29,002 <br />Yield: <br />2.10%-3.20% <br />Total Net P&I <br />1 $869,750 <br />City Council Action: <br />Attachments <br />The size of the bond issue was reduced by $5,000 from the projected <br />amount due to a reduction of underwriter's discount and costs of <br />issuance. <br />July 12, 2018 <br />Adopt a resolution awarding the sale of $660,000 General Obligation <br />Improvement Bonds, Series 2018A. <br />• Bid Tabulation <br />• Sources and Uses of Funds <br />• Updated Debt Service Schedules <br />• Rating Report <br />• BBI Graph <br />• Bond Resolution (Distributed in City Council Packets) <br />Sale Day Report <br />City of Gem Lake, Minnesota <br />June 19, 2018 <br />