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APPENDIX E
<br />TERMS OF PROPOSAL
<br />$665,000* GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2018A
<br />CITY OF GEM LAKE, MINNESOTA
<br />Proposals for the purchase of $665,000* General Obligation Improvement Bonds, Series 2018A (the "Bonds") of the
<br />City of Gem Lake, Minnesota (the "City") will be received at the offices of Ehlers & Associates, Inc. ("Ehlers"), 3060
<br />Centre Pointe Drive, Roseville, Minnesota 55113-1105, Municipal Advisors to the City, until 10:00 A.M., Central
<br />Time, and ELECTRONIC PROPOSALS will be received via PARITY, in the manner described below, until 10:00
<br />A.M. Central Time, on June 19, 2018, at which time they will be opened, read and tabulated. The proposals will be
<br />presented to the City Council for consideration for award by resolution at a meeting to be held at 7:00 P.M., Central
<br />Time, on the same date. The proposal offering to purchase the Bonds upon the terms specified herein and most
<br />favorable to the City will be accepted unless all proposals are rejected.
<br />PURPOSE
<br />The Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475, by the City for the purpose of
<br />financing various public improvements within the City. The Bonds will be general obligations of the City for which
<br />its full faith, credit and taxing powers are pledged.
<br />DATES AND MATURITIES
<br />The Bonds will be dated July 12, 2018, will be issued as fully registered Bonds in the denomination of $5,000 each,
<br />or any integral multiple thereof, and will mature on February 1 as follows:
<br />Year
<br />Amount*
<br />Year
<br />Amount*
<br />Year
<br />Amount*
<br />2020
<br />$35,000
<br />2025
<br />$40,000
<br />2030
<br />$45,000
<br />2021
<br />40,000
<br />2026
<br />45,000
<br />2031
<br />50,000
<br />2022
<br />40,000
<br />2027
<br />45,000
<br />2032
<br />50,000
<br />2023
<br />40,000
<br />2028
<br />45,000
<br />2033
<br />50,000
<br />2024
<br />40,000
<br />2029
<br />45,000
<br />2034
<br />55,000
<br />ADJUSTMENT OPTION
<br />* The City reserves the right to increase or decrease the principal amount of the Bonds on the day of sale, in
<br />increments of $5,000 each. Increases or decreases may be made in any maturity. If any principal amounts are
<br />adjusted, the purchase price proposed will be adjusted to maintain the same gross spread per $1,000.
<br />TERM BOND OPTION
<br />Proposals for the Bonds may contain a maturity schedule providing for any combination of serial bonds and term
<br />bonds, subject to mandatory redemption, so long as the amount of principal maturing or subject to mandatory
<br />redemption in each year conforms to the maturity schedule set forth above. All dates are inclusive.
<br />E-1
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