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APPENDIX C <br />Pre -Sale Schedule dated February 20, 2007 <br />5-Year City Capital Improvement Plan Bond Issuance <br />City of Gem Lake, Minnesota <br />The City Council must take the following actions before Bonds can be issued: <br />• City Council directs preparation of a 5-Year Capital Improvement Plan. <br />• City Council conducts a Public Hearing on issuance of Bonds and Capital Improvement Plan. <br />• City Council approves Bonds and Capital Improvement Plan by at least a 3/5ths vote of the governing body <br />membership. <br />The table below lists the steps in the issuing process: <br />1/16 <br />City Council adopts Resolution calling for Public Hearing on issuance of Bonds and on Capital <br />Improvement Plan. <br />1/25 by City <br />Close date to get Notice of Public Hearing on issuance of Bonds and on Capital Improvement Plan to <br />official newspaper for publication. <br />1/31 <br />Publish Notice of Public Hearing on issuance of Bonds and on Capital Improvement Plan (publication <br />no more than 28 days and no less than 14 days prior to hearing date). Additionally, notice may be <br />posted on the City's official web site, if any. <br />2/20 @ 7:00 <br />City Council holds Public Hearing on Bonds and on Capital Improvement Plan and adopts Resolution <br />giving preliminary approval for their issuance and approving Capital Improvement Plan by at least a <br />3/5ths vote of the governing body membership. <br />3/19 <br />City Council provides for sale of Bonds. <br />3/22 <br />Reverse referendum period ends (within 30 days of the public hearing). <br />4/16 <br />City Council accepts offer for Bonds and adopts Resolution -Approving sale of Bonds. <br />May <br />Tentative closing/receipt of funds. <br />Net Debt Limit <br />Annual Levy Limit <br />Assessors Taxable Market Value <br />Taxable Market Value <br />78,235,400 <br />Multiply by 2% <br />178,23%,400Assessor's <br />Multiply by.16% <br />0.0016 <br />Statutory Debt Limit <br />Statutory Levy Limit <br />125,177 <br />Less: Debt Paid Solely from Taxes <br />Less: Annual Levy under CIP <br />(75,690Unused <br />Debt Limit <br />Unused Levy Limit <br />49,487 <br />EHLERS <br />& ASSOCIATES INC <br />Ehlers & Associates, Inc. Page 13 <br />