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5. The level of overlapping debt in the City; <br />6. The relative benefits and costs of alternative uses of the funds; <br />7. Operating costs of the proposed improvements; and <br />8. Alternatives for providing services more efficiently through shared facilities <br />with other local government units. <br />NOW, THEREFOR, BE IT RESOLVED by the City Council of the City of Gem Lake, <br />Minnesota, that the City hereby gives preliminary approval for the issuance of up to $850,000 <br />aggregate principal amount of the Bonds. The Plan is hereby adopted, the same being before the <br />City Council and made a part of these proceedings by reference. <br />The motion for the adoption of the foregoing resolution was duly seconded by Member <br />and, after full discussion thereof and upon a vote being taken thereon, the <br />following voted in favor thereof - <br />and the following voted against the same: <br />Whereupon said resolution was declared duly passed and adopted. <br />Ehlers & Associates, Inc. Page 19 <br />