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CITY OF GEM LAKE, MINNESOTA PRE -SALE REPORT: G.O. CAPITAL IMPROVEMENT PLAN BONDS MARCH 20, 2007 Proposed Issue: General Obligation Capital Improvement Plan Bonds, Series 2007 Purpose: 2007 Joint Use City Hall Building to include a city hall for the City of Gem Lake, an interim town hall during renovation for White Bear Township, a site of voting in all elections for both the City and Township, and a space for a county sheriff substation. Description: The Bonds are being issued pursuant to Minnesota Statutes, Chapter 475, to finance the 2007 capital expenditure of approximately $1,129,463 for the Joint Use City Hall Building described in the City's 5-Year Capital Improvement Plan dated February 20, 2007. Financing the Joint Use City Hall Building requires a bond issue in the amount of $785,000 and a one-third (1/3) cash contribution in the amount of $376,488 from White Bear Township. The proposed finance plan consists of the sources and uses of funds attached to this Report. Adjustments: Since construction bids have not been received to date, the City reserves the right to increase or decrease the principal amount of the Bonds on the day of sale, in increments of $5,000 each. Increases or decreases may be made in any maturity. The Plan gave preliminary approval for the issuance of Bonds in an amount not to exceed $850,000. Term/Call Feature: Principal on the Bonds will be due on February 1 in the years 2009 through 2028. Bonds maturing February 1, 2018, and thereafter will be subject to prepayment at the discretion of the City on February 1, 2017. Prepared by Ehlers & Associates, Inc.