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Resolution No. ZO-, <br />Council Member introduced the following resolution and moved its adoption: <br />Resolution Providing for the Sale of Approximately <br />$785,000 General Obligation Capital Improvement Plan Bonds, Series 2007 <br />A. WHEREAS, the City Council of the City of Gem Lake, Minnesota (the "City"), has heretofore <br />determined that it is necessary and expedient to issue approximately $785,000 of the City's General <br />Obligation Capital Improvement Plan Bonds, Series 2007 (the "Bonds"), to finance the 2007 capital <br />expenditure of approximately $1,129,463 for the Joint Use City Hall Building described in the City's 5- <br />Year Capital Improvement Plan dated February 20, 2007; and <br />B. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its <br />independent financial advisor for the Bonds and is therefore authorized to solicit proposals in accordance <br />with Minnesota Statutes, Section 475.60, Subdivision 2(9); <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of Gem Lake, Minnesota, as follows: <br />1. Authorization; Findin-s. The City Council hereby authorizes Ehlers to solicit proposals for the sale of <br />the Bonds. <br />2. Meeting, Proposal O Opening. The City Council shall meet at 7:00 p.m. on � <br />, 2007, for the purpose <br />of considering proposals for and awarding the sale of the Bonds. <br />3. Official Statement. In connection with said sale, the officers or employees of the City are hereby <br />authorized to cooperate with Ehlers and participate in the preparation of an official statement for the <br />Bonds and to execute and deliver it on behalf of the City upon its completion. <br />The motion for the adoption of the foregoing resolution was duly seconded by Council Member <br />and, after full discussion thereof and upon a vote being taken thereon, the <br />following Council Members voted in favor thereof: <br />and the following voted against the same: <br />Whereupon said resolution was declared duly passed and adopted. <br />Dated this 201h day of March, 2007. <br />N:\Minnsota\Gem Lake\07 Cty Hall\Pre-Sale Reportmpd <br />,`—\ <br />City Clerk <br />