2007 05-22 CCP - Laserfiche WebLink

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PROPOSAL FORM The City Council May 22, 2007 City of Gem Lake, Minnesota RE: $850,000* General Obligation Capital Improvement Plan Bonds, Series 2007A DATED: June 20, 2007 For all or none of the above Bonds, in accordance with the Terms of Proposal and terms of the Global Book -Entry System as stated in this Preliminary Official Statement, we will pay you $ (not less than $837,250) plus accrued interest to date of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as follows: • due 2009 % due 2016 % due 2023 • due 2010 % due 2017 % due 2024 % due 2011 % due 2012 % due 2013 % due 2014 % due 2015 % due 2018 % due 2019 % due 2020 % due 2021 % due 2022 % due 2025 % due 2026 % due 2027 % due 2028 * 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. If any principal amounts are adjusted, the purchase price proposed will be adjusted to maintain the same gross spread per $1,000. We enclose our good faith deposit in the amount of $17,000, to be held by you pending delivery and payment. Alternatively, we have provided a financial surety bond or have wired our good faith deposit to the U. S. Trust Company, N.A., Greenwich, CT, ABA No. 0210-01318, for further credit to Ehlers & Associates, Inc. Bond Issue Escrow Account No. 850-788-1. If our proposal is not accepted, said deposit shall be promptly returned to us. If the good faith deposit is wired to such escrow account, we agree to the conditions and duties of Ehlers & Associates, Inc., as escrow holder of the good faith deposit, pursuant to this Preliminary Official Statement dated May 11, 2007. This proposal is for prompt acceptance and is conditional upon deposit of said Bonds to The Depository Trust Company, New York, New York, in accordance with the Terms of Proposal. Delivery is anticipated to be on or about June 20, 2007. This proposal is subject to the City's covenant and agreement to enter into a written undertaking to provide continuing disclosure under Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 as described in the Preliminary Official Statement for this Issue. We have received and reviewed the Preliminary Official Statement and have submitted our requests for additional information or corrections to the Final Official Statement. As Syndicate Manager, we agree to provide the City with the reoffering price of the Bonds within 24 hours of the proposal acceptance. Account Manager: Bv: Account Members: Award will be on a true interest cost basis. According to our computations (the correct computation being controlling in the award), the total dollar interest cost (including any discount or less any premium) computed from June 20, 2007 of the above proposal is $ and the true interest cost (TIC) is _ %. The foregoing offer is hereby accepted by and on behalf of the City Council of the City of Gem Lake, Minnesota, on May 22, 2007. BY: By: Title: Title: