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City of Gem Lake, MN <br />�-� Results of Bond Sale <br />May 22, 2007 <br />a <br />$850,000 General Obligation Capital <br />Improvement Plan Bonds, Series <br />2007A <br />Low Bidder Northland Securities, Inc. <br />Minneapolis, Minnesota <br />True Interest Cost 4.4227% <br />Number of Bids 4 <br />Rating Non -Rated <br />Range of Bids 4.4227% - 4.5757% <br />Total Debt Service Results of Sale <br />Principal Amount $850,000 <br />Discount Taken $9,715 <br />Average Interest Rate 4.3218% <br />Interest Rates 4.00% - 4.50% <br />Available for Const. $I,227,223 <br />Twp. Contribution $408,500 <br />Bond Buyer Index 4.29% <br />Closing Date June 20, 2007 <br />Council Action Accept the bid from Northland Securities, Inc. and Adopt "Resolution <br />Providing for the Issuance and Sale of $850,000 General Obligation Capital <br />Improvement Plan Bonds, Series 2007A" <br />Attachments <br />■ Bid Tabulation <br />■ Final Debt Schedule <br />■ Graph, Bond Market EHLERS <br />■ Bond Resolution <br />& ASSOCIATES INC <br />3060 Centre Pointe Drive Roseville, MN 55113-1105 <br />651.697.8506 fax 651.697.8506 www.ehlers-inc.com <br />