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THEISSUER <br />CITY GOVERNMENT <br />The City of Gem Lake was organized as a municipality in 1959. The City operates under a statutory form of <br />government consisting of a five -member City Council of which the Mayor is a voting member. The City Clerk and <br />City Treasurer are responsible for administrative details and financial records. <br />LITIGATION <br />There is no litigation threatened or pending questioning the organization or boundaries of the City or the right of <br />any of its officers to their respective offices or in any manner questioning their rights and power to execute and <br />deliver these Bonds or otherwise questioning the validity of these Bonds. <br />LEVY LIMITS <br />The State Legislature has periodically imposed limitations on the ability of municipalities to levy property taxes. <br />In 2001, the Legislature imposed levy limits for all counties and all cities over 2,500 population. These <br />limitations have not applied to taxes levied to pay debt service. While these limitations have expired, the <br />potential exists for future legislation to limit the ability of local governments to levy property taxes. For more <br />detailed information about Minnesota levy limits, contact the Minnesota Department of Revenue or Ehlers & <br />Associates. <br />FUNDS ON HAND (As of April 12, 2007) <br />Total Cash <br />Fund <br />and Investments <br />General <br />$ 70,546 <br />Special Revenue <br />32,790 <br />Debt Service <br />165,579 <br />Capital Projects <br />46,299 <br />Enterprise Funds <br />111,277 <br />Total Funds on Hand <br />$426,491 <br />17 <br />