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<br />APPENDIX D
<br />TERMS OF PROPOSAL
<br />$850,000* GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2007A
<br />CITY OF GEM LAKE, MINNESOTA
<br />Proposals for the purchase of $850,000 General Obligation Capital Improvement Plan Bonds, Series 2007A (the
<br />"Bonds") of the City of Gem Lake, Minnesota (the "City") will be received at the offices of Ehlers & Associates, Inc.
<br />("Ehlers"), 3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105, Financial Advisors to the City, until 10:00
<br />A.M., Central Time, and ELECTRONIC PROPOSALS will be received via PARITY, in the manner described
<br />below, until 10:00 A.M. Central Time, on May 22, 2007, at which time they will be opened, read and tabulated. The
<br />proposals will be presented to the City Council for consideration for award at a meeting to be held at 7:00 P.M.,
<br />Central Time, on the same date. The proposal offering to purchase the Bonds upon the terms specified herein and
<br />most favorable to the City will be accepted unless all proposals are rejected.
<br />PURPOSE
<br />The Bonds are being issued by the City pursuant to Minnesota Statutes, Section 475.521 and Chapter 475, for the
<br />purpose of financing the 2007 capital expenditure of approximately $1,225,500 for the Joint Use City Hall Building
<br />described in the City's 5-Year Capital Improvement Plan dated February 20, 2007. The Bonds are general obligations
<br />of the City, for which its full faith, credit and taxing powers are pledged.
<br />DATES AND MATURITIES
<br />The Bonds will be dated June 20, 2007, will be issued as fully registered Bonds in the denomination of $5,000 each,
<br />or any integral multiple thereof, and will mature on February 1 as follows:
<br />Year
<br />Amount*
<br />Year
<br />Amount*
<br />Year
<br />Amount*
<br />2009
<br />$15,000
<br />2016
<br />$15,000
<br />2023
<br />$60,000
<br />2010
<br />15,000
<br />2017
<br />50,000
<br />2024
<br />65,000
<br />2011
<br />15,000
<br />2018
<br />50,000
<br />2025
<br />65,000
<br />2012
<br />15,000
<br />2019
<br />55,000
<br />2026
<br />70,000
<br />2013
<br />15,000
<br />2020
<br />55,000
<br />2027
<br />70,000
<br />2014
<br />15,000
<br />2021
<br />55,000
<br />2028
<br />75,000
<br />2015
<br />15,000
<br />2022
<br />60,000
<br />ADJUSTMENT OPTION
<br />* The City reserves the right to increase or decrease the principal amount of the Bonds on the day of sale, in
<br />increments of $5,000 each. Increases or decreases may be made in any maturity. If any principal amounts are
<br />adjusted, the purchase price proposed will be adjusted to maintain the same gross spread per $1,000.
<br />D-1
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