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$660,000 <br />City of Gem Lake, Minnesota <br />General Obligation Improvement Bonds <br />Series 2018A <br />TAX CERTIFICATE <br />July 12, 2018 <br />We, the undersigned, being the duly qualified officers of the City of Gem Lake, Minnesota (the <br />"City"), hereby certify and recite as follows: <br />As of the date hereof and in accordance with the directions of the governing body of the City, we <br />have caused the proper manual or facsimile signatures to be affixed to each of the City's General <br />Obligation Improvement Bonds, Series 2018A (the "Bonds"), issued in the original aggregate principal <br />amount of $660,000. The Bonds were issued as of the date hereof in denominations of $5,000 at the <br />following interest rates: <br />Year Interest Rate <br />2020 3.00% <br />2021 3.00 <br />*Term Bond <br />Year Interest Rate <br />2028* 3.00% <br />2034* 4.00 <br />The Bonds are dated the date hereof, and accrue interest from such date. Interest on the Bonds is <br />payable semiannually on February 1 and August 1, commencing February 1, 2019. The Bonds are fully <br />registered and are payable at Bond Trust Services Corporation, Roseville, Minnesota, the Bond Registrar <br />and Paying Agent. <br />The Bonds mature on February 1 in the years and amounts as follows: <br />Year Amount <br />Year <br />Amount <br />2020 $30,000 2028* $290,000 <br />2021 35,000 2034* 305,000 <br />*Term Bond <br />The City may elect on February 1, 2027, and on any day thereafter to prepay Bonds due on or after <br />February 1, 2028. Redemption may be in whole or in part and if in part, at the option of the City and in <br />such manner as the City will determine. If less than all Bonds of a maturity are called for redemption, the <br />City will notify The Depository Trust Company ("DTC") of the particular amount of such maturity to be <br />prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be <br />redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to <br />be redeemed. Prepayments will be at a price of par plus accrued interest. <br />The Bonds maturing February 1, 2028 and February 1, 2034 shall hereinafter be referred to as the <br />"Term Bonds." The principal amount of the Term Bonds subject to mandatory sinking fund redemption on <br />any date may be reduced through earlier optional redemptions, with any partial redemptions of the Term <br />527553A GAF GE190-14 <br />