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We recolnmt-I'd that you rciTularly jnoiiitor compliance with Ulese rules and%or <br />rct7ill Ille ser. icd5 ot'a quaIif]etf firm to assist Vptl. <br />we also rucomliwiid that you establish written procedures regarding <br />CoIllplianix v ldl IRS rules. <br />Risk Factors: } Advance -ReTantling: The Bonds are being issued for the purpose of <br />advance" ref-utiding prior City debt obliparic.xls. tfilfy onc.Kdvance refunding <br />OfMl OH'Ziii;ll t:aX-eXClll ?t.iJCht obligation is permitted tinder Curl-ent IRS.rules. <br />i lI1ls .refunding is heim, undertaken *based. in part oil the following. <br />• Sincc tht new Bonds will e.xtelld the "c ell" elate lbr this debt, we are <br />i�s.tinr tha; the i..J;v dos not ex pect.to have revenues avitilable to <br />obligations prior to this new call date. <br />• That ads:a.,ice refitinding wilt prgvide an overall lower dtebt cw- as <br />compared to. waiting to refttnd•the issue; until its Call date,. <br />Other Service. Providers: Icicala :vill require theengagemem of:Other public tinadu service <br />providers. 'I iiis �t�ctic,n idc:ritifics thusc oilier sorvi.ce providers.:so Ehlers can <br />i <br />:;001-i:flli.ltt' iiiiil �n�,!:LL'.Ciilfrill on _41111J' IleIu,I 1. where Ytitt havepreviously used <br />i ,i p, irtiriil it limn ir) p,ro� i lc t :,ci ice, we 112VC aSSLlnled dial you will continue <br />that rc i3[Is;iiitililjJ. } 01' Sel V iCCS 1'01.I.. IlavC not llreV itlusly required, we have <br />idt ntitic-1 ;; sci ice provider, F es charged by these service providers will be <br />find frolll proceeds of the obliLiado'n. unless you notify us that you wish to pay <br />thi_m from tilhcr snmc:es.. Our pre -sale bond Sizing includes. a good faith <br />i etilnatc o€' diesc. fcc.s, scr their.final fees €nay. viiry.. if you have any questions <br />f+c rtailiill to tllc iderltitied sc r ice providers .r r .heir rc1e, or if you would like <br />Ito use a dilfcrellt. wrvlcc provider for any of the listed services. please contact <br />us. <br />Blind Aftorney: iCsnnedy & Graven <br />Paying Agcrft: Bohd 'trust Serviecs <br />Ratting AgOncr Novi -Raced <br />CPA P;,scr ov Verification Agent: None 1 oclpired <br />Escrow Agent. U.S. E3ank <br />Biddiog Agent: Notie Required <br />Summary- I Thp decisions to be -made by the Council are as follows: <br />• Accept or modify the f v.in(e assunipticMis described in this report. <br />• Adopt tlw r.sulution .rttnch%:d to liiis report. <br />This presai.e report SLtmmarizes our understanditl' r�f'OW C tc "s 013jcc€iVOS fcii' the struCtti€`e and ternts of tliis <br />1:11.1ancin4 as of thi; (kite. ,is additional t.11tj hi40111Q. hncicctt or Capital niarkets miditicros change. we may need <br />to tjlod.ify the structure grid of tcrnl; of ths:> tit ant. -in-,,. to achieve I.csults consistent with the City`s objc tiVes, <br />.; _{... Presale Report April 21, 2095 <br />City of Gem Lake, Minnesota Page 3 <br />