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MEMORANDUM -OF INSTRUCTION TO: *C-onnie Kuck - Bond 'Trust Services Corporation 1' ROMy City of Gent .L.ake, Minnesota D.ATH: .tune: 17, 2015 RE: $850.,0{}0 Creneral Obligation Capital Improvernent Plan Bonds. Series 2007A City of Clem Lake. Minnesota.. dated June 20, 2007 and General Obligation Ref ending Bonds, Series 20l 5A,. City of Gem rake. Minnesota, dated June 17., 2015 The C'ity of Gem Lake. Minnesota (the "Issuer") previou,,41.y issued its General Obliplion C.4pital ftriprovemen( Plan Bonds. Series 2007A (the "Series 2007A Ronds''} in the aggregate principal amount of $850,000,. of which $7.30:000 in principal amount is callable on or after February 1, 201 U. l?cu suazlt to a resolution adopted by the City Council o'.the Issuer on May 19, 20.15. the City has .provided tier the issuance of its General Obligation Refundin Bonds.. Series 2015A (the ``Refunding Bands") in. ilia original aggregate principal amo�ttnt of $ On the date hereol,. a portion Of the proceeds of the R.efitnding Bonds will be used to redeem and prepay the 2017 thrattgh 2028 maturities of the SeriCIs 2007A Bonds on. February 1. 2016 (the "Redemption [Date") and pay the interest accreting and due on the Refunding Bonds to and .including the Redemption. Date. I'his letter sets forth the .conditiotts for calling the abevc-referenced bonds for*-redernptio--o February 1. -201 G .and for the payment of interest on the Refunding Bonds. On June 1.7. 20.15, Bond Tritst Services Corporation (the "Redemption Agent") wilt. receive by One or more -wires, .fluids from or at. *the .direction of 19suer in the amount of $ —. __. (the "Payment AmocmL"). The Payment Amoutit is the. atiiount ri.&essary to pay the. outstanding principal arrto.unt of tlic Belies 2001A Bonds called for rcdemptioh%on February 1, 2016 kind the interest on the Refunding Dotuls clue c011 August 1,.2()15 andFebruary 1, 2016, such cfat4,s.constitutingthe interest payment dates on the Reluntlitig Bonds ul9 to and including the Redentptiori Date. The tirnotints and dates. Of stic;h payments. tide shown in :Attachment B hereto.. We request that you holed the Pzyti.ient .'Amount without investment and apply the Payment :amount kt5 described in the Preceding paragraph. Please hold the -Payment Amount.in trust U11til applied to payment oi'principal of the Series 2007A Bonds and interest on the. Refunding Bonds as described herein. In the event any .funds remain afieX• payment in. full of the Payment Amount and payfilent in full or the 1:06s. aiid e\pmms of the Redemption Agent, such fumes should be returned to the lssuer:; 4(t I2 �jv2 .Itii Cii"i<,o-12