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CITY OF GEM LAKE RESOLUTION NO.2004-21 20 September 2004 A. RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION. IMPROVEMENT BONDS (PUBLIC IMPROVEMENT .PROJECT.NO.2004- 01,SCHEUNEMANROAD IMPROVEMENT AND SANITARYSEWERPROJECT),SERIES 2004 IN THE APPROXIMATE .ORIGINAL AGGREGATE PRINCIPAL AMOUNT QF S60%Q00 Pursuant to. due call:arid notice:ihereof a regular meeting of.the City Council. of the City of Gem Lake, Minnesota, was duly held on Monda , September 20, 2004, commencing at 7:00 o'clock P.A. The fd lowing call of the roft indicated NAME 'Emeott Watson Birkebak Igo Bosak ROLL CALL Present Present Present Present,. Present The 11ollowingwritten.resolution was presented by City CouncilorBosakwho moved its adoption and.CityCouncilor Watson who supported it's adppti0n,'the reading of which had been dispensed with by unanimous consent; .13E IT RESOLVED ED By theCity Couhibil. of theCity of Gem Lake, .Ramsey County; Minnesota (the"City") as follows; lt:is hereby determined that: (a) 1N6.fol [owing assessable.public improvements (the "Improvements") have been made, duly. ordered orcontracts)et for the:construction thereof by the City pursuant to the provisions of Minnesota Statutes, Chapters 429 pnd.475, as amended (..collectively; the "Act");. PROJECT DESIGNATION & .DESCRIPTION TOTAL PROJECT COST Public Improvement Project N.6_2004-0 [; Scheuneman Road Improvement And Sanitary Sewer Project S 600,000 (6) it is determ ined that it is necessary. and desirable for the sound financial'rnanagement of the City that the City issue. -and sell its: General Obligation-ImprovetnentiBonds (Scheunem an.Road.ImprovementAnd Sanitary Sewer P r0iject), Series 2004 (the "Bonds"),. pursuant to the Act to provide financing for the Itprovements. Z. Tb provide. financingforthe hnproverimenMthe City will issue:and sell "the Bonds in -the approximate origirial-aggregate. principal amount of$600i000, .3. Pursuant to the Act, the*City.Cleitis atAorized.to negotiate.the salebfthe Bonds on behalfofthe City: Pursuant io Minnesota Statutes, Section475.60, subdivision 2(2),:asamended, the City may negotiate the sale ofthe Bonds ifwithin anyt"velve.-month period the City issues obligations in an amount not exceeding,$1,200,wo.. The City lies not issued -any bonds or obligations within the past twelve months. 4.. The City Clerk is authorized to, buc. is not required to, retain the sergices-ofan independent financial consultant to advise the City w.ith.respect to the. offer and. sale -of the: Bonds.. The.City Clerk is.further authorized to take any appropriate action with respect to the negotiation ofthe*issaance-artd:sale of the Bonds. 5. The City Clerk- is directed to obtain offers for the purchase of the. Bonds and presetif those offers to the Council on Monday, Qc1ober 1.$-, 2004 at 7:00 o'clock P.M.,.:or at aAifferent time as: directedby- die Council.. The foregoing Resolution was offered. by City. Councilor Bawk and was supported by.City Councilor Waosm and %vas declared adopter! Based upon the following vote: NAME I~MEOTT WAT&ON' BIRKEBAK IGO ROSAK VOTE Aye. I Aye Aye A -ye Aye.