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CITY.OF GEM LAKE RESOLUTION NO: 2044-14 18 OCTOBER 2004 A RESOLUTION AWARDING .THE SALE OF $S8Cr,00t}. GtNERAL OBLIGATION IMPROVEMENT .BONDS (SCNEUMMAKROAD IMPROVEMENT PROJEGT),.SERIES 2004; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THIEII EXECUTIQK A.N.D. DELIVERY; AND PROVIDING.ROR THEIR PAYMENT BE 1T RESOL V ED by the City Council (thg "Council").of'the City of Gein.Loke; Ramsey County,.M.innesota (hereinafter, the "Uty") as follows: Section f. Sale of Bonds. 1.01. The pro ..posliti.of Wei Is Fargo.Brokerw Services, LL(t (tile-PuMllaSCT") to purchase the .City':sGenemlOb.ligation IntprovetnetttBonds (Sclteunennan Road ImprovenientProject) Series 2004 (the `Bonds"), in the original aggregate:principal apiount of$386,000. is found and determined to.be'a reasonable offer and is accepted. 1:02. The sum -of $26,957:1.5 will be credited to the Debt Service Furid..lnereinafter created. Tile. Mayor -and City Clerk are directed to execute a contract with the Purchaser: on behalf of the City. :Q3. The City will forthwith issue and sell the Blinds pursuant to Minnesota Statutes, Chapter 475, as amended, and Niinnesiita Statutes_ Chapter 4.29;.as amdhded (collectively, the "Act"), originally -dated November.3, 2004; bearing. at a rate of 3.70% to maturity atnd maturing on February 1., 2016. The payments of the principal of the Bonds shall,be.paid oil February I and August .1. ill accordance with the schedule on Exhibit A attached to. the Bonds when issued. 1.04.. Optional Redemption: The City. elects to prepay Bonds due on or after August 1, 2005.. Redemption, may:tie-in. whole or ill Part and if in part, on any February I or August 1, in minimum amounts of $.7,006 and.any increment of $1,QOfl: in excess thereof. at the. option of the City and in such manner.as the City will determine. Payments.of the Bonds will beat a:price of par plus accrued interest. Section 2, Registration and Payment 2.01. Registered Form. The. Bonds -will be issued as.a sirtgl..e typewritten bond, only in fully registered form:. The.interest thereon oil the Bonds and. the principal-amoitntt.bereof; will be payable bychecic or draft issued: by the City to the Purchaser.: 2,02, Dates: Interest Payment Dates: The Bonds will be dated. -as of their date of issuance. Tine interest on the Bonds will be-paya4le:on February I. and August I :of each year, commencing AtiguA 1, 2005. to the Purchaser. 7.03'. Registration. The City appoints the CityClerk as .Bond Registrar (the "Registrar").. The effect of registration and the rights and. duties .of the City and. the..Regimrar with respect theret6.will be as follows' (a) Resister.: The Registrar must. keep at its office a bond register in which the Registrar provides for the registration of ownership of B.onds:aiid the registration of.transfers and ekchanges of Bonds entitled. to be registered, transferred or exchanged. ([i) Fhchang6 of Bonds. When Bonds are surrendered by the. registered owner for. exchange the Registrar will authenticate and deliver one or more new Bonds of a like aggregate principal amount and maturity as requested by the registered owner or the owner's attorney in writing. (c) Cancellation. Bonds surrendered upon tratnsferDr:exgbange will be pronnptly cancelled. by the Registrar and tftereafter disposed of as directed by. the.City. (d) . Im ro eror Unauthorized Transfer. When a Bond is presented to the Registrar for transfer, the Registrar may refuse to .transfer the good until the Registrar is satisfied that the. endorsement on. the $op..d %or separate:instrumeiit of transfer is valid and genu.i.ne anthat the requested transfer is. .legally authorized. The .Registrar will incur no liability fortite* refusal, in good faith, to make: transfers which it; in its judgment,..deems irnproper.or unauthorized.