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<br />PRELIMINARY OFFICIAL STATEMENT DATED JUNE 7, 2018
<br />In the opinion of Kennedy & Graven, Chartered, Bond Counsel, based on present federal and Minnesota laws, regulations, rulings and decisions (which exclude any
<br />pending legislation which mayhave a retroactive effect), and assuming compliance with certain covenants, interest to be paid on the Bonds is excluded from gross income
<br />for federal income tax purposes and, to the same extent, front taxable net income of individuals, estates and trusts for Minnesota income tax purposes, and is not a
<br />preference item for purposes of computing the federal alternative minimum tax (although interest on the Bonds is included in adjusted current earnings in calculating
<br />corporate alternative minimum taxable income for taxable years that began prior to January], 2018) or the Minnesota alternative minimum tax imposed on individuals,
<br />trusts, and estates. Such interest is subject to Minnesota franchise taxes on corporations (including financial institutions) measured by income, No opinion will be
<br />expressed by Bond Counsel regarding other state orfederal tax consequences caused by the receipt or accrual ofinterest on the Bonds or arising i vith respect to ownership
<br />of the Bonds. See "Tax Exemption" herein.
<br />The City will designate the Bonds as "qualified tax-exempt obligations"for purposes of Section 265(b)(3) ofthe Internal Revenue Code of 1986, as amended, relating
<br />to the ability of financial institutions to deduct from income for federal income tax purposes, interest expense that is allocable to carrying and acquiring tax-exempt
<br />obligations.
<br />New Issue Rating Application Made: S&P Global Ratings
<br />CITY OF GEM LAKE, MINNESOTA
<br />(Ramsey County)
<br />(Minnesota City Credit Enhancement Program)
<br />$665,000* GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2018A
<br />PROPOSAL OPENING: June 19, 2018, 10:00 A.M., C.T. CONSIDERATION: June 19, 2018, 7:00 P.M., C.T.
<br />PURPOSE/AUTHORITY/SECURITY: The $665,000* General Obligation ImprovementBonds, Series 2018A (the'Bonds") are being
<br />issued pursuant to Minnesota Statutes, Chapters 429 and 475, by the City of Gent Lake, Minnesota (the "City") for the purpose of
<br />financing various public improvements within the City. The Bonds will be general obligations of the City for which its full faith, credit
<br />and taxing powers are pledged. Delivery is subject to receipt of an 'approving. legal opinion of Kennedy & Graven, Chartered,
<br />Minneapolis, Minnesota.
<br />DATE OF BONDS
<br />MATURITY:
<br />MATURITY
<br />ADJUSTMENTS:
<br />TERM BONDS:
<br />INTEREST:
<br />July 12, 20'18
<br />February 1 as follows:
<br />Year
<br />2020 $35,000
<br />2021 40,000
<br />Year Amount* Year Amount*
<br />2025 $40,000 2030 $45,000
<br />2026 45,000 2031 50,000
<br />2022 40,000 2027 45,000 2032 50,000
<br />2023 40,000 2028 45,000 2033 50,000
<br />2024 40,000 2029 45,000 2034 55,000
<br />* The City reserves the right to increase or decrease the principal amount of the Bonds on the day of
<br />sale, in increments of $5,000 each. Increases or decreases may be made in any maturity. If any principal
<br />amounts are adjusted, the purchase price proposed will be adjusted to maintain the same gross spread
<br />per $1,000.
<br />See "Term Bond Option" herein.
<br />February 1, 2019 and semiannually thereafter.
<br />OPTIONAL REDEMPTION: Bonds maturing February 1, 2028 and thereafter are subject to call for prior redemption on February 1,
<br />2027 and any date thereafter, at a price of par plus accrued interest.
<br />MINIMUM PROPOSAL: $655,025.
<br />GOOD FAITH DEPOSIT: A good faith deposit in the amount of $13,300 shall be [Wade by the winning bidder by wire transfer of
<br />funds.
<br />PAYING AGENT:
<br />Bond Trust Services Corporation
<br />BOND COUNSEL:
<br />Kennedy & Graven, Chartered
<br />MUNICIPAL ADVISOR:
<br />Ehlers and Associates, Inc.
<br />BOOK -ENTRY -ONLY:
<br />See 'Book -Entry -Only System" herein (unless otherwise specified by the purchaser).
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