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PROPOSALFORM
<br />The City Council
<br />City of Gem Lake, Minnesota
<br />RE: $665,000* General Obligation Improvement Bonds, Series 2018A
<br />DATED: July 12, 2018
<br />June 19, 2018
<br />For all or none of the above Bonds, in accordance with the Terms of Proposal and terms of the Global Book -Entry System (unless otherwise specified by
<br />the Purchaser) as stated in this Official Statement, we will pay you s (not less than $655,025) plus accrued interest to date of delivery
<br />for fully registered Bonds bearing interest rates and maturing in the stated years as follows:
<br />% due 2020 % due 2025 % due 2030
<br />% due
<br />2021
<br />% due
<br />2026
<br />• due
<br />2022
<br />% due
<br />2027
<br />• due
<br />2023
<br />% due
<br />2028
<br />% due 2031
<br />% due 2032
<br />% due 2033
<br />% due 2024 % due 2029 % due 2034
<br />* The City reserves the right to increase or decrease the principal amount of the Bonds on the day of sale, in increments of $5,000 each. Increases or
<br />decreases may be made in any maturity. If any principal amounts are adjusted, the purchase price proposed will be adjusted to maintain the same gross
<br />spread per $1,000.
<br />The rate for any maturity may not be more than 1.00% less than the rate for any preceding mattgly ( rexample, ifa rate of4.50% is proposed
<br />for the 2020 maturity, then the lowest rate that may be proposed for any later maturity is 3:504.") Ali Bonds ofthe same maturity must bear interest
<br />from date of issue until paid at a single, uniform rate. Each rate must be expressed in an integral multiple o'f 5'/.100 or 1/8 of I %.
<br />We enclose our Deposit in the amount of $13,300, to be held by you pending delivery and payment. Alternatively, if we are the winning bidder, we will
<br />wire our Deposit to KleinBank,1550 Audubon Road, Chaska, Minuesota, ABA No. 091915654 for credit: Ehlers & Associates Good Faith Account
<br />No. 3208138. Such Deposit shall be received by Ehlers ,& Associates no later than two hours alter the proposal opening time. The City reserves the right
<br />to award the Bonds to a winning bidder whose wire transfer is initiated but not received by such time provided that such winning bidder's federal wire
<br />reference number has been received. In the event the Deposit is not received as provided above, the City may award the Bonds to the bidder submitting
<br />the next best proposal provided such bidder agrees to such award. ll' our proposal is not accepted, said deposit shall be promptly returned to us. If the
<br />Deposit is wired to such escrow acoprit, we agree to the conditions and duties of Ehlers & Associates, Inc., as escrow holder of the Deposit, pursuant to
<br />the Terms of Proposal. This proposal.L4:for promptacceptatice and is conditional upon delivery of said Bonds to The Depository Trust Company, New York,
<br />New York, in accordance with the T of Pro I. Delivery is anticipated to be on or about July 12, 2018.
<br />This proposal is subject to the City's a ol,nt to enter into a written undertaking to provide continuing disclosure under Rule 15c2-12 promulgated by
<br />the Securities and Exchange Commission under the Securities Exchange Act of 1934 as described in the Preliminary Official Statement for this Issue.
<br />We have received and reviewed the Official Statement and have submitted our requests for additional information or corrections to the Final Official
<br />Statement, As Syndicate Manager, we agree to provide the City with the reoffering price of the Bonds within 24 hours of the proposal acceptance.
<br />This proposal is a firm offer for the purchase of the Bonds identified in the Terms of Proposal, on the terns set forth in this proposal form and the Terms
<br />of Proposal, and is not subject to any conditions, except as permitted by the Terms of Proposal.
<br />By submitting this proposal, we confirm thatwe are an Underwriter and have an established industry reputation for underwriting new issuances of municipal
<br />bonds. YES: _ NO:
<br />If the competitive sale requirements are not met, we elect to use the (circle one): 10% test / hold -the -offering -price rule to determine the issue price of the
<br />Bonds.
<br />Account Manager: By'
<br />Account Members:
<br />Award will be on a true interest cost basis. According to our computations (the correct computation being controlling in the award), the total dollar
<br />interest cost (including any discount or less any premium) computed from July 12, 2018 of the above proposal is $ and the true interest
<br />cost (TIC) is %.
<br />The foregoing offer is hereby accepted by and on behalf of the City Council of the City of Gem Lake, Minnesota, on June 19, 2018.
<br />By:
<br />Title:
<br />By:
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