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EHLERS <br />& ASSOCIATES INC <br />August 11, 2006 <br />Fritz Magnuson <br />City Clerk <br />City Hall <br />1369 County Road E East <br />Gem Lake, MN 55110-5231 <br />RE: City of Gem Lake, Minnesota <br />$245,000 General Obligation Improvement Bonds, Series 2006A <br />Enclosed for your files is a completed copy of the Resolution Authorizing the Issuance and Awarding the <br />Sale of Bonds which was adopted by the City Council on July 31, 2006. Also enclosed is a copy of the <br />principal and interest payment schedule. <br />We have forwarded a copy of the resolution to the Ramsey County Auditor for bond registration and tax levy <br />purposes. <br />Sincerely, <br />EHLERS & ASSOCIATES, INC. <br />Diana Lockard <br />Senior Analyst <br />Enclosures <br />Equal Opportunity Employer <br />L E A D E R S I N P U B L I C F I N A N C E <br />Charter Member of the National Association <br />of Independent Public Finance Advisors <br />3060 Centre Pointe Drive, Roseville, MN 55113-1105 651.697.8500 fax 651.697.8555 www.ehlers-inc.com <br />