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RESOLUTION NO. <br />RESOLUTION AWARDING THE SALE OF $245,000 GENERAL OBLIGATION <br />IMPROVEMENT BONDS (2006 ROAD IMPROVEMENT PROJECT) OF 2006; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <br />BE IT RESOLVED By the City Council of the City of Gem Lake, Ramsey County, Minnesota <br />(the "City") as follows: <br />Section 1. Sale of Bonds. <br />1.01. It is hereby determined that: <br />(a) the following assessable public improvements (the "Improvements") have been <br />made, duly ordered or contracts let for the construction thereof, by the City pursuant to the <br />provisions of Minnesota Statutes, Chapters 429 and 475, as amended (collectively, the "Act"); <br />Project Designation & Description: Total Project Cost <br />Big Fox Road, Little Fox Lane, <br />Haven Lane and Tessier <br />Road Improvements $245,000 <br />(b) it is determined that it is necessary and desirable for the sound financial <br />management of the City that the City issue and sell its General Obligation Improvement Bonds <br />(2006 Road Improvement Project), Series 2006 (the "Bonds"), pursuant to the Act to provide <br />financing for the Improvements. <br />1.02. Award to the Purchaser and Interest Rates. The proposal of Wells Fargo Brokerage LLC <br />(the "Purchaser") to purchase $245,000 General Obligation Improvement Bonds, Series 2006 of the City <br />described in the Terms of Proposal thereof is hereby found and determined to be the highest and best bid <br />received pursuant to duly advertised notice of sale and is hereby accepted, the proposal being to purchase <br />the Bonds at a price of $241,325 plus accrued interest to date of delivery, for Bonds bearing interest at <br />4.3 %. <br />True interest cost: 4.58% <br />1.03. Good Faith Check, and Contract with the Purchaser. The City Clerk is directed to retain <br />the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the <br />good faith checks of the unsuccessful proposers forthwith. The Mayor and City Clerk are directed to <br />execute a contract with the Purchaser on behalf of the City. <br />1.04. Terms and Principal Amounts of the Bonds To provide financing for the Improvements, <br />the City will issue and sell the Bonds in the original aggregate principal amount of $245,000, originally <br />2 <br />