HomeMy WebLinkAbout2015-07RESOLUTION NO.2015-07
A RESOLUTION AWARDING THE SALE OF GENERAL
OBLIGATION REFUNDING BONDS, SERIES 2015A, IN THE
ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $775,000;
FIXING THEIR FORM. AND SPECIFICATIONS; DIRECTING
THEIR EXECUTION AND DELIVERY; PROVIDING FOR
THEIR PAYMENT; PROVIDING FOR THE ESCROWING AND
INVESTMENT OF THE PROCEEDS THEREOF; .AND
PROVIDING FOR THE. REDEMPTION OF BONDS REFUNDED
THEREBY
BaJT RESOLVED By the. City Couneil *of the City. of Gem Lake, Ramsey County, Minnesota
(the*"Gity") as follows:
Section 1. Findings_Sale ofBonds.
l . Back=gnd. It is hereby determined that:
(a) Pursuaat to. Minnesota Statutes, Chaptei: 475,-as amended (the. "Act'), the City
issued General. Obligation Capital Improvement Plan Bonds, Series 2007A (the "Series 2007A
Bonds" or the "Refunded Bonds"), dated June 20,. 20.07k in the original aggregate principal
amount of $850,000,.the-proceeds of which -were used1o: finance certain capital improvements
under -an approved capitol improvement plan (tile -2007 Project"); and
(b) The City is-authorized*by Minnesota Statutes,.Sectioii 475.67, subdivision 13, to
issue and still its. general obligation bonds to refund outstanding bonds when determined by the
City Council to be necessary and iiesirable.
(c) lNe. City Council finds it necessary and expedient -to the sound financial
management of the. -affairs. of the City that1he City issue its General Obligation Refunding Bonds,
Series 2015A (the "Bonds.), in'the original aggregate principal amount of*$775,000, to refund in
advance of .maturity and. at their. redemption dote the 2011 through 2028 maturities of the
Refunded. Bonds, currently outstanding in the':aggregate principal amount of $745,000, of which
$730,000 will:be called for redemption on..February 1, 2016.
(d) The City is authorized by Minnesota. Statutes, Section 475.60, subdivision `2(5) to
negotiate the sale -of-the Bonds, since the Bonds will be issued as crossover refunding obligations
referred to in Minnesota Statutes, Section 475.67, .subdivision 13. The actions of the City staff
and financial advisors in negotiating the sale of the Bonds are ratified. and confumied in all
aspects.
1.02. Award to the Purchaser and. interest aces. The proposal of United Bankers' Bank,
Bloomington, Minnesota (the "Purchaser) " to purchase the.Bonds of the. City is determined to be a
reasonable offer and is accepted,.the proposal being to purchase the Bonds -.price of $765,700 (par amount
of $775,000, less underwriter's discount of $0,500),. plus accrued interest -to date of delivery, if any, for
Bonds bearing interest as follows:
461255vGAF GE190-12
Year
Interest Rate
Year
Interest Rate.
2018*
0
1.25 /a
2024*
2,35%
2.65
2m0*
1.70
2026*
2028*
n.o
2022*
2.05
*Teem Bond
True interest.cost:.2.4062751%
1.W, Purchase Contract. Any original issue premium and any rounding amount shall. be
d hereinafter dreated, as
credited to -the Debt Service Fund hereinafter created or the
ow. .F advisor, The Treasurer ie directed
determined by the Treasurer in consultation with the City s m p
to retain the good faith check of the Purchaser, pending e of the Bonds, and to return
completion. of the sal
the good faith checks of the unsuccessful proposers, The Mayor and City Administrator -Clerk are
directed to execute a contract with the Purchaser on behalf of the City.
1,04. Terms and Principal Amount .of B The'City will forthwith issue an esea� the Bonds
pursuant to the. Act, specifically Section 475.67, subdivision 13, in the original aggregate principal
amount of $775,00% originally -dated June 17, 201;5; in the denomination of $5,000 each or any integral
multiple: thereof, numbered NO..R-1, upward, beaming interest as above set forth; and.maturing serially on
Februaryl in the years and.amounts as follows:
Year
2018*
2020*
1022*
*Term Bond
Amount
$i 20,000
1.25,000
125;000
Year
2024*
2026'*
.2028*
$130,000
135,000
140,000
1.05. Optional Redemption. The City may .elect on February �1, 2024, and on. any day
thereafter to prepay Bonds.due on or after February.. 1, 2025. Redemption maybe M whole or in...part and
if. in part, at the option of
the: City and. in such manner as the City will deteimirie; If less than all Bonds of
a maturity are called :for redemption:, the City will notify DTC (as defined in Section 8 hereof n the
particular amount of such maturity to be prepaid, ed an l determine. bIt will Mien select bx .lott the
participant's interest in. such maturity to be redeem P� ents will beat a:price of par plus
beneficial ownership interests in.such maturity to be redall
eemed. Prepayments
.accrued interest.
1.06. 1Vlandato Redem tion. The Bonds maturing. on February 1, 20.1.8, February 1, 2020,
ary 1, 2026 and February.l> 2028 shallhereinafter he referred
February 1, 2022, February 1, 2024, Febru
to collectively as the: "Tenn Bonds:" The principal amounu ta earlier eaonal redemptionse Term I$Onds subject tomwith any
i
.sinking :fund redempton on any date may be reduced. through �
partial redemptions the Term Bonds credited against future mandatory sinking fund redemptions of
such Term Bonds. -in such order as the City shall determinearThusB ccrued Wiest on Febre subjectruaty 1 o mandatory
of the.
sinking fund redemption and. sball be redeemed m part at p p
followingyears and in the principal amounts as follows:
461255vGAF GE190-12 3
each.year,. commencing February 1, 20i6, to the registered owners of rece�zd as of the close of business on
the fifteenth day of the immediately preceding.
receding month,.whether or not that day is a business'day..
2.03: Registration. The City will appoint a bond registrar, transfer agent, authenticating agent
and paying agent (# m"Registrar"). The effect of registration and the rights and. duties of the City and the
Registrar with respectthereto are. as:follows:
a Refrister, The Registrar must keep at its principal corporate trust office a bond
()
register in which the Registrar provides for the registration .of ownership of Bonds and the
registration of* transfers. anal exchanges of Bonds entitled to be registered;. transferred or
exchanged.
(b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed.by the
registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory
to the Registrar, duly executed by the. registered owner thereof or by an. attorney duly :authorized.
by the.registered owner in writing, -the Registrar will authenticate and deliver, in the name of the
designated transferee. or transferees, one or morenew .Bonds of a like aggregate principal amount:
and: maturity, as requested by the transferor: The Registrar may, however, close thebooks for
.registration .of any transfer after the -fifteenth day of the month preceding each. interest payment
date: and Until that. interest payment date.
(c) Exchan e 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.
(d) Cancellation Bonds surrendered upon..`transfer .or exchange will be promptly
cancelled bythe Registrar and thereafter disposed of as directed bythe City.
(e) Improper or Unauthorized Transfer. When a:Borid is*presented-to the Registrar
for transfer, the: Registrar may refuse to transfer the Bond until the.Registrar issatisfied that the
endorsement on the Bond .or separate instrument of transfer is valid and genuine: and that the
requested transfer is legally- authorized. The Registrar will incur no liabilityfor the refusal, in.
good faith, to make transfers :which it, in its judgment, deems improper or unauthorized.
(f) Persons -Deemed Own_M. The City and the Registrar may treat the person in
whose name a Bond is -registered in the bond register as the. absolute owner of the Bond, whether
the Bond is. -overdue or not, for the purpose of receiving payment of, or on account of, the
principal. of and interest on the Bond and for all other purposes,: and payments so. made to a
will be valid and. effectual to satisfy and discharge the
registered owner or upon the owner's order
.liability upon the Bond to the extent of the sum or sums so paid,
(g) Taxes Fees and Charges. The Registrar may impose a charge upon the owner
thereof for a transfer or exchange of Bonds sufficient to..reimburse the Registrar for any tax, fee
.or. ther.governmental chargerequired to bepaid with respect -to. the transfer or exchange.
(h) Mutilated L st, Stolen of Destroyed Bonds. If a Bond becomes mutilated or is
destroyed; stolen or lost, the Registrar vAll deliver a new Bond of like amount, number, maturity
date -and tenor in exchange and substitution -for and upon cancellation of the mutilated Bond or in
I ieu of and i.n substitution for %any Bond destroyed, stolen or 'lost, upon the payment of the
reasonable expenses and charges of the Registrar' in connection therewith; and, in the case Vf -a
461MVGAF GE.1.90-12 5
Upon the execution and delivery ofdefmitive Bonds the temporary Bonds will be exchanged therefor and
-cancelled.
Section 3. Form o fBond.
3.01. Execution of the Bonds. The Bonds will be -printed of typewritten in substantially the
form attached hereto as EXHIBIT B.
3.02. Approving Legal Opinion. The City Administrator -Clerk is. allthorized and directed to:
obtain a copy of the proposed approving legal opinion of Kennedy &. Oraven; Chartered, Minneapolis,
Minnesota, which is to be complete except as to dating thereof and cause the opinion..to be printed on or
accompany each Bond.
Section 4. Bonds: Securi . Covenants' Escrow..
4.01. Debt Service Fund. For the convenience and proper administration ofthe .be
borrowed and repaid on the Bonds, and to provide adequate and.specific security for the Purchaser and
holders from time to time of the Bonds, thereis hereby-creaOd'a special fund.to be designated. the General
Obligation Refunding Bonds, Series 2015A Debt Service Fund "(the "Dent Service Fund") to be
admiilistered:and:maintained by the City. Treasurer as a bookkeeping account. separate and. Apart from all
other funda maintained in the official financial records .of the City. Tlie Debt Service Fund will be
maintained in -the manner herein.. specified until. all of the Refunded Bonds have been.paid $nd until all Qf
the Bonds and the interest thereon have been fully paid.
To the Debt Service Fund, there is hereby pledged and.. irrevocably appropriated and there will be
credited: (i). any balance remitted to the City upon the termination. of the Escrow.Agreement (as herein
defined); (ii) taxes hereafter levied for the payment of the Bonds and .interest thereon; (iii) after
February 1,2016 (the "Redemption Date"'), *ad valorem-laxes collected for the payment of the Refunded
Bonds after the Redemption Date pursuant tv. levies made in. the resolution autlioriziag the sale- and
issuance ofthe Refunded Bonds. (the "Prior Resolution!%. which levies will zlot be. Cancelled except as
permitted by Section 475.61,. subdivision 3. of the Act;. (iy} all investment earnings on funds .in the Debt
Service Fund; and (v) any and all other moneys which are.properly available-aand appropriated by the: City
Council to the Debt Service Fund. The. amount of any surplus remaining in the Debt Service Fund when
the Bonds and interest thereon are paid will be used as provided in. Section 4.75.61, subdivision 4 of the
Act. The debt service fund Heretofore established. for the. Refunded Bonds pursuant, to - the Prior
Resolution'shall 1561erminated after -the Redemption -Date; and all monies therein -are hereby transferred to
the Debt. Service Fund herein created.
4,02. Escrow Fund. Proceeds of the Bonds in the.Mount of $740,503-11 will.be deposited in a
separate fungi (the "Refunded Bonds Escrow Fund") .maintained by U.S. Bank, National Association, St.
Paul, Minnesota, acting as escrow agent (the "Refunded Bonds Escrow Agent"). Such funds -will be
received by the Refunded Bonds Escrow Agent and applied to fund the Refunded Bonds Escrow Fund,
and are hereby irrevocably pledged. andappropriated to the Refunded Bonds Escrow. Fund. The Refunded.
.Bonds. Escrow Fund will be held in anon -interest -bearing cash account, the amount deposited thereiir
being sufficient: to (i) pay when due the interest to: accrue on the Bonds to and. including the Redemption
Date; and (ii) pay on the Redemption Date the principal amount of the.Refunded Bonds then outstanding.
The Refunded Bonds Escrow Fund villbeirrevocably appropriated -to the payment of the principal of the
Refunded Bonds until the proceeds of the Bonds therein are applied to prepayment of the Refunded
Bonds. The moneys in the Refunded Bonds Escrow Fund will be used solely for the putposes herein set
forth and for no other purpose, except. that any surplus in the Refunded Bonds Escrow Fund ilisy be
46125ft W- PE190-12 7
cost savings (the "Reduction") is at least 3:00% of the debt service on the. Refunded Bonds. The
:Reduction, a#ter the iiiclusion of all authorized expenses of refunding in the computation of the effective
.interest rate. oo the Bonds, is adequate to, authorize the issuance of the Bonds as provided by Section
475.67, subdivisions 12. and 13 of the Act.
5;03. Procds Pledged to the Escrow Fund. As. of the date of delivery of and payment for the
Bonds, proceeds ofthe Bonds are hereby pledged and appropriated and. will be deposited in the Escrow
Fund as follows!
i} $10.,5t)3.11 for the purpose of paying interest .on the Bonds to and including
Date the principal
Februaryl;, 2016; and (ii) $7.30,000 for the. purpose..of redeeming on the Redemption
amount.ofthe Series 2007A Bonds maturing after the Redemption Date.
5.04. Securities to Fund. Escrow Fund. Securities purchased, if any, from ,the moneys in the
Escrow Fund will be -limited to securities specified in Section 475.671, subdivision 8 of the Act. Ehlers &
Associates, Ino., and/or U.S. Bank National Association, as agent for the City, is hereby authorized and*
directed to purchase for and on behalf of the City and in its name, appropriate .securities to fund the
Escrow Fund. Upon the issuance and delivery of the. Bonds, the securities so purchased will be deposited
with the Escrow Agent and held pursuant to the terms of the Memorandum of Tnstriiction (as defined
herein) and this resolution.
5.05. Notice Call for Redeni tion. The Refunded Bonds. maturing on February 1, 2:011', and
thereafter will be redeemed and prepaid on the Redemption Date in :accordance with its terms and in
accordance with the terms and cotadztions set forth in the form of Notice of Call for Redemption attached
hereto as EXHIBIT D, which terms and conditions are hereby approved and incorporated by reference.
The registrar for. the Refunded Bonds -is authorized and directed tq send a copy of the Notice of Call for
Redemption to the registered holder of the Refunded Bonds.
5.06. Memorandum of Instruction. On or prior to the. delivery of the Bonds, the Mayor and. the
City Clerk are hereby authorized and directed to execute On. behalf of the. City a Memorandum of
Understanding with the Escrow Agent in substantially the fori i now on file with the City Clerk.. All
essential terms and conditions of the Memorandum of Understanding including payment of reasonable
charges for the services .of the Escrow Agent; are hereby approved and adopted and made partof this
Resolution.
Section 6. Authentication of T nsc �)t.
6.0. 1. 'City Proceeds t&s and: Records.. The officers of the City are authorized. and directed to
prepare and furnish is the Purchaser and to. the attorneys approving the. Bonds, certified copies of
proceedings and records of the �Cityrelating-to *the Bonds and to the financial condition and -affairs of the
City, and such other certificates, affidavits and transcripts as may be required to show the- facts within..
their knowledge -.or as shown by the books and records in their custody and under their bontrol, relating to
the validity and marketability of the Bonds; and such instruments, including any heretofore furnished,
may be. deemed representations of the City as to the facts stated therein.
6.02. Certification as to Official Statement. The Mayor and City Administrator -Clerk are
hereby authorized and. directed to certify that they have .examined the and.
Statement prepared. and
circulated in connection with the issuance and sale of the Bonds an&that to the.. best of their knowledge
and beiiefthe Official Statement is a complete. -and accurate representation of the facts and representations
made therein at -of the date of the Official Statement.
6.03. OtMr Certificates: The Mayor, City Administrator -Clerk, and.City Treasurer are hereby
authorized and directed to furnish to the Purchaser at the closing such certificates as are required as a
:eonditio' n of sale. Unless litigation shall have been commenced and be pending questioning the :Bonds or
461255vGA-V GE190-12 i.
7.0q. Qualifed Tax -Exempt Qbliq}ations. in. order to qualify the. Bonds as "qualified tax-
exempt obligations within the meaning of Section 265(b)(3) of the. Code, the City.makes lhce following
factual statements and representations:
{a) the Bonds are not "private activity bonds" as defined" in .Section't.41. of the Code;
(b) the City :hereby designates. the Bonds as "qualified tax-ekethpt obligations for
purposes-d-Seciiun.265(b)(3) of the Code;.
(c) the "reasonably anticipated amount of tax-exempt obligations (other than private
activity bonds which are not qualified.501(c)(3) bonds) which will be issued by the --City (and all
subordinate: entities of the City) during calendar year 20I-5. will not exceed $1 O,000,QOQ; .and
.(d) not more.than $10,000;0.00 of obligations issued by the City. during.calendar year
2015 have been designated.for.purposes of Section 265(b)(3) of the Code.
7:05. Proced 1 R uire ents. The City will use its.best efforts to comply with any federal
procedural.requirements which. may. apply .in order to ef-ectuate.the designations tnade-by this section.
Section 8. Book -Entry System-, Limited Obligation of City..
8.01. The De osit T m Trust C an . The Bonds will be initially issued in dhe form. of a
separate single typewritten or printed fully registered Bond for each of the -maturities set forth -in:
Section 1.04 hereof.. Upon #Iitial issuance, .the ownership of each such. Bond will be registered in. the
registration books kept by the Registrar in the name of Cede & Co., as nominee for The.Depository Trust
Company.; New York, New York, and its .successors and assigns C"DTC"). Except as provided in this
section, all of the outstanding; Bonds will be registered in the registration books kept by the.Registrar in
the name of Cede & Co., as nominee of DTC.
8.0.2. Participants. With respect tq Bonds registered in the registration: books kept by, the
Registrar in the. name of Cede & Co., as nominee of. DTC; the City, the Registrar and the Paying. Agent
will have no. responsibility or obligation to any broker dealers, banks. and other.financial institutions from
time to :time. for which DTC holds Bonds as securities depository (the "Participants") or to any :other
person on behalf.of which a Participant holds an interest in the Bonds, including lint not limited to any
responsibility.. or -obligation with respect to (i) the accuracy of-therecords of DTC,. Cede.. & Co. or any
Participant with respect to any ownership" interest in the Bonds, (i) the*delivety to any Participant or any
other person (other than a registered owner of Bonds, as shown by the registration books kept by the
Registrar), of any notice with respect to the Bonds, including atiy notice of redemption; or (iii) the
payment to any Participant or any other. person, other than a registered oywper o€ Bonds, of any amount
with respect to principal of, premium, if -any, -or-interest on the Bonds. The City, .the Registrar and the
Paying Agent -may treat and consider the person in whose name each Bond is registered in the registration
books kept by the Registrar. as the holder and absolute owner "of such Bond for the purpose. of payment of
principal, premium .and. interest -with respect to .such. Bond, for*the.purpose of registering transfers. with
respectto such Bonds, and for all other purposes. The Paying: Agent will pay all principal of, premium, if
any; and interest on the Bonds only to or on the order of the respective registered owners, as drown in the
registration books kept by the Registrar, and all such payments will be valid and effectual to fully satisfy
and discharge the City's obligations with respect to payment of principal of, premium, if any, or interest
on the Bonds to.ihe.extent of the sum or sums so paid. No person other than a registered owner of Bonds,
as shown in the registration books kept by the Registrar,: will receive a .certificated Pon d.evidencing the
obligation of this resolution. Upon delivery by DTC to the City Administrator -Cleric of a written. notice
:to the effect that DTC has determined to substitute a -new nominee in .place of Cede & Co., the words
461255vGAF GE190-12. 1.1
The motion for the :adoption of the foregoing resolution was duly seconded by Councilmember
Gretchen Artig-Swoimley, and upon vote being taken thereon, the following voted in favor thereof:
Councilmembers Bob Uzpen, Gretchen Artig-Swoinley, Rick Bosak, Faith Kuny and Jim Lindner
and the :.following voted against the: same: None
whereupon said resolution was. declared.duly passed and adopted.
461255YGAF GE190-12 13
" NET 'I ILL'L
MATURITY REOFFERING INTEREST IN I*Eltt,$T
NAME OF BIDDER Fcbruar►• i RATY l'LUD PRICE COST HATE
131.11NARI I SE'CUR1"1IFS, INC..
Chicago. 1I limns
NOR1711_AND SECURITIES. TNC_
A9 inncapolis. Iv1 inoes010
2017
2018
2019
2020
2021
2022
2023
2024
2625
20.26
2027
2029
1017
2019
2019
2020
2021
2022
2023
20N
2025
2026
2027
2028
1.250°Jo
1.2sa%
1.7SQ°A
1.730%.
2.25Q9%
22-WA
2,,
2.500%
•1.730'Re
2,750%
3:.00Wo
3.000'Yo
1.Z505A
1.250°A
1.750%
1.750%
2.2w.4
2.200%
2.500%
2.500%
3.00wo
3.0VA
3.000%
3.0w/.
Bid Tabulation
` y CityofGenl lake. A4imiesota
S775,l1QQ General (Wigation Refunding Bojids, Series 1015A
S?65;700.00
mm.00
S 153,690.00
S156.728,61.
2.7201!%
2.772.7%
may. 19, 2015
Page 2
461255vGAF GE190.12 A-2
part at par plus accrued interest on February 1 of the following years and in the principal amounts as
follows:
:Sinkintt.Fund-lnstallment Date
Febniar .1. 2018 Term Bond Princi al Amount.
2017 $60,OOb
2018* $60,000
*Maturity
FebruM 1 2020 Term Bond Principal Amount
2019 $65,000.
2020* $60,000
*Maturity.
February 1, 2022 Term Bond Principal Amount
.2021 $60,000
2022* $65;000
*Maturity
February 1. 2024 Tenn Bond Princi al Amount
2023 $65,000
2024* $65,000
*Maturity
February L .2026 Term Bond Principal Amount
2025 $65,000
2026* $70,000
*.Matutz.ty
February 1. .2028 Term Bond Principal Amount
2027.$70,000
'2028* $70;000
* Maturity
This. Bond: is. one of an issue in the aggregate principal amount of $ .75,000 allof like: original
issue date and tenor, except as..tp number, amount, maturity date, interest rate, and redeiaption-privilego;
all issued pursuant to a resolution adopted by the City Council on May 19, 2015 (the "Resolution"), fox
the purpose of providing money. to. refund in advance of maturity Redemption Date (February 1, 2016), all
as defined in the Resolution, -a-portion. of certain genial obligation bonds of the City, pursuant to and in
full conformity with the, the Constitution and laws of the State of Minnesota, including Minnesota
Statutes, Chapter 475, as amended, specifically Section 475, 7, subdivision 11 A portion of the interest
hereon is payable until the Redemption Date primarily out of an escrow fund held by an escrow. agent.
'Thereafter, the principal.bereof ,and the. interest hereon are payable from ad valorem taxes, as set forth in
the Resolution *to*which reference is. made for a fujl statement.of rights and powers thereby conferred.
461255vGAF GEjW!2 $ 2
IN WITNESS WHEREOF, the City of Gem Lake, Ramsey County, Minnesota, by its City
Council; has caused this Bond to be executed on its behalf by the facsimile or manual signatures of the
Mayor and *C#y-Administrator-Clerk and has caused this Bond to be.dated as of the date set forth below.
Dated: :Jurie:17, 2015
CITY OF. GEM LAKE, MINNESOTA.
Facsimile (Facsimile)
'Mayor City Administrator -Clerk
CERTIFICATE OF AUTHENTICATION
This is one.ofthe Bonds delivered pursuant to the Resolution mentioned within.
U,S:.BANKNATIONAL ASSOCIATION
By
Its
Authorized Officer
ABBREVIATIONS
The following abbreviations, when used in- the.. insoriptian -on the face of this Bond, will be
construed as though they were written out.in full.aceolftg to applicable lW&or regulations:
TEN COM -- as .tenants in common
TEN ENT - as tenants by entireties
JT TEN — as joint tenants with right of
survivorship-nnd:notas.tenants. in common
UNrF GIFT MIN ACT
Custodian,
(Cost). (Minor)
under Uniform Gifts -.or Transfers to Minors
Act, State*of
Additional abbreviations may also be used"thoUgh not in the above list.
461255vGAF GE1.90-12 $-4
PROVISIONS AS TO REGISTRATION
The ownership of the principal of and interest, on the. within Bond has been tegistered on the
books of the Registrar in the.name of tho�person last noted below.
Date of :Registration
Registered Owner
Cede & Co.
Federal ID 413-2555119
Signature of
Officer of Registrar
461255vGAF OE190-12 B-6
EXHIBIT D
NOTICE OF CALL FOR REDEMPTION
$8$0,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT LAN BONDS, SERIES1007A-
CITY OF GEM LAKE, MCNNEWTA
NOTICE IS HEREBY GIVEN that, -by -order of the. City Council of the. City of Gera Lake, Minnesota
(.the '"issuer"), there- have been called for redemption :and prepayment on February 1, 2016 {the
"Redemption Date"}, ail outstanding bonds of the Isstter de.6gtiated as $85.0,000 General Obligation
Capital Improvement Plan Bonds,Series 2007A, dated Jilne 20,: 2007, having stated mty d aturiates of
February 1 in the years 2018, 2020, 2022, 2024, 2026; an4 20-8, totaling $7301000 in outstanding
.principal amount, and with the following CUSIP numbers:.
= on d:. onager:
1Vlaturt h'
.. .. Pnnct p..,..,.....::.:;.:,..
,
�'::Amaurit.
R-2
2018*
$1.00,000:
4:10%a
3686.1A AILS
R 3.
2020*
110,000
4:15a/a
3.6861A AMl
R-4
2022*
115,000
4.25%
36861A AP4
R-5
2024*
125.000
4.35%
.36861A ARO
R4
2026*
135,000
4.40%
36861A AT6
R-7
2028*
145,060
4.50%.
36861A AV1
* Term Bond
The Bonds are being called. at*a-price °of par plus accrued interest to the Redemption Late; on
which date ail .interest on said Bonds -will cease -to ,-accrue. Holders of the Bonds hereby called for
redemption .are requested to present their Bonds for. payment -at. tht . office of U.S. Bank National
Association, Corporate Trust Services, 60 Iavingston AvenUr,,. Ep_MN=WS3C, St. Paul, Minnesota 55107
on or before the Redemption Date.
Payment. of the redemption price on the above Bonds will become due and payable on the Redemption
Date, upon presentation and surrender thereof. Interest on the principal amount designated to be
redeeied shall cease to accrue on and after the redemption date, Under the Interest and Dividend
Compliance Act of 1.985, 31%u will be withheld:.if tax.identification number is not properly certified.
The Issuer shallnot-be responsible for the selection or use of the CUSIP* Numbers, nor is any
representation made`as 10 the correctness thm vQf as. indicated in this redemption--notic o. C1191P Numbers
are included solely for the convenience: ofthe.bolders.
BY ORDER OF THE CITY COUNCIL OF
GEM LAKE,.MINNESOTA
Iniportant Notice; In compliance with the Economic Growth and Tax .Relief Reconciliation Act of 2601, federal
backup withholding tax will be .withheld.at the applicable backup withholding rate in effect at the time the payment
by the :redeeming institutions if Aey .are not provided with your social security number or :federal..employer
identificationnumber, property certified: This requirement is fulfilled by submitting: a W 9 Form, which may be
obtained at a bank or oiher.fsnancial.institution.
** Indicates full call of stated maturity.
*** Neither the issuer nor the Fiscal Agent/P4ying Agent shall be responsible for the selection of or use of the
CUSIP number, and no r+elsresentation is made as. to. its.. correctness indicated in the. Notice of Call for Redemption.
CUSIP numbers are included solely for the convenience. of the,:Holders.
46t2s5vw 10090-12 D-i
STATE OF MINNESOTA )
COUNTY OF RAMSEY ) SS.
CITY OF GEM LAKE )
I, the undersigned, being the duly qualified and acting City Clerk of the City of Gem Lake,
Minnesota (the "City"), do hereby certify that I have carefully compared the attached and foregoing
extract of minutes of a regular meeting of the City Council of the City held on May 19, 2015, with the
original minutes on file in my office and the extract is a full, true and correct copy of the minutes insofar
as they relate to the issuance and sale of the City's General Obligation Refunding Bonds, Series 2015A,
in the original aggregate principal amount of $
WITNESS My hand officially as such City Clerk and the corporate seal of the City this'W0day
of , 2015.
Jty Clerk
City of Gem Lake, Minnesota
(SEAL;
f A C STMII,E. REQUES'I`-SHEET
ISSUER Cit ,, bf Gem Lake, Minnesota
(,eneral Obligation Refunding Bonds, Series 2615A
Please sign below THREE times With your officiail signature. Thoe.signatiires.are then. used in
printing the. Bonds.
(Ulatk Ink Please)
Title Mayor
!... XLx -'),
Title: City Admihistlrator-Clerk.
1.. VVA'��"
4b1513v1 5EIQ0-12
Upon motion made by Councilmember ArC1g�Swoinley, seconded by. Councilmember Bosak,
the date of June 16, 2015, was :set for the. iinproverhent*hearing Resolution 201.5-08 and
approved the final water'feasibility report.. Motion. passed,
Approval of Private Activity Revenue Bond Funding
A. motion. was made by Councilmember Artig-Swijmley,. seconded by Councilmember Bosak to.
approve the policy for the Private Activity Revennue Bond --Funding. Motion passed.
A motion was made by Councilmember Lindner, seconded by Councilmember Artig-Swomley
to approve a public hearing for June 16, 2015, for the issuance of the band for.Presbyterian
Hordes. Motion passed.
Refinancing of the City Bond Resolution 2015-.07
Nick Anhut from Ehlers and Associates;-Ihe. updated *the couricil on refinancing of the city
bond.. A motion was made.. byCouncilmember Lindner,:seconded.by Councilmember Artig-
SWdmley to accept Refinancing of the City Bond Resolution 2015-07, iriotioripassed.
Claims for May, 2015
A motion Atlas made by Councilmember Artig-Swomley, seconded by Councilmember Bosak to
accept the claims for May, 2015. Motion passed.
Monthly Financials
Toni Kelly, City Treasurer updatedthe council -on the financials, including.a nuarteily financial
statement which he will be continue to do in the future. A brief discussion ensued about
charitable gambling proceeds processing; Council agreed to disburse $3,000 to the Willow Lane -
School literacy. fund.
Presentations from the Public
Chad Lemmons, City Attorney,. stated th&Pete:Sampair; Sampair Appraisals, who was
solicited to do, appraisals on business districtproperties disclosed that he did. prepare ark
appraisal for the Birkeland properties. Mr. Sampair inquired ifthe council considered- the'
action as a conflict of interested. Councihnembers. agreed that it wasn't a.conflict ot interest.
City of Gem Lake City Council meeting minutes, May 1.9,. 2015 Page 2
Ekiract of Minutes.gf Meeiitlg
of the. City Council of the -City of
Gem Lake; Ramsey County, Minnesota
Pursuant to due call and notice thereof, it. regular meeting of the City Couricil-of the City .of Gem
Lake,. Minnesota, was duly held in the City Hall in said City on. Tuesday, .May 19, -�Qj 5; commencing. at
7:00 P.M.
The following.mernbers were present:
and the following were absent:
The Nfay. 9r.. announced that the next order of -business was consideration of the proposals:Which.
had been received for the purchase of the City's General Obligation Refunding Bands, Series 2015A, to
be issued..in the original. aggregate. principal amount of
The City Administrator -Clerk presented a tabulatidifof the proposals which had been received Iri
the manner specified. in the Terms of Proposal for the. Bonds. The- proposals were as set forth in
EXHIBIT A attached.
After due considerafrori of -the. proposals, Councilmember introdlioed :the following
written resolutinrl, the reading of which. was dispensed with by unanimous consent,. and moved its.
adoptioty
461255W GAF.GE190-12