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HomeMy WebLinkAbout2015 04-21 CC PACKETCity of Gem Lake, MN City Council Meeting April 21, 20.15 Call Tb Orden of City Couneil Meeting — B —Mayor Uzpeh st 7:_P.M: Call -olf Roll Uzpcn ArdSLS.womley Lindrier Kuny Bosak Others in Attendance: Sign-up Sheet. Approval of City:CouncitTK!bUtes.and Agenda: • City Council Agenda -for ihis.;meeting (Accept Agenda) Minutes of theUty Council Meeting for March Committee Reports • No meeting Old Business • Newsletter ideas Publie Hearing • Ilansen Investments .LLC renewal of gardening permit New Business • Fire Cscrow Resolution.20i 5 — 02 • Water Crossing'i:easibility. - Kesolutiori 20I5 - 03 • Discussion with SEH on Public Meeting on Water Project • Resolution* 20I-5 -- 044-For the:.Pr-Sale of Gem lake BondslPreSale Report Resolution 2015 —.5 Intent to Reimburse Water Project Expenditures% o. Claims forAprU 2015 • Monthly Financial Reports • Presentations from: the public, free minutes maximum presentation • Open Items fortbe-Council Members -toy -bring Lip. Future Council Meetings • Special City Council -Meeting May 12140*,00 P.M. i Workshop Meeting May l l that 7:00 p;m. R Next City Counci[ Meeting,*May 19tli at.7:00 p.m. Adjournnnent 0 The meeting adjourned at City of Gem Lake City Council Meeting Tuesday, April 21, 2015, 7:00 p.m. Heritage Hall, 4200 Otter Lake Road, Gem Lake, MN Sign In Sheet /, �A— o c City of Gem Lake City Council Meeting. Minutes Tuesday, April 21, 2015, 7:O0 p.m... Gem Lake City Hall, 4200 Otter Lake Road, Gem Lake.; Minnesota. Mayor.Uzperi called the meeting to order at 7:00 p.m. Councilmembers Artig-Swomley, 6osak, Kuny and Lindner were present. Others in attehdarice; Justin Gese, S.E.H.; Todd Hagen, Ehlers,Torn Kelly, City Finance; Graham .Corwin, Victoria Johnson amd -Carol Schacht, students .and resident. Apr l_.21, 2015; Agenda Upon motion by the Couricilmember Lindner, -seconded by Councilmernb.er Artig-Swomley, the Agenda was approved by 5•0 Vote, Minutes March 17, 2015 Upon motion bq Couneilrrrierribet Ar-trg-Swomley, seconded. by Councilmember Lindner the minutes were approved with one change on page 1, March 17, 2015,.Agenda, was seconded by CoUneilrnember Bosakr Motion passed. Committee- Reports None Old Business Newsletter Update. Possible articles about the libraryapening,.resident clearr up beanna.Tangwell, Arcand; new resident interview, water tlrneline:for businesses, fire escrow resolution, MS-4, touncilmern ber Kuny asked about forrhatting the- newsletter fpr ease of reading on. IPhbnei.. Public Hearing --Hansen investment LLC renewal of gardening permit (Tom Hansen) The public hearing- was. opened at 7:17 p.m. The heairing.was closed at7:18 R.M. No comments were received during the hearing. Attorney Kelly has asked the property owners to postar no Hunting sign which has yet to take place, gunshots have been .heard in -the area in the fall.. Thisis a safety concern for the city.. A motion was made by i'.quncilmember Artig-Swomley, seconded by Councilmember Bosak to grant the renewal of the permit. Avote was: taken;. four yes.votes, Councilmember Kuny abstained. due to possible conflict of interest, Motion passed. New Business Fire Escrow Resolution 2015-02 Motion was made .by Councilmember Lindner, seconded by CoUncilmember Artig-Swomley to: continue discussions on the Fire: Escrow Resolution that.begari at the March 17, 20.15,.City Council meet and was tabled to the April meeting. Motion was made byLbuncilmember Artig-Swomley, seconded by : ity o= Derr: Lake City Council meeting minutes, April 21, 20.15 P.age_1 Councilmember Kun:y to table Resolution 2015-02 until.more.. information is received from City Attorney kelly and clarification of the mechanics of the fire escrow process. Motion passed, Water Crossing Feasibility-- Resolutioh 2015-03 A motion was made by Councilmember Lindrier,:sei ondecl by Couricilmember Artig-Swomley to amend the feasibility study dated Marsh 17, 2015, to include.the businesses north.of County Roar! E on Scheuneman Road and oil Courity Road E West ofScheuneman Road to Highway.61. Motion passed. Discussion with S.E.H. on Pubiic;Meetine oh Water Project Justin Gese from S.E.H. updated the Couridi on the Water Project Extension':Project. The next Issue of the city newsletter will update residents on the projett.hoting the May 14, 201.5 Neighborhood Meeting. Resolution 2015-04— For the Presale of Gem Lake Bonlds/Presaie Report Todd.Haugen from Ehlers updkedf the -Council on the processes. kmotion was made by Cduftilmember Lindner, seconded by Councilrrierriber Artig-Swomley to proceed. Mo}ign passed. Mr. Haugen will tre3'at the May 14'' Z015, City Council meeting to update the Courieil. Resolution 2015-05 Intent to Reimburse Water Proiect Expenditures A motion was made by Councilmember Artig-Swomley; seconded by Cpuncilmember Bosak, motion passed 5-0. t. Claims for Apra 2015 Motion by Councilmember Lindner.�segonded:.by Councilmember Bosak,'claims were approved for April, 20zS. Presentations by the Public/Updates Councilmember Kuny reported:that she had received a phone call from Fritz Magnuson about the North Suburban Cable Commission agreemiVit and what the status is of out franchise agreement. Mayor Uzpen will contact. City Attorney kehy for an update. The May 111", 2015, City Council Workshop has been cancelled. There will be a special meeting of the Gem Lake. City Council on May 121"; 2015, to deal with the request of Mr. Ramos to:open an auto detail shop. Ad'oi _urnment There being no further'biisiness upon motion by Councilmember.Lindner; seconded by Co(in cilmerrtber Artig-Swomley, Mayor Uzpen adjourned the rheeting.at 8:23 p.m. Respectfully submitted, Glorio Tessier. City of Gene Lake City Counck meeting minutes, April2l; 2g15 - ++ l CITY OF GEM LAKE RESOLUTION NO.2015 - 02 REwLt,f rm-N ESTABLISHING A FIRE ESCROW ACGOUN,r PURSUAN'I''TO Minn.. Stat. § '65A.50 Wl IEREAS, Minii. Stat. 65A.50 (°fhc. s1,atute") authorizes a -city to establish o trust or escrow account. to receive a po,110T7 of"' suranee ;settlement proceeds from a. claim on .real property Ideated in the city tliat is damaw-o by.fre or explotiion. WHEREAS, the: proceeds received by the Cityate used as security to ensure ili<tt the damaged property is repaired; ri1}Iaceti, removed, or demolished and brought into compliance with the City Code:. WI-IFREAS; the City finris that damaged sttuctui•es nIay violate existing health. or s,,4fety standards which endanger the public health, safety, and welfare if the dam tigee! structures are not repaired, replaced. or removed, NOW,:'f Hf�RF-FQPIE BE IT ItES.OLVED BY T1-IL': C1-TY COUMCIL. QF GFN LAK1~. MINrNESOTA, AS FOLLOWS-, 1.. That pursuant -to Mfnrt. Scat. § 6.5&50, the City Couiteil.of-Gern.Lake.does hereby establish an escrow account to receive a portion of insured mal property f re or explosion settlement proceeds as prescribed by the statute. .2. That the .Ciity.-of Caern Lake intends to uniformly apply Minn,. Stat. § 65A.$b with respect to -all property 10cated within the city. 3. That-thi! City Clerk be authorized to proceed to establish the escrow account as prtxvideti for in.thc statute. 4. That the Citv Clerk give the requ. ired writte.n.notification to the commissioner of Commerce of the c..ity's intention to applyMinn. Stat. § 65A.50 and the establishment of ..the escrow account. .. That the City •Clark is autbori ed IQ execute aflidavits oertifying violations ofhealth and safety standards a -required by Minn. Stat. § 65A.:50, sttbd. 3. G. !hat the City Clerk is authorized to receive reasonable proof that damaged ur destroyed portions of'an insured structt3re are repaired, replaced, or removed or that an insured .has entered into a contract fbr repair, replacement:., or removal of thee damaged portions as required by Nli.nn. Stat. § 65A.50, subd. b.. Attest I, WILLIAM F. SHORT, -the duly qualified City Clerk.for the City of Gem Lake, County of Rarnsey, State of Minnesota, do•her( by certify that the foregoing Resolution is a true and accurate representation of action taken by the City*Counci! of the City of Gem Lake on the date fftst written. 2 A�ri12015 WILLIAM F. SHORT,.City Clerk CITY OF OEM LAKE 1` RESOLUTION NO..2015 - 03 RESOLUTION ESTABLISHING AMENDING THE FEASIBILITY STUDY DATED MARCH 17, 2015 TO INI LUJDE THE BUSINESSES ON SCHEUNEMAN ROAD AND COUNTY ROAD E WEST OF SCHEUNEMAN ROAD TO HIGHWAY 61. Vk�HEREAS, the. City. Council Us. accepted the Feasibility Study. dated. March 17, 2015 WHEREAS, the Feasibility Study did not include the busiriesses north of County Road.E on Scheuneman Road nor those on County. Road E NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OI- GEM LAKE; MINNESOTA, AS FOLLOWS: .1. That..SEH"is hereby directed to add :to the Feasibility Study ihe*bus nesses North of County Road E-bti.Scheuneman-Road'and on. 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N CD O = .o CD c m CO -p N CO' t .� c CD a -o � o_ :o can . cn - ' �3 2' i cs April 21, 2015 Pre -Sale Report for City of Gem Lake, Minnesota $775,000 General Obligation Refunding Bonds Series 2015A *Prepared by: Todd Hagen, CIPMA VP/Senior Municipal Advisor And Rebecca Kurtz, CIPMA VP/Senior Municipal Advisor 6" N2 , .xt �. E H L E R S .:r;•')ERS IN PUBLIC FINANCE Executive Summary of Proposed Qebt Proposed Issue: Purpose: Authority: Term/Call Feature: 1577i.00I Goneral Obligation Refunding. Bonds, Scries 20I5A TO crossover .reliritd the C:ity':s ouisiandi.ng Gellera.l Obligation Capital InIPravelnenf Plan tie n(k.,, .Series ?OU7A l >:r:an irueresccostsavings. Debt service will he paid thorn od valpretn property tu.xcs. Interest raieti on the itE; i_. 1tiiJnS proposed to be refunded. are 4.00% to 3:50%. 'f]I" Til:iti e,\I)CClCd TO redilce illtc.resi expense by approximately S6S,30.", over the next 1.3 )cars. The Net. Present Value Benefit of the refunding is csliniate:-t to be `y60.39.3, equal to 8.2.73% of the -rellgrided Pr. ne.i.pal. This refunding, is coo idered an -advance' refunding as the new Bonds.will be issued 111ore .tharl 00 clays prior to the call date of the obligations being rcflitld.d. Bond:are (}L1r.SWInt to .Minnesota Statutes. Chapter475. I The Bolick will 1w genetll obli-adonis of the Cify !or which its full faith, credit l and t1a.xi , powers are p€edpeci_ The Boild;. are beint, issuei for a 13=year terin. Principal. on the Bonds will :be date on I-ebruary I in the dears 2017.through 20.28. Interest is payable every six niorlths beginnillr, Fcbrt. ary 1. 2016. The Bonds inaturim,, on and after Februxry 1; 2025 will be subject to prepaiynicnt of the discretiotl of the City on February 1, 2Q24 or any .date tlierdaf'ter. Bank Qualification: B3�call etile t: its, r:. i";Llh;� less Than S f 11.Iiflrl.hfl(t in tlic calendar Year. the City ill 11c� able to dcsi`t..11al,� the Bonds zis "bank- qualified" obligations, flank rfUldi[M] SIZILls.bl'O_CICI tllc market IiUr the 13orids, which ,,an result h1*1 ewer j intt'rest rates, Rating: 11 i I c commend selling this issue non -rated as the cost of the rating would not. he expected to be: rrITWI by the potential Battier interest rates. resulting.:fiom lztiiillin�1 as rarin �.. i tit' it bond issue., a r1aiing might broaden the market j for the Bonds. and restift In all ()V eralI NdLlC.t.i011 ill inLQ1TS1 COOLS. Basis for Recommendation' 1 13as6d on our kn(. t, ledge of om situation. your tiiijeciive5 .cotzlinunic<tied to u}, .c,}utr lclvitic ry lClIvionship a; well as .charitc.lelistles .Of varodus municipal financing optioll�.. v.e are recommending the issuatiae of general obligation. 1 bands as a suitable firilancing option because the City's policy and past practice hits been to rcfin lace .0 tstanciill ;.bonds with this type of debt issue, and there are linliwd other options available to finance -these iypcs.arbonds. Presale Report City of Gem Lake, Minnesota April 21, 2015 Page i Method of SalelPlacement:. Ill.ordcr to obtain flit: iowe.tit irtte.res:t ao5t to the City, we will cotn.petitively bid I the purullase of 1110 Lac nd', froln lmal and national mider,".-ri.ters. We have irlc:lLicfed an allcrIvnittie Iur clkeouht bidding equal to 1.20% of the prillCtpitl M1101111t 01 113E [S_SUC. 111e rlkti -OLII}I. is tre.:lled as an interest item and provides the uncle -►\filter ivltli €ill or a .lclrlioll of iltcir crlllipensation in the transaction. If the .Bonds are purcha.,tel at a price ,rc:tter 11)at1 tale mibimtim bid arnonnt (maxinitim disCOunt). .Il}c 1111t1aei1 UISUP,,}I}t< 1na_, be used to lower your borrowing arnouni. Premium Bids: lalilef' CUrreiv. rnattkc[ coni.1rion , ;'r7U t titt'C tl)r5 Ill municipal bonds pt;cfer "premium" prwin;, strucitti,es. A prclnhaii. is achieved when the coupon for any niaturit.v (the interc;f r,ttr nai(l h\ the issuer} eXteeris the.ti°field. to the investor, rc. ulriml tit a pr1,:c p:141 ?fiat i ;i_—w'n€er tli:lr1 the face value of the bonds.. '1lie suns of the ;llll1.,w11-. raid in is ccs,S c,l face �aklt is considered "a"CoNring premilln1.'• The amount of Eh+: preiltiuill t ariks; but it k not uI]ci}I71ItiU11 it) see prellli.tlm5 for new issues ill. tilt'. tailoc' .o 2,00`: , to 10.of..l 1-0 tilt t-ice amount. Of the issue. This means t11:11 in is; tier' tt itli .i .`�'.000 000 offering may receive bits that result in proceed, oCK,040.00() 14.) S"?(1il,t)i!(l. For this issue ol'tiinds we fvive been (lirectecf t,) Lt.�c tl?t* preinium to reduce the si e.of the .is tle, 'The atijti:,tlnt nt:c nla\ rhiJ7tly chrlrttie the true interest COSt t).t file bl'tglllai bid. eiiltr r up or do It. You llave the cll()ice tO lictrit the al"01,1111 of prcmiurr} in the bid specifications. This lift re�,tlll in 1*_v.cr bids, but it ina .Ilse eiintin;3te lal'be adjustlitents on the clad' or.s,ikc itnci o:iier tlrtcert�tir►ties. Review of Existing Debt: f W have reviewLA till oL11.51.it�lflll illtltt7tccftli s Im, the City anti• find that.. i other than the ohlioauons pr,. pot elf tL, i1c:.rQftllldcd 1-v the I3ondl. there are no other refunding opportunitiL: al aii� time. We Will continue to flior►ilor the Mal et and the call dates i'or Ilse City's otitstanding debt and wiltalert-c,tt.lo ally' R11.1.Ire rtEL1f1di1l,,. 0171I.011U111ties. 1 Continuing Disclosure: ` Because tile tuno.tlnt of tile. lloq, , w he i.ssmd is less thall S 1,000:000. this issue will he :exempt from till. C. cmiirwinl i C)it.cl()sclre requirements of the Securities and E:.schanae C otitimission i,),1 .C). f Arbitrage Monitoring: ( BCQause lllc. tiliticl!� are ta.x-i kt;tlpt ,tt'tls ilws`lax Lrcciil <trlli'ities, the 111USt eFISUI-C C0111phallcc, '.t lt.ft ctrt:1111 Inlcmal Rel ellLle t;ervic,• (IRS) .alles thro.tachoin the lire ofthe J;klc, `1'he,c rut: s apply to all L.r 1 s proceeds of.the. issue, including; inilial boild procc'.eds and imc<tment L,trninS_ , in construction., escrow. debt SffViCt_ .11 d ar:\ res t'rv,_ funds, i lcn.\ is�.Uer.s spend bond proceeds and Jim\ they track irate►•c,.:t e:u'ning.s 0.r1 fLtlids (arbitragely icld restriction compliallce) arc c,}ltllrlon sul:liccl, ol`IRS inquiries. Your specific responsibilities will be detail,—d ill the Ti3x C erti .i.catc prepared by your Bond ff Atto:rrle..y and provided at ;losil1i-,. Presale Reportn LaAprif:21, 2015 �"' City of terke, MinnesotaPage.2 We recolnmt-I'd that you rciTularly jnoiiitor compliance with Ulese rules and%or rct7ill Ille ser. icd5 ot'a quaIif]etf firm to assist Vptl. we also rucomliwiid that you establish written procedures regarding CoIllplianix v ldl IRS rules. Risk Factors: } Advance -ReTantling: The Bonds are being issued for the purpose of advance" ref-utiding prior City debt obliparic.xls. tfilfy onc.Kdvance refunding OfMl OH'Ziii;ll t:aX-eXClll ?t.iJCht obligation is permitted tinder Curl-ent IRS.rules. i lI1ls .refunding is heim, undertaken *based. in part oil the following. • Sincc tht new Bonds will e.xtelld the "c ell" elate lbr this debt, we are i�s.tinr tha; the i..J;v dos not ex pect.to have revenues avitilable to obligations prior to this new call date. • That ads:a.,ice refitinding wilt prgvide an overall lower dtebt cw- as compared to. waiting to refttnd•the issue; until its Call date,. Other Service. Providers: Icicala :vill require theengagemem of:Other public tinadu service providers. 'I iiis �t�ctic,n idc:ritifics thusc oilier sorvi.ce providers.:so Ehlers can i :;001-i:flli.ltt' iiiiil �n�,!:LL'.Ciilfrill on _41111J' IleIu,I 1. where Ytitt havepreviously used i ,i p, irtiriil it limn ir) p,ro� i lc t :,ci ice, we 112VC aSSLlnled dial you will continue that rc i3[Is;iiitililjJ. } 01' Sel V iCCS 1'01.I.. IlavC not llreV itlusly required, we have idt ntitic-1 ;; sci ice provider, F es charged by these service providers will be find frolll proceeds of the obliLiado'n. unless you notify us that you wish to pay thi_m from tilhcr snmc:es.. Our pre -sale bond Sizing includes. a good faith i etilnatc o€' diesc. fcc.s, scr their.final fees €nay. viiry.. if you have any questions f+c rtailiill to tllc iderltitied sc r ice providers .r r .heir rc1e, or if you would like Ito use a dilfcrellt. wrvlcc provider for any of the listed services. please contact us. Blind Aftorney: iCsnnedy & Graven Paying Agcrft: Bohd 'trust Serviecs Ratting AgOncr Novi -Raced CPA P;,scr ov Verification Agent: None 1 oclpired Escrow Agent. U.S. E3ank Biddiog Agent: Notie Required Summary- I Thp decisions to be -made by the Council are as follows: • Accept or modify the f v.in(e assunipticMis described in this report. • Adopt tlw r.sulution .rttnch%:d to liiis report. This presai.e report SLtmmarizes our understanditl' r�f'OW C tc "s 013jcc€iVOS fcii' the struCtti€`e and ternts of tliis 1:11.1ancin4 as of thi; (kite. ,is additional t.11tj hi40111Q. hncicctt or Capital niarkets miditicros change. we may need to tjlod.ify the structure grid of tcrnl; of ths:> tit ant. -in-,,. to achieve I.csults consistent with the City`s objc tiVes, .; _{... Presale Report April 21, 2095 City of Gem Lake, Minnesota Page 3 Proposed Debt Issuance Schedule j Pre -Sale Revitnv by City C'outiciI I April 1.1, 201i --- Distribute Official Statement: -- Weekbf ,Nin 11. 2015 M City Council Meetijig, to Award Sale:of the Bonds: hf7r R 2015 I;stimati tf Cl.os.irlg Uatc: ;lune 15, 2015 Redemption Date for Serie.T2007A Bond,, Febrijary 1..2016 Attachments Sources atld Uses of Funds Proposed. Debt Servico S.cliedule Bond Buyer Index Refunding $�ivin;_;s Analysis Resolution .whorizing Ehlers to Procced ��ith B..onc1 Sal;: Ehlers: Contacts.. Financial Advisors. Disclosure Coordinator: F'inanc.ial Analyst: Todd liar=en Rebecca Kurtz hiizabeth Orciter Aiicia Cla e The Official .Statement fU!' t1lis tirlalvin-, wi11 1?e. mailed to the City Col.11w.0 it their home addlress or e-mailed for review prier lc-.1 the site (late.. Presale Report April1, 2015 City.of Gem Lake, Minnesota y A. Page 4 of Geim Laka,'Minnesota $775,000 General Obligation Refunding Series 2015A Crossover Refunding of G.O. CIP Bds 07A Assumes Current. Market BQ "NotRated" Rates ('Gross .Funded) Sources & Uses DatodO61011201-S I boliveredWOIMIS Souireg Of Rinds hr Amour,! 0C i lood, 1'91*1 Source.i. Uses Of Funds C, n;, k, ljajuc lk.01)W 1J5 Selle S 20 15A GO ;Ru'HPnvl5SPIM-E. 51 kjrj'�Qt, E. — — — --------- E L E R S [JIlli $775,000.00 $77-5,000.00 S -1 75. (10 0 s00 City of Gem Lake, Minnesota $775.,000 General Obligation Refunding Bonds, ;Serie.s.2415A Crossover Refunding of G.G. C!P Bds 07A Assumes Current Market BQ Not Rated`` Rates {Gross Funded} Debt Service Schedule Date Principal Cou oo Interest Total Ptl Fiscal Twill 66i(.)1;20 1.5 61)1340 Uyj 65,000.00 L4504j, 1, 1 -1 -,: 7?•!?i:?S 7y4.142.50 11201020 ¢{!•tHhj.0(} 1'MNi°5, :[iEi [ii! #tih i!!i U_'?n i;2621 b(!.l no rl!i !2'11U2022 6i.•-'.u14 UI, I u(Hi b !.011261; 6,1.(�ti!7:i!!i 7• i � i:t -.• ii, - 75.1S 00 :;.'tll;?i23 t .. i,1:2()24 QS,U('!i.iti} Z i{;1}45 ... ;7 73.7050 08,01%2024 , 02101i2ii25 83:i!(•�(}.D{} 3,430:4 4 7«_i 62:54 t) �' If i 1: 21! 7 ] d 02:6112026 74i,t.4u:l 00 7U,U(Bi (k1 700 0_r111:2,1i'8 71..(!0f> ()fi S<tl9b' .. ; t il95A!. TWO S?'�-'OUE AJO - S.130,334.17 `)LP 3 i, 17 Yiold Statistics r3arnE Year [?c>Ilar.-c 1.07 r1Ytr,,L't {'nuj::., '• I.J l cs!S n'ct [')[GIGS! Cil:d I.:S(.'r 7 Jai _ii?dr!=.'•i, All Inclum, c (:r>.t lAK-*) cb .IRS Form 8038 NC, Inicrest i ,( c•MJtG.:its I -i•. O: ..?.9.11.e•.tr, Ser;es Mi$AGp Re! Bonds ! SINGLE PURfrb3, ! 41.2:2415 (12.34 Pm EHLERS City of G.em :Lake•, Minnesota $775,000 Generai Obligati6n Refunding Bonds, Series 2015A Qkos�,gver Refunding of G.O. CIP Bds 07A Assumes Current. Market BO "Not Rated" Rates Gross Funded) Debt Service Comparison Existing Net'New Date Total Ptl PCF D!S D!S Old Net ()is Savings ,r ; 7ri �t .x: {7 f,h7r! i 1i7.i.•i.; {3!: :S•c = f 3 ?ti :17.%!5 I t ;.:I.'I: �__ �'.,t' ] � +! - 7;;,r,i;_ .-!+ ;{ I.1_'f'•�, - R?` Sri 02i:"�I: it �_II •l� i!I:l i. - ti .l:lf:[I 8t1 l''_11:,: 72 72 re;l.{;! ii'• 77.79ii ot, ' l f} 00 Il�;lll:?f>> 7[: j.i�1 •.,: _ 7fl I,filJ Y ,li ti??I 75,'.-.. .. .�7011ir 7`.1 i,r' !li; fJ_'i:l,!l':' - 0! _. <ti�%. .: I, ,•..iFil r;fl S'!Oi•S i, I? f75i;G•s4.76 ti: ,(h i,()l} 5J311, 4d6.0S S'!y8:750.01) SGS.3!13.9Z PV Analysis Summary (Net to Net NI:t.Pu C'it'tllflow S:t v inp w _ +`:s [ Bond 1'icid! Ckutt6iptiq w Rdtinding rinsoum Net It v-sent Vuluc Flene}is tC' PV!lrnCli{: x•'.`; ::; Itr.lurldem !'rfp,;lpal ''iCl Py tirnclk � �?'.�)Ia) RrJ'•.r!a4ttt� 1'nnulss! RefUndj6g•96nd Information 66..''N.73 .6001-04.13 S6{1,�93'{16 $ Y73°5 7.793% Kcrundire Datc,l. D.wc. 6Al U2 15 •Refumling Oclm,cry Dim: nJt311013 F EHLERS City of Gem Lake, Minnesota $775,000 General Obligation Refunding. Bonds, Series 2015A CrossovlerPefunding of G.Q, CIP Bds 07A Assuriiest. Current Market BQ "Not Rated" Rates (Gross Funded) Crossover Escrow Fund Cas.hlflow Cash Date Principal Rate Interest -Transfers Receipts Disb.ursem.ents. Balance: 0A)1'20f6 •7411`.46i.67 : -r34711/% i!..'.f.iill)- 1,91a) '$740,001.67 511.24.3,09 €11,2.13,09) S740,40 1.67 7411.4111.6 Investment Parameters 1nvuslmcnt. Model I ]IV. (iJC. s:>'i.5ecuritic% lt: MI-14111 investment yidd rar.get Cost )ri1 y.CSlntettta Pure hawd with !fond i'raxccds E'ntal Ctut<A'InV61m.une; '40 1,; { € 7 l b- :Farset Cost arin%%mmenta -1t hbnd +cli1 17_ 1. , G 7,5 Iip1d to Remipt Y)cld for Arbampte Kaji:mscs ? '_' ^:3.5 +i 9,,;, S,mes 2515A GO RM t?Q! ... ., .,._-& S d! 2.2Q75 ; _r EHLERS Gity-Of'Gem Lake, Minnesota $-850;*000 General-Obligoitipn Capital Improvement Plan Bonds, Series:.2007 Debt Service To Maturity And To Call Reftind6d Refunded Refunded Date Bonds Interest D/S To :Call Principal Coupon Interest Ols 7 '7tiiy 4. 1 (1 wy,.- 02:0 1 3.677 SO 67 2 1.3. 5 0 Ou (WO)WAD 42�1-1 25 IWAOU Lit; 1:3.M; U&JO i. -1023 02,01"2024 ..646.2 -000 7`46 2) P .10 11 2 12 0,232.50 4 SW io %'02 50 Q rI 4 460,, UN I.:20-Y, it, (to 7 t S253.1 -m;.011 Yield Statistics flasX., doic 1"If .1 P-if fivra .Refundfng Bond Infarrhatidn 7,10 7A CO CJP fjonj:It .1, IZuls I M39 ;?%i EHLERS 6/01% 1 -5 7-605; Years 4-17)0207% *7 015 V046 6-* 1130 1 i W01 ao 15 : W : O Z � Z O c - �_ U { � � z O Z W cc � � � W � C=) CIO E-4 ~ U)$ \ � LLI / e � \ \ J � ) L� 9 / y co \ G §� - ] # = f. 0% f \£ q \ BAV ^ t �k # t f a to \ ® c� § ao \ � @- ƒ[ \§ 7 � P ~ &D ¢7 »§ $ $§ \ �} �2 >\ k � � n 2f k to. \ / / ( )� k � . m to % � § J Resolution No. 20B'- 04 Couhdil Member. introduced the following resolution and hnbved its. adoption: Resolution Providing for the Sale of $775,000 General Obligation Refunding Bonds, Series 2015A A. WHEREAS, the City Council of the Cite of Gem Lake, Minnesota has. heretofore determined Alat it is necessary and expedient.to issue the. City's $775,00.0 General Obligation Refunding Bonds, Series. 2015A (the. ".Bonds"), to,crossover refund the C.ity's outstanding General Obligation. Capital Improvement Plan Bonds, Series.2007A for an -interest cost savings; and B. WHEREAS, the City has retained Ehlers &.Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its. independent financial advisor for the Bonds and .is therefore authorized to solicit proposals in accordance. with Minnesota Statutes., Section 475.60, Subdivision 2(9); NOW, THEREFORE,I3E IT RESOLVED by the City Council of the -City. of Gem Lake, Minnesota, -as follo* 1. Authorization: Findings.. The City Council hereby. authorizes Ehlers to solicit.proposals for thesale of the Bonds. 2: Meeting: Proposal Qpenins. -The City. Council shall meet at 7:00 pm. on May49, 2015, for the purpose of considering proposals for and awarding the sale of the Bonds. 3, Official Statement. In connection with. said sale, the officers or employees of the. City are.hereby authorized to cooperate -with Ehlers and participate.int[ie preparation of an official staten*nt-for*the Bonds And to execute -and deliver it on behalf bt' the City upon :its completion. The: m6ti6n for the --adoption oftho foregoing resolution was duly seconded by City Council Member and;.:after frill discussion thereof and upon a vote.being.taken thereon, tlte. fQ1lQwing City Council Members voted in favor thereof-. and the following voted against the same: Whereuponsaid resolution was declared duly passed and adopted. Dated this 21-19 day o€ April, 2615. �r City Clerk CITY OF GEM LAKE, MN City Hall - 4200 Otter sake Road Gem Lake,; MN 55110 RESOLUTION N-M 2015-05 21 A RIL 2015 A. RESOLUT16N:DECLARING OFFICIAL INTENT TO REIMBURSE EXPENDITURES WHEREAS, Fed era l..regulations relating to tax-exempt bonds treat.bond-proceeds used to re.imbuxp rse*prior eenditures as: expended. only if certain requirements aie riact, including as to some eSpenditures, the requirement. o.f declaring an official intent to .reimburse, and. WHEREAS, expenditures to be -reimbursed have been paid and will continue to be paid by the Citybf Gem Lake for varibus improvement projects initiated under Minnesota Statutes, Chapter 429,.pri:pr to the issuance -of bon& to finance such improvements, NOW, THEREFORE BE IT. RESOLVED, thatther-City Council of the City .of Gem Lake hereby declares its intent to reimburse:rxpenditures for the improvement.project listed below, Reimbursement project# Project Name: Amount. GEMLK 130629 Muniicipal Water Supply $500,000.00 With the proceedsof the. bonds to be used by the. City in the maxiinum. expected principal amount. of..$500,000.00. The motion for the adoption of the foregoing Resolution was -offered by Councilor and was supported by Councilor and was declared adopted based .upon -the following vote; NAME UZPEN BOSAK �_LINDNER KUNY ARTIG . SWOMLEY Vote Attest I; WILLIAM R. $11ORT, the duly qualified.City Clerk for the City of Gem Lake, County of Ramsey, State of Minnesota, do hereby certify that the foregoing Resolution is a true and'.acctu ate. representation..of action taken by the City Council of the City of Gem Lake on the date first written. WILLIAM F. SHORT, .City took.foruson.the-World-Wide Web at.gemTakemn.grg. A:.AtAA A AAt et D..W. W W W.W.w `. W W W 1 t` ti ti ti 1 T. v 1 •� 1 ...* —i J ..* .-1 ..a 1. i i i• i. � •i i. r.► •i, i. (� W W�.�� � � N N N.�.®N N N •�. '�' ?• ti ` •� •� v � •� 1. ti ` .+�. i i• �. .� O.. 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N N p O O O p O O O O. ffo K.0 D T O7 N. in N O 3 CD cn C � M N r- m T Z fIl �. ai CS1 d � O O O: p ( CITY OF GENT LAKE CASH AND INVESTMENT BALANCE S'TATF MFNT As of 63/31/I5 Fiscal Yean 2015 Cash and InvWrnents Name of (Fund 13afanrc 3/1/261.5 t2eceip nisburOments Balance 3/31/20.15. General Rind $2.64 281.48 572,42 1):1)7 •SCS9;8.18..96 S270,39149 Parks and Playgrounds 538147M SQ.00 $0;00 5)8;847:8Q 2004 Debt Service Fund .runts {*�23.33;.58} SU.do SQ:00 2 {5:5,333,SS) 2006 Debt Service 317.88�.3? SO.QU 007.Capital Improvement Bonds $S4;�it}�),49 S0.00 S31.877.50 S5?: 31:9i 5trect Improvcmcni 5129,9t)O.SG $0.0.0 S0:00 512t3.9017.SG Scheuncman Road S3.114.9 4 SQ,OQ $0..(}0 53,114,85 Iloffinan Road Improvements (.56.779. 6.} SO.UU $I6,455.5I (S23?.35.07) tics a i:rtterpiist: Pita<f S389,31:8.7 $24.;144.50 -SfU12.51 S403,430.74 I",vest"lent Trust Fond $3.fiQ:�.15 S2.82 SQ.UU S3�97 S8.99M.56 $96.577.29 SI 1 �;164.48 S477.66:5.37 Premier Checking Premier CD's S l.;S:daU.i):; Welt;I�ar�•n ln�Uctmu�Its ♦ 1l'.c115:f.tsrgu. Money $0.00 55.60,tIQ{}.0 (I MarkerS159,00 .0 S977,665. 37 $0.00 MARCH CASH L.INVESTMEN1S mATURE PORCH DA' E DATE BANWHROKER TYPE. NAME CWkON YIELD INT. RATE # DAYS AS OF PREMIER GAWK CHK GENERAL fiJND 6005590 0.05':6 D 05°'e. Mums WELLS FARGO MfNKf ?R!li4E INVESTMENT FUNDQ070210 0.0.3% 3D J 4 156. 40.53 0 0.1% 30 $159.224A4 'W 1e 'J.'t5;1E 1i 11S. WELLS FARGO 10;13+12',VELLSFARGD CO CO SANTANDER GE CAPITAL. BANK 90280J.CtND 0.50 0.5m 365 S175j00D.0D Iort'r17 10;17,'t2 4vELLS FARGO CD GOLbMAN SACHS 35s60XX44 1,354E 1.35 1461 S"145,000.0U 4ra;« 4l4rt2 WELLS FARGO. .0 GOLDtvi!•.N SACH$ 38143Atv27 1,g5 % 1. 55eh 1326 st00;000.00 36143.4NZ4 2.809E 2 90% 3653 $40,000.00 1,05% 1.W-A 1.227 S877,665;37 Pi-nperf}' Cur(rm 1'r:)pero: Tara. i�i5cti! t)is�ttr,tt• l;l,:eti l.imiscsland Pcnoits �li 11 i.rJ11111., 411�i`, I.ICL'rJti4'S Un-ti is hquor I lccnsc l]ti=S,llc I.igfInr I,iC9Tjscs Uthc•, I';nr,la 'f�bscru turns: C1r,,rilJhlr t],Inthl4nF; L.ICrnSC Canlro.alr uc,nie Rulidutc 1'r5it:Its Plt,mhlnr. 1';nit« t t,1Cihnficrll P,r lrla Elcc;r4cai I'er:u4t:. NPOL'S Prrrnit Uw1jing 11:an Ro lem M;Uiludl Insptclrnn Septic 111il+crnall Fe: S;:If: I+c:n:it chartw ITT FJac Lt.I n:c:. inter} u+crnn+cutaE Revc,nft:, t'i+?iir tit:+t. AI;i t'liarjrty, Ni Seri;<c., I'E:trtn,r.r Fcer Nall R.".. 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I nJ1i1p �I,t.1. 31 15 0AILN-Wb Pur.,Nbilh Curl Lill 3Xt Y.T. lblr = ar1�:�! ) :i k t i �=in 1s ilttsF w asp t ti'fuunt�ss r� ,)rls�s .4167 :s .: ; r 4167 ti tx, C0.0•Itrl O.t)1) SI:U.UU U Sxi 1.000.Od F f Ali Ffl Q i q iH) ;',iHi() iNi ti t10 12,0[d) 1D0 0ai I4$,33 :: ; , , '.I.•i 77.43 tvr 0e 39 1.1 i0.6? 13 ssg 33 3t! Ilil I,(!(Ni [1i; [??;•3 j1 (2�rt;_31 !:2 73) 1L1;S 1Y d 17 :i r ; i l ,, 3 t7 Aq „St.Yi Ct? j 0Q 2,sw 40 G {1G ti 35 .I I i 04992. St).Ct1 39,SR 1042 79.1E 666.67 0 i16 (c,b'r,' U pRi iiuii.UR 4.bsv I,;i 3,'x(1.(1R 4}.tit 833,1` uOu X333 qua• 1,130UI1f! U.rl(i ;..J(:I}.(iiF p.t1U 1„Sti lt) j 5_.i Sli t•t;2?.; ;,.if d'{1 8$ 1.4014(N) 441.7.11; 5218 27.661.00 23.1l46 PR 4.61461 83 i_? 13f.1)12 On 7i r, <1;. (i• 'ir, _7? 9 __ ?J WO ($a43Z_' 91S ti?_.C•7?U9t j:: S;1 '4:13139i5 ai i4 -6 kA Cit. W GtI. I Lnkc Pm,,Ks v4() I kit th, Three Njo,q1j, 1.11jil.6 31. 2!j 1 ilrr NJLI;;� k or M I iil; ('w: Nzwk ? Tom., t%:rlffdiltlfts Q 00 tj O-W lim 1. . x"Css Rest vr pruju) k1s) 6lI3.24t5ati *.a 40m ( , ri % LI 1'( 1 r4 11 1 a {: c Y 11) 131 Ncu:, Obe axq- 17.1 (3 ULI t 2' X3U.�!U S 2 7, 6 On f l G, Q 0 00 2 7, S'4 I . 00 27.W1 Q4 fjf?Lj MAI Asxwptdtiurcs hetsk Rev Onr tt radcr) ('.Np .1(. t lot (1520481 fISKI S 27.841.-(,i) (1.0) For thu !-iireo loz)jirh-, Fromz- Mardi 3 . . . 0 J L!", -MMh LAP 12 UFNI-Ni Es JTJ o 5,290 Oo 1 0.00 6A) c9!00 (Pilo. S')fYt EAU 0 fjf4 Illiff Toml 6i.rvndit%irc9 fl,ixl OAM OmO Nkv,v Re-, (htf It slier) 1;.Xlt UVO 0 bly ri'(j'Qw Likc r)f:f3 V ru-M) W, 'Ind FW OW H I, c,,' I I, s � ',];.t,;h 31. 2i1I cita-matb off-bj,4 c-unumn"t &I = Yj Q ), llj R F -i'F,*41.-* fhow IS&IMI $ 4. 1 «S 00 S Fi5i:;I1 41 *0? C)" U.00 -Swao Pol) lti(L!rcsj Tom, R�-iimw 0:Vu (4.2.10112) MIMMIM 60 I( t-,27 MI 1 1.25 t, $04 17 1 :00 ;-.,r; If) Toril Expcnditures 5,j 27.105 .12 i 0.1 71 Sr; 16 ;127 �I.j - 004 l4tw O%vr (Lh#W) E%p i 's 2.1 '- 6 3 g oc, 440-"Is at iov Am W'GuIll 1.;Ikv I% • f ; "'I rw 1, 1 q�No YTP Compw(, VI.O."n-A Acul'O. !hmot �u ou if? I Sqj ox) s rO.J.9f P%V%ciIjICS 17 158 tit) �jm .1 gj; 1,:e rl lit" 5,000-013 fi-ou MUMANP 833,31 41 67 0.00 A M) (Rli .13) (4) 67) fi.lyp .. u (10 6 0, s 6 (Io 4u S.875. Ori. V .(A' I if (XI N) 500 00 Q.(W) 71, o Off .93m.00 Lv:k,-, Rc: 5. 703 ,-QA' U tgt fS iigi4 (4� flitcm Lake \N ROol D IMPROVI:NIFNI'S cLuff.mm I 'm t1b y M. MAINI., Atow Y"Timcv •4gojmgvlq- Amml Yana iWWRIM, Irtle"est (1-00 .4.09 aw is M (61 COO olou TtA:rj J(CVCjlkWi t3 U3) 119. 000 00 01.00) 0.00 Total lixpmdoiwo tj (M 0 Olo 000 Rev ow ('Undu) E.ip kdo t,GE OAXIAS 6.1.vj) S 0.00 00) " f' , 37 0 15 -1 12.66 APA ffi-1T.NlX` ROAU 31,10M�IIL I or thc ' !.rc,,! ('L Z f C t, tn. 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N u; tau: a "'v f.'nm ' t ' R ,r3 ]1rtt:: 1',unn }_ y L L7nMeC Loi:M SAC, Mom StAC ; t: U 5 1,0(10 00 '+,.r\: I ,lWO uO t i,SGq ri';) UCH kcxulrr+rial Scsrrr Rc4tnslc5 i'vtl 11r, h' •:;il 2-0+;.(I:I ii Ll!) r.l ilC' 2.495 Go (?: S:tT 60) Con:atLmeCevv.,., vcnuc, ',;;:;1;. ;' ili' (?1L h?3 nrrr I I :i,)ti it(! v tic"•, ^r t..11t Lll}fl;l'S ' p { ,e33 r )uu 1,ilifrr.ilii C,pG 21o,0ol, Imeros( L'arl7ings lt� �f, .� 493 25. i.i..a.r. i)h 0) i(• 1 f — J :i'lr, k, ';!:1 Ix, ya. 095 i Ilb Il:•r,li K:)Cl1w; 4.1.GI S_tl ,. ^ 34Si1] ... J S: ? i •1vi.'!•i3 ii!1. 13,ib3 1? 3617988 . 17 1(, yx1.1-.N-or1 t Rf'ti (JIFF, Sopplws 1'Cr,te�C I ngiorcring 'vli:`1i} r:ll]I d: I ll.tntlet Ser,"u, l'l,1: 1,ull: tii t, Il C:• Rzj,,trrs rl'' \hIm i�urardclual Dc ja CI ICI I,�n Sc,v,I 1r•; ;,;rFlr:aIIrli •11-67 0.0 1..41 b7) ifi67 SR(o 11 +1 th h7 li fl[i i41:, 1,7) if t;0 61.(Iti t hn 01) 671 0 OU RIO LSSI (s.pp :f;ii l�il I'•—(frl 0 Qtl 3,airI Or f}(:C E•SW: IN.; ' 1.156 ci'i ; ?CO t](] f >.xb J r;t, I ??.ilri r,l 01,+} (:`?7,:t anr, .)Cr II Of. Qfnr(li) iLf,r) H,f!.OL it nil ,s.:;+r!,.UV .p 0 till S.; 11 �r fdtai !ix nJnlrre, <liG Ri 115ty; ;5 1" `lhl -Ioi r—s Ktvthu j[•SkkrJi Np tt 1 m %N13131'S•a' ItMAM CITY OF GEM LAKE CHECK REGISTER APRIL 21, 2015 Check # Cate Payee Amount 9435 4121/15 City of Roseville 63.90 9436 412.1115 City of White Bear Lake 4,993.00 9437 4/21/15 Coverall of the: Twin Cities 175.00 9438 4/21115 FedEx Office 298.7.9 9439 4/21/15 GECK, DUEA & OLS.ON 185.00 9440 4/21/15 Kelly &.Lernmons, PA 2;670.00 9441 .4/21/15 Kristin Smith 50.00 9442 4121/15 Metropolitan Council 4,223.15 0443 4/21/15 Minnesota State Treasurer 393.54 9444 4/21/15. Gopher State. One Call 24.65 9445 4/21/15 Press. Publications 61.20 9446 4/21115 CenturyLink 100.78 0.447 412.1115 Ramsey County 238..77 9448 4/21/15 SEH 8,803.32 9.440 4/21115 T.A. Schifsky & Sons, Inc. 3,136.65 9..450 4/21/15 Waste Management of WkMN 71.2.05 9451 4/21/15 White Bear Township 7,751.00 9452 4/21/15 Xcel Energy 560.29 Total .34,441.99