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HomeMy WebLinkAbout2002 04-15 MINUTESCITY OF GEM LAKE MINUTES OF PUBLIC HEARING NO.2002-02 APRIL 15, 2002 Public Hearing No. 2002-02 was called to order by Mayor Emeott on Monday, 15 April 2002, at 7:00 PM in the first floor meeting room of Tousley Ford. Mayor Emeott, Council Members Watson, Birkebak, Igo, and Bosak, City Attorney Newcome, and Clerk Magnuson were present. Also present were Jim Lindner of the Planning Commission, Caroline Burau of Press Publications, Ben Johnson of Kennedy and Graven law firm, Ralph McGinley of Miller Johnston Steichen and Kinnard and several residents of the community Motion by Igo, Second by Bosak for additions, deletions, or corrections to the Agenda for Public Hearing No. 2002-02 was unanimously approved The Clerk reported that the Notice of Public Hearing was duly published in the March 27, 2002 and April 3, 2002 editions of the White Bear Press and that no direct mail notification was required for the proceeding. Mayor Emeott then stated that the purpose of the hearing is to receive public comment on the City's proposed issuance of revenue bonds under Minnesota Statutes, Chapter 462C, as amended (the "Act") the proceeds of which will be loaned by the City to the Borrower to be applied by the Borrower (defined below) to finance the acquisition, construction, and equipping of a ninety- four (94) unit senior independent living multi -family rental housing development known as "The Boulders" (the "Project"), to be located at 3555 Willow Avenue in the City of White Bear Lake, Minnesota and related costs. The Project will be owned by Boulder Senior Living, LLC, a Minnesota limited liability company (the "Borrower") the sole member of which is Wedum Foundation, a Minnesota nonprofit corporation (the "Foundation") or a related or successor entity. Mayor Emeott then provided the following Statements of Need and Intent. In the Gem Lake Comprehensive Municipal Plan adopted in July, 1997, Section 5.2 General Land Development Policies, Sub Section O. states: "Discussion with adjoining communities to facilitate coopera- tion and coordination with regard to planning and zoning issues should be initiated. It is important that development on bordering property in other communities is compatible with the development on the borders of Gem Lake. There is a need for dialogue and a coordination of plans with the City of White Bear Lake, White Bear Township and the City of Vadnais Heights." The Comprehensive Municipal Plan further states in Section 9.2 Housing Goals and Policies, Subd. I that we shall "Explore local fiscal initiatives for housing, including but noit limited to, the use of housing revenue bonds, tax increment financing, Community Development Block Grants, and Minnesota Housing Finance Agency programs." Section 9.2, Subd. M also states we shall "Explore the possibility of participating in a region -wide effort to develop a wide variety of housing types.". The City of White Bear Lake has limited bonding authority leftover due to other commitments. At the public hearing the Council will consider the adoption of a resolution giving preliminary approval to the issuance of revenue bonds to finance the Project. The aggregate face amount ofrevenue bonds proposed to be issued to finance the Project is presently estimated not to exceed $10,000,000. The revenue bonds will be issued by the City of Gem Lake (the "City") and will be limited obligations ofthe City payable solely from the revenues pledged to the payment thereof, and will not be a general or moral obligation of hte City or be secured by the full faith and credit or taxing powers of the City. The Clerk then reported no written comment had been received. Mayor Emeott called for comment from those present. The representatives of the Wedum Foundation were then recognized. Speaking on behalf of the group, Mr. McGinley, representing the underwriter, spoke restating the legalities of this type of bond issuance as it relates to federal and state law noting that this issue is available in amounts up to $10 million for all statutory and home rule political subdivisions. Mr. McGinley then explained how the total dollar amount finally agreed upon had been determined indicating cost overruns associated with two municipalities as the principal reason. Mr. Johnson as bond counsel confirmed Mr. McGinley's statements and the entire group responded to questions from the council. In addition to council concerns about the bond issue, specific concerns were expressed Page 1 of 2 relating to maintenance of the facility exclusively for age 55 year and older persons and controls related thereto. Mayor Emeott then called on the Planning Commission for comment with said comment presented by Lindner. Lindner reported the Planning Commission believes the effort deserves the City's support as it is a stated goal of the City's Comprehensive Municipal Plan and also places life cycle housing on or near our borders with our support in lieu of rezoning existing Gem Lake property. Mayor Emeott then called upon the Council for comment and while no specific comments were offered, generally favorable consensus was the rule. 0 There being no further business, Public Hearing No. 2002-02 was adjourned at 7:45 pm. I AUTHORED: 20 May 2002 APPROVED: 20 May 2002 ATTEST: ATTEST: *,,genic 6 lwarwuu Pawi R goxm& Frederic C. Magnuson Paul R. Emeott City Clerk Mayor e-file: hearings\2002\Heazing2002-02m.Wpd Certified Copy Page 2 of 2 CITY OF GEM LAKE MINUTES OF CITY COUNCIL MEETING APRIL, 2002 The April, 2002 meeting of the City Council of the City of Gem Lake was called to order by Mayor Emeott on Monday, 15 April 2002, at 7:47 PM in the first floor meeting room of Tousley Ford. Mayor Emeott, Council Members Watson, Birkebak, Igo, and Bosak, City Attorney Newcome, and Clerk Magnuson were present. Also present were Jim Lindner of the Planning Commis- sion, Caroline Burau of Press Publications, Ben Johnson of Kennedy and Graven law firm, Ralph McGinley of Miller Johnston Steichen and Kinnard and several residents of the community. Following Mayor Emeott's request for additions, deletions, or corrections, the following were unanimously approved: 1) the March, 2002 City Council Minutes as presented on Motion by Igo and Second by Bosak; 2) the April, 2002 City Council Agenda as amended on Motion by Watson and Second by Birkebak. The report of the Planning Commission in the form of a memo from Mr. Hoeschler to Mayor Emeott was presented and discussed with no action taken. Magnuson reported on prosecution matters, public utilities and building permits with no action taken. The representatives of the Wedum Foundation were then recognized. Speaking on behalf of the group, Mr. McGinley, representing the underwriter, spoke restating the legalities of this type of bond issuance as it relates to federal and state law noting that this issue is available in amounts up to $10 million for all statutory and home rule political subdivisions. Mr. McGinley then explained how the total dollar amount finally agreed upon had been determined indicating cost overruns associated with two municipalities as the principal reason. Mr. Johnson as bond counsel confirmed Mr. McGinley's statements and the entire group responded to questions from the council. In addition to council concerns about the bond issue, specific concerns were expressed relating to maintenance of the facility exclusively for age 55 year and older persons and controls related thereto. On behalf of the community, Mr. Newcome was charged with insuring that the facility remained for rent to 55 years of age and older for the life of the bonds or thirty-five (3 5) years. Following discussion and upon Motion by Bosak and Second by Watson, Resolution No. 2002-07 was unanimously adopted. Mayor Emeott then reported on progress toward the city's web site development with no action taken. Following discussion and upon motion by Watson and Second by Igo, the following disbursement of charitable gambling proceeds received by the city as voluntary contributions: Willow Lane School $2,000 White Bear Lake Food Shelf $ 400 Friends of Ramsey County Parks & Trails $ 200 St. Mary's of the Lake School $ 600 Metro Sky Warn $ 200 Lake Area Bus $ 200 TOTAL DONATIONS $3,600 Total Collected in 2001 $3,569 Overpayments $ 31 Following discussion and upon motion by Igo and Second by Watson, Resolution No. 2002-08 was unanimously adopted. Emeott presented the council with information regarding the Lake Area Bus, noting he has approved a no cost deal for service to be extended to Gem Lake. Mr. Lindner and Magnuson reported on their interview with Press Publications about the Gem Lake community. Motion by Bosak and Second by Birkebak to accept the Treasurer's Reportprepared by Cobian, attached hereto, and indicating a balance in the General Fund of $64,414.58 and in the Sewer Fund of $21,282.40 and approving payments for April totaling $18,712.34 was unanimously approved. Magnuson noted that banking relations are being gradually transferred to Premier Bank and will conclude in April. JEmeott noted the next meeting is scheduled to be held on Monday, 20 May 2002. Page 1 of 2 There being no further business, the meeting was adjourned at 8:47 PM by Emeott on motion by Igo and Second by Watson and unanimous vote. AUTHORED: 20 May 2002 APPROVED: 20 May 2002 ATTEST: Frederic C. Maan City Clerk ATTEST: Paul R. Emeott Mayor e-file: minutes\2002\141aprm2002 Page 2 of 2 CITY OF GEM LAKE RESOLUTION NO.2002-07 15 April 2002 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEM LAKE, MINNESOTA, RATIFYING A HOUSING PROGRAM OF THE CITY OF WHITE BEAR LAKE, MINNESOTA; AUTHORIZING THE ISSUANCE AND SALE OF REVENUE BONDS PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE REVENUE BONDS, AND RELATED DOCUMENTS; PROVIDING FOR THE SECURITY, RIGHTS, AND REMEDIES WITH RESPECT TO THE REVENUE BONDS; AND GRANTING APPROVAL FOR ENTRY INTO A JOINT POWERS AGREEMENT, AND TAKING CERTAIN OTHER ACTIONS WITH RESPECT THERETO. WHEREAS, the City of Gem Lake, Minnesota (the "City"), is a statutory city and a political subdivision of the State of Minnesota; and WHEREAS, pursuant to the Constitution and laws of the State of Minnesota, particularly Minnesota Statutes, Chapter 462C, as amended (the "Act"), the City is authorized to carry out the public purposes described therein and contemplated thereby by issuing its revenue bonds or other obligations to make a loan to finance a multifamily housing development, including the financing of the costs of the acquisition and preparation of a site and the construction of a new multifamily housing development for rental exclusively to persons age fifty-five (55) years and older; and WHEREAS, the City of White Bear Lake, Minnesota ("White Bear Lake"), a home rule city and a political subdivision of the State of Minnesota, is also authorized to issue revenue bonds pursuant to the Act; and WHEREAS, pursuant to Minnesota Statutes, Section 471.59, as amended (the "Joint Powers Act"), the City and White Bear Lake may jointly or cooperatively exercise any power common to the City and White Bear Lake, including those which are the same except for the territorial limits within which they may be exercised; and i WHEREAS, Boulder Senior Living, LLC, a Minnesota limited liability company (the "Borrower"), has requested that the City and White Bear Lake each issue multifamily housing revenue bonds under the Act and the Joint Powers Act and loan the proceeds thereof to the Borrower to finance the development, acquisition, construction, and equipping of a ninety-four (94) unit multifamily housing facility for rental exclusively to persons age fifty-five (55) years and older to be located at 3555 Willow Avenue in the City of White Bear Lake (the "Project"); and WHEREAS, White Bear Lake adopted a Housing Program with respect to the Project (the "Program"), in accordance with the requirements of the Act, which authorizes the issuance of up to $12,000,000 in revenue bonds or obligations to finance the acquisition, construction and equipping by the Borrower of the Project and the Program was submitted to the Metropolitan Council for its review on December 5, 2000; and WHEREAS, the issuance of revenue bonds by the City pursuant to the Act to finance the Project is consistent with the stated goals and objectives of the comprehensive municipal plan of the City adopted July, 1997, as amended; and WHEREAS, following the publication of a notice (the "Public Notice") of a public hearing (in which a general, functional description of the Project was provided, as well as the maximum aggregate face amount of the obligations to be issued with respect to the Project, the identity of the initial owner, operator, or manager of the Project, and the location of the Project by street address) in a newspaper circulating generally in the City at least fifteen (15) days before the regularly scheduled meeting of the City Council of the City on April 15, 2002, the City Council of the City conducted a public hearing at which a reasonable opportunity was provided for interested individuals to express their views, both orally and in writing, on the Program and the proposed issuance of the Bonds (defined below), and the location and nature of the Project; and Page 1 of 4 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEM LAKE, MINNESOTA, AS FOLLOWS: 1. The Program is hereby ratified and approved in all respects without amendment. The prior submission of the Program to the Metropolitan Council is hereby ratified and confirmed. 2. The City Clerk is hereby authorized to do all other things and take all other actions as may be necessary or appropriate to carry out the Program in accordance with the Act and any other applicable laws and regulations. 3. The City acknowledges, finds, determines, and declares that the issuance of the Bonds is authorized by the Act and is consistent with the purposes of the Act and that the issuance of the Bonds and the other actions of the City under the Indenture, the Loan Agreement, and this resolution constitute a public purpose and are in the best interests of the City. 4. The City understands that the Borrower will pay directly or through the City any and all costs incurred by the City, including the administrative time of City officials, in connection with the Program, the issuance of the Bonds, the Project, and any other matters directly related to the City's involvement with the Project and the Program, whether or not the Project is completed, and whether or not the Bonds are issued. 5. In order to assist in the financing of a portion of the costs of the development, acquisition, construction, and equipping of the Project, there is hereby authorized the issuance, sale, and delivery of its: (i) Senior Housing Revenue Bonds (Boulders Apartments Project), Series 2002A (the "Series 2002A Bonds"), in the original aggregate principal amount of $8,130,000; (ii) Taxable Senior Housing Revenue Bonds (Boulders Apartments Project), Series 2002B (the "Series 2002B Bonds"), in the original aggregate principal amount of $225,000; and (iii) Senior Housing Revenue Note (Boulders Apartments Project), Series 2002C (the "Note"), in the original aggregate principal amount of $378,000 (collectively, the Series 2002A Bonds, the Series 2002B Bonds and the Note shall be referred to hereinafter as the "Bonds"). The Bonds shall bear interest at the rates, shall be designated, shall be numbered, shall be dated, shall mature, shall be subject to redemption prior to maturity, shall be in such form, and shall have such other terms, details, and provisions as are prescribed in the Indenture of Trust, dated as of April 1, 2002 (the "Indenture"), between the City and U.S. Bank National Association, a national banking association, as trustee (the "Trustee"), in the form now on file with the City, with the amendments referenced herein. The City hereby authorizes the Series 2002A Bonds and the Note be issued, in whole or in part, as "tax-exempt bonds" the interest on which is not includable in gross income for federal and State of Minnesota income tax purposes. All of the provisions of the Bonds, when executed as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Bonds shall be substantially in the forms in the Indenture on file with the City, which forms are hereby approved, with such necessary and appropriate variations, omissions, and insertions (including changes to the aggregate principal amounts of the Bonds, the stated maturities of the Bonds and the maturity dates, the interest rates on the Bonds, and the terms of redemption of the Bonds), as the Mayor of the City (the "Mayor") and the City Clerk of the City (the "City Clerk"), in their discretion, shall determine. The execution of the Bonds with the manual or facsimile signatures of the Mayor and the City Clerk and the delivery of the Bonds by the City shall be conclusive evidence of such determination. 6. Pursuant to the terms of the Indenture and the Bonds, the principal and purchase price of, premium, if any, and interest on the Bonds: (i) shall be payable solely from the revenues pledged therefor; (ii) shall not constitute a debt, general obligation, or a moral obligation of the City within the meaning of any constitutional or statutory limitation; (iii) shall not constitute nor give rise to a charge against the general credit or taxing powers of the City; and (iv) shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City other than the City's interest in the Project and the Loan Agreement (defined below). The Indenture is hereby approved in the form now on file with the City. The Mayor and the City Clerk are hereby authorized to execute and deliver the Indenture substantially in the form now on file with the City. All of the provisions of the Indenture, when executed as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Indenture shall be substantially in the form on file with the City, with such necessary and appropriate variations, omissions, and insertions as do not materially change the substance thereof, or as the Mayor and the City Clerk, in their discretion, shall determine, and the execution thereof by the Mayor and the City Clerk shall be conclusive evidence of such determination. Page 2 of 4 8. The proceeds derived from the sale of the Bonds will be loaned by the City to the Borrower pursuant to the terms of a Loan Agreement, dated as of April 1, 2002 (the "Loan Agreement"), between the City and the Borrower. 9. The Mayor and City Clerk are hereby authorized and directed to execute and deliver the Loan Agreement, the Joint Powers Agreement, dated as of April 1, 2002 (the "Joint Powers Agreement"), between the City and White Bear Lake, and the Bond Purchase Agreement, dated on or after April 1, 2002 (the "Bond Purchase Agreement"), between the City, Miller Johnson Steichen Kinnard, Inc., as original purchaser (the "Original Purchaser"), and the Borrower. All of the provisions of the Loan Agreement, the Joint Powers Agreement, and the Bond Purchase Agreement, when executed and delivered as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Loan Agreement, the Joint Powers Agreement, and the Bond Purchase Agreement shall be substantially in the forms on file with the City, which are hereby approved, with such omissions and insertions as do not materially change the substance thereof, or as the Mayor and the City Clerk, in their discretion, shall determine, and the execution thereof by the Mayor and the City Clerk shall be conclusive evidence of such determination. 10. The Mayor and the City Clerk of the City are hereby authorized to execute and deliver, on behalf of the City, such other documents as are necessary or appropriate in connection with the issuance, sale, and delivery of the Bonds, including the City Tax Certificate, the Tax Exemption Agreement, the Information Return for Tax -Exempt Private Activity Bond Issues, Form 8038 (Rev. January 2002), and all other documents and certificates as shall be necessary and appropriate in connection with the issuance, sale, and delivery of the Bonds. The City hereby approves the execution and delivery by the Trustee of the Indenture and all other instruments, certificates, and documents prepared in conjunction with the issuance of the Bonds that require execution by the Trustee. The City hereby authorizes Kennedy & Graven, Chartered, as bond counsel of the City, to prepare, execute, and deliver its approving legal opinion with respect to the Bonds. 11. The City has not participated in the preparation of the Preliminary Official Statement, the Official Statement, or any other disclosure document prepared with respect to the offer and sale of the Bonds (collectively, the "Official Statement"), and has made no independent investigation with respect to the information contained therein, including the appendices thereto, and the City assumes no responsibility for the sufficiency, accuracy, or completeness of such information. Subject to the foregoing, the City hereby consents to the distribution and the use by the Original Purchaser in connection with the sale of the Bonds of the Official Statement, in the form on file with the City. The City hereby 1 approves the Continuing Disclosure Agreement, dated as of April 1, 2002 (the "Continuing Disclosure Agreement"), J between the Borrower and the Trustee, in the form now on file with the City, and hereby authorizes the Trustee to execute and deliver the Continuing Disclosure Agreement. 12. Except as otherwise provided in this resolution, all rights, powers and privileges conferred and duties and liabilities imposed upon the City or the City Council by the provisions of this resolution or of the aforementioned documents shall be exercised or performed by the City or by such members of the City Council, or such officers, employees, board, body or agency thereof as may be required or authorized by law to exercise such powers and to perform such duties. No covenant, stipulation, obligation or agreement herein contained or contained in the aforementioned documents shall be deemed to be a covenant, stipulation, obligation or agreement of any member of the City Council of the City, or any officer, agent or employee of the City in that person's individual capacity, and neither the City Council of the City nor any officer or employee executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance thereof. No provision, covenant or agreement contained in the aforementioned documents, the Bonds or in any other document relating to the Bonds, and no obligation therein or herein imposed upon the City or the breach thereof, shall constitute or give rise to any pecuniary liability of the City or any charge upon its general credit or taxing powers. In making the agreements, provisions, covenants and representations set forth in such documents, the City has not obligated itself to pay or remit any funds or revenues, other than funds and revenues derived from the Loan Agreement, the Mortgage and the Subordinate Mortgage which are to be applied to the payment of the Bonds, as provided therein and in the Indenture. 13. Except as herein otherwise expressly provided, nothing in this resolution or in the aforementioned documents expressed or implied, is intended or shall be construed to confer upon any person, firm or corporation, other than the City or any holder of the Bonds issued under the provisions of this resolution, any right, remedy or claim, legal or equitable, under and by reason of this resolution or any provisions hereof, this resolution, the aforementioned documents and all of their provisions being intended to be and being for the sole and exclusive benefit of the City and any holder from time to time Page 3 of 4 of the Bonds issued under the provisions of this resolution. 14. In case any one or more of the provisions of this resolution, or of the documents mentioned herein, or of the Bonds issued hereunder shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provision of this resolution, or of the aforementioned documents, or of the Bonds, but this resolution, the aforementioned documents, and the Bonds shall be construed and endorsed as if such illegal or invalid provisions had not been contained therein. 15. The Bonds, when executed and delivered, shall contain a recital that they are issued pursuant to the Act, and such recital shall be conclusive evidence of the validity of the Bonds and the regularity of the issuance thereof, and that all acts, conditions, and things required by the laws of the State of Minnesota relating to the adoption of this resolution, to the issuance of the Bonds, and to the execution of the aforementioned documents to happen, exist, and be performed precedent to the execution of the aforementioned documents have happened, exist, and have been performed as so required by law. 16. The officers of the City, bond counsel, other attorneys, engineers, and other agents or employees of the City are hereby authorized to do all acts and things required of them by or in connection with this resolution, the aforementioned documents, and the Bonds for the full, punctual and complete performance of all the terms, covenants and agreements contained in the Bonds, the aforementioned documents and this resolution. In the event that for any reason the Mayor of the City is unable to carry out the execution of any of the documents or other acts provided herein, any other member of the City Council of the City shall be authorized to act in his capacity and undertake such execution or acts on behalf of the City with full force and effect, which execution or acts shall be valid and binding on the City. If for any reason the City Clerk of the City is unable to execute and deliver the documents referred to in this Resolution, such documents may be executed by any member of the City Council or any officer of the City delegated the duties of the City Clerk, with the same force and effect as if such documents were executed and delivered by the City Clerk of the City. 17. Pursuant to Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), the Series 2002A Bonds and the Note may be designated as "qualified tax-exempt obligations" exempt from the provisions of Section 265(b)(1) and (2) of the Code if the conditions set forth in Section 265(b)(3) of the Code are satisfied. The City makes the following factual statements and representations with respect to the status of the Series 2002A Bonds and the Note as qualified tax-exempt obligations: (a) the Series 2002A Bonds and the Note are "qualified 501(c)(3) bonds" as defined in Section 145 of the Code; (b) the City hereby designates the Series 2002A Bonds and the Note as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code; and (c) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds that are not "qualified 501(c)(3) bonds," as defined in Section 145 of the Code, and bonds issued to refund, other than to advance refund, any other bonds of the City to the extent that the principal amount of the refunding bonds does not exceed the outstanding amount of the refunded bonds) which will be issued by the City (and all subordinate entities of the City) during calendar year 2002 will not exceed $10,000,000. 18. This resolution shall be in full force and effect from and after its passage. ATTEST //�� ,�1 The foregoing resolu ' n was offer"Council Member _And supported by Council Member 'V � and was declared adopted on a Aye, .Nay, bstain vote of the City Council. I, Frederic C. Magnuson, the duly qualified City Clerk of the City of Gem Lake, County of Ramsey, State of Minnesota, do hereby certify that the foregoin Resolution is a true and accurate representation of action taken by the City Council of the City of Gem Lake on the date f written. / Frederic C. Magn(son, City i Date / efile: Reso1utions\2002\No2002-07.wpd Page 4 of 4 J CITY OF GEM LAKE RESOLUTION NO.2002-07 15 April 2002 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEM LAKE, MINNESOTA, RATIFYING A HOUSING PROGRAM OF THE CITY OF WHITE BEAR LAKE, MINNESOTA; AUTHORIZING THE ISSUANCE AND SALE OF REVENUE BONDS PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE REVENUE BONDS, AND RELATED DOCUMENTS; PROVIDING FOR THE SECURITY, RIGHTS, AND REMEDIES WITH RESPECT TO THE REVENUE BONDS; AND GRANTING APPROVAL FOR ENTRY INTO A JOINT POWERS AGREEMENT, AND TAKING CERTAIN OTHER ACTIONS WITH RESPECT THERETO. WHEREAS, the City of Gem Lake, Minnesota (the "City"), is a statutory city and a political subdivision of the State of Minnesota; and WHEREAS, pursuant to the Constitution and laws of the State of Minnesota, particularly Minnesota Statutes, Chapter 462C, as amended (the "Act"), the City is authorized to carry out the public purposes described therein and contemplated thereby by issuing its revenue bonds or other obligations to make a loan to finance a multifamily housing development, including the financing of the costs of the acquisition and preparation of a site and the construction of a new multifamily housing development for rental exclusively to persons age fifty-five (55) years and older; and WHEREAS, the City of White Bear Lake, Minnesota ("White Bear Lake"), a home rule city and a political subdivision of the State of Minnesota, is also authorized to issue revenue bonds pursuant to the Act; and WHEREAS, pursuant to Minnesota Statutes, Section 471.59, as amended (the "Joint Powers Act"), the City and White Bear Lake may jointly or cooperatively exercise any power common to the City and White Bear Lake, including those which are the same except for the territorial limits within which they may be exercised; and WHEREAS, Boulder Senior Living, LLC, a Minnesota limited liability company (the "Borrower"), has requested that the City and White Bear Lake each issue multifamily housing revenue bonds under the Act and the Joint Powers Act and loan the proceeds thereof to the Borrower to finance the development, acquisition, construction, and equipping of a ninety-four (94) unit multifamily housing facility for rental exclusively to persons age fifty-five (55) years and older to be located at 3555 Willow Avenue in the City of White Bear Lake (the "Project"); and WHEREAS, White Bear Lake adopted a Housing Program with respect to the Project (the "Program"), in accordance with the requirements of the Act, which authorizes the issuance of up to $12,000,000 in revenue bonds or obligations to finance the acquisition, construction and equipping by the Borrower of the Project and the Program was submitted to the Metropolitan Council for its review on December 5, 2000; and WHEREAS, the issuance of revenue bonds by the City pursuant to the Act to finance the Project is consistent with the stated goals and objectives of the comprehensive municipal plan of the City adopted July, 1997, as amended; and WHEREAS, following the publication of a notice (the "Public Notice") of a public hearing (in which a general, functional description of the Project was provided, as well as the maximum aggregate face amount of the obligations to be issued with respect to the Project, the identity of the initial owner, operator, or manager of the Project, and the location of the Project by street address) in a newspaper circulating generally in the City at least fifteen (15) days before the regularly scheduled meeting of the City Council of the City on April 15, 2002, the City Council of the City conducted a public hearing at which a reasonable opportunity was provided for interested individuals to express their views, both orally and in writing, on the Program and the proposed issuance of the Bonds (defined below), and the location and nature of the Project; and Page 1 of 4 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEM LAKE, MINNESOTA, AS FOLLOWS: 1. The Program is hereby ratified and approved in all respects without amendment. The prior submission of the Program to the Metropolitan Council is hereby ratified and confirmed. j 2. The City Clerk is hereby authorized to do all other things and take all other actions as may be necessary or appropriate to carry out the Program in accordance with the Act and any other applicable laws and regulations. 3. The City acknowledges, finds, determines, and declares that the issuance of the Bonds is authorized by the Act and is consistent with the purposes of the Act and that the issuance of the Bonds and the other actions of the City under the Indenture, the Loan Agreement, and this resolution constitute a public purpose and are in the best interests of the City. 4. The City understands that the Borrower will pay directly or through the City any and all costs incurred by the City, including the administrative time of City officials, in connection with the Program, the issuance of the Bonds, the Project, and any other matters directly related to the City's involvement with the Project and the Program, whether or not the Project is completed, and whether or not the Bonds are issued. 5. In order to assist in the financing of a portion of the costs of the development, acquisition, construction, and equipping of the Project, there is hereby authorized the issuance, sale, and delivery of its: (i) Senior Housing Revenue Bonds (Boulders Apartments Project), Series 2002A (the "Series 2002A Bonds"), in the original aggregate principal amount of $8,130,000; (ii) Taxable Senior Housing Revenue Bonds (Boulders Apartments Project), Series 2002B (the "Series 2002B Bonds"), in the original aggregate principal amount of $225,000; and (iii) Senior Housing Revenue Note (Boulders Apartments Project), Series 2002C (the "Note"), in the original aggregate principal amount of $378,000 (collectively, the Series 2002A Bonds, the Series 2002B Bonds and the Note shall be referred to hereinafter as the 'Bonds"). The Bonds shall bear interest at the rates, shall be designated, shall be numbered, shall be dated, shall mature, shall be subject to redemption prior to maturity, shall be in such form, and shall have such other terms, details, and provisions as are prescribed in the Indenture of Trust, dated as of April 1, 2002 (the "Indenture"), between the City and U.S. Bank National Association, a national banking association, as trustee (the "Trustee"), in the form now on file with the City, with the amendments referenced herein. The City hereby authorizes the Series 2002A Bonds and the Note be issued, in whole or in part, as "tax-exempt bonds" the interest on which is not includable in gross income for federal and State of Minnesota income tax purposes. X All of the provisions of the Bonds, when executed as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Bonds shall be substantially in the forms in the Indenture on file with the City, which forms are hereby approved, with such necessary and appropriate variations, omissions, and insertions (including changes to the aggregate principal amounts of the Bonds, the stated maturities of the Bonds and the maturity dates, the interest rates on the Bonds, and the terms of redemption of the Bonds), as the Mayor of the City (the "Mayor") and the City Clerk of the City (the "City Clerk"), in their discretion, shall determine. The execution of the Bonds with the manual or facsimile signatures of the Mayor and the City Clerk and the delivery of the Bonds by the City shall be conclusive evidence of such determination. 6. Pursuant to the terms of the Indenture and the Bonds, the principal and purchase price of, premium, if any, and interest on the Bonds: (i) shall be payable solely from the revenues pledged therefor; (ii) shall not constitute a debt, general obligation, or a moral obligation of the City within the meaning of any constitutional or statutory limitation; (iii) shall not constitute nor give rise to a charge against the general credit or taxing powers of the City; and (iv) shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City other than the City's interest in the Project and the Loan Agreement (defined below). The Indenture is hereby approved in the form now on file with the City. The Mayor and the City Clerk are hereby authorized to execute and deliver the Indenture substantially in the form now on file with the City. All of the provisions of the Indenture, when executed as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Indenture shall be substantially in the form on file with the City, with such necessary and appropriate variations, omissions, and insertions as do not materially change the substance thereof, or as the Mayor and the City Clerk, in their discretion, shall determine, and the execution thereof by the Mayor and the City Clerk shall be conclusive evidence of such determination. Page 2 of 4 8. The proceeds derived from the sale of the Bonds will be loaned by the City to the Borrower pursuant to the terms of a Loan Agreement, dated as of April 1, 2002 (the "Loan Agreement"), between the City and the Borrower. 9. The Mayor and City Clerk are hereby authorized and directed to execute and deliver the Loan Agreement, the Joint Powers Agreement, dated as of April 1, 2002 (the "Joint Powers Agreement"), between the City and White Bear Lake, and the Bond Purchase Agreement, dated on or after April 1, 2002 (the "Bond Purchase Agreement"), between the City, Miller Johnson Steichen Kinnard, Inc., as original purchaser (the "Original Purchaser"), and the Borrower. All of the provisions of the Loan Agreement, the Joint Powers Agreement, and the Bond Purchase Agreement, when executed and delivered as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Loan Agreement, the Joint Powers Agreement, and the Bond Purchase Agreement shall be substantially in the forms on file with the City, which are hereby approved, with such omissions and insertions as do not materially change the substance thereof, or as the Mayor and the City Clerk, in their discretion, shall determine, and the execution thereof by the Mayor and the City Clerk shall be conclusive evidence of such determination. 10. The Mayor and the City Clerk of the City are hereby authorized to execute and deliver, on behalf of the City, such other documents as are necessary or appropriate in connection with the issuance, sale, and delivery of the Bonds, including the City Tax Certificate, the Tax Exemption Agreement, the Information Return for Tax -Exempt Private Activity Bond Issues, Form 8038 (Rev. January 2002), and all other documents and certificates as shall be necessary and appropriate in connection with the issuance, sale, and delivery of the Bonds. The City hereby approves the execution and delivery by the Trustee of the Indenture and all other instruments, certificates, and documents prepared in conjunction with the issuance of the Bonds that require execution by the Trustee. The City hereby authorizes Kennedy & Graven, Chartered, as bond counsel of the City, to prepare, execute, and deliver its approving legal opinion with respect to the Bonds. 11. The City has not participated in the preparation of the Preliminary Official Statement, the Official Statement, or any other disclosure document prepared with respect to the offer and sale of the Bonds (collectively, the "Official Statement"), and has made no independent investigation with respect to the information contained therein, including the appendices thereto, and the City assumes no responsibility for the sufficiency, accuracy, or completeness of such information. Subject to the foregoing, the City hereby consents to the distribution and the use by the Original Purchaser in connection with the sale of the Bonds of the Official Statement, in the form on file with the City. The City hereby approves the Continuing Disclosure Agreement, dated as of April 1, 2002 (the "Continuing Disclosure Agreement"), 1 between the Borrower and the Trustee, in the form now on file with the City, and hereby authorizes the Trustee to execute and deliver the Continuing Disclosure Agreement. 12. Except as otherwise provided in this resolution, all rights, powers and privileges conferred and duties and liabilities imposed upon the City or the City Council by the provisions of this resolution or of the aforementioned documents shall be exercised or performed by the City or by such members of the City Council, or such officers, employees, board, body or agency thereof as may be required or authorized by law to exercise such powers and to perform such duties. No covenant, stipulation, obligation or agreement herein contained or contained in the aforementioned documents shall be deemed to be a covenant, stipulation, obligation or agreement of any member of the City Council of the City, or any officer, agent or employee of the City in that person's individual capacity, and neither the City Council of the City nor any officer or employee executing the Bonds shall be liable personally on the Bonds or be subject to any personal I iability or accountability by reason of the issuance thereof. No provision, covenant or agreement contained in the aforementioned documents, the Bonds or in any other document relating to the Bonds, and no obligation therein or herein imposed upon the City or the breach thereof, shall constitute or give rise to any pecuniary liability of the City or any charge upon its general credit or taxing powers. In making the agreements, provisions, covenants and representations set forth in such documents, the City has not obligated itself to pay or remit any funds or revenues, other than funds and revenues derived from the Loan Agreement, the Mortgage and the Subordinate Mortgage which are to be applied to the payment of the Bonds, as provided therein and in the Indenture. 13. Except as herein otherwise expressly provided, nothing in this resolution or in the aforementioned documents expressed or implied, is intended or shall be construed to confer upon any person, firm or corporation, other than the City or any holder of the Bonds issued under the provisions of this resolution, any right, remedy or claim, legal or equitable, under and by reason of this resolution or any provisions hereof, this resolution, the aforementioned documents and all of their provisions being intended to be and being for the sole and exclusive benefit of the City and any holder from time to time of the Bonds issued under the provisions of this resolution. Page 3 of 4 14. In case any one or more of the provisions of this resolution, or of the documents mentioned herein, or of the Bonds issued hereunder shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provision of this resolution, or of the aforementioned documents, or of the Bonds, but this resolution, the aforementioned documents, and the Bonds shall be construed and endorsed as if such illegal or invalid provisions had _ not been contained therein. J 15. The Bonds, when executed and delivered, shall contain a recital that they are issued pursuant to the Act, and such recital shall be conclusive evidence of the validity of the Bonds and the regularity of the issuance thereof, and that all acts, conditions, and things required by the laws of the State of Minnesota relating to the adoption of this resolution, to the issuance of the Bonds, and to the execution of the aforementioned documents to happen, exist, and be performed precedent to the execution of the aforementioned documents have happened, exist, and have been performed as so required by law. 16. The officers of the City, bond counsel, other attorneys, engineers, and other agents or employees of the City are hereby authorized to do all acts and things required of them by or in connection with this resolution, the aforementioned documents, and the Bonds for the full, punctual and complete performance of all the terms, covenants and agreements contained in the Bonds, the aforementioned documents and this resolution. In the event that for any reason the Mayor of the City is unable to carry out the execution of any of the documents or other acts provided herein, any other member of the City Council of the City shall be authorized to act in his capacity and undertake such execution or acts on behalf of the City with full force and effect, which execution or acts shall be valid and binding on the City. If for any reason the City Clerk of the City is unable to execute and deliver the documents referred to in this Resolution, such documents may be executed by any member of the City Council or any officer of the City delegated the duties of the City Clerk, with the same force and effect as if such documents were executed and delivered by the City Clerk of the City. 17. Pursuant to Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), the Series 2002A Bonds and the Note may be designated as "qualified tax-exempt obligations" exempt from the provisions of Section 265(b)(1) and (2) of the Code if the conditions set forth in Section 265(b)(3) of the Code are satisfied. The City makes the following factual statements and representations with respect to the status of the Series 2002A Bonds and the Note as qualified tax-exempt obligations: (a) the Series 2002A Bonds and the Note are "qualified 501(c)(3) bonds" as defined in Section 145 of the Code; (b) the City hereby designates the Series 2002A Bonds and the Note as "qualified tax- exempt obligations" for purposes of Section 265(b)(3) of the Code; and (c) the reasonably anticipated amount of tax- exempt obligations (other than private activity bonds that are not "qualified 501(c)(3) bonds," as defined in Section 145 of the Code, and bonds issued to refund, other than to advance refund, any other bonds of the City to the extent that the principal amount of the refunding bonds does not exceed the outstanding amount of the refunded bonds) which will be issued by the City (and all subordinate entities of the City) during calendar year 2002 will not exceed $10,000,000. 18. This resolution shall be in full force and effect from and after its passage. ATTEST The foregoing resolution was offered by Council Member Bosak and supported by Council Member Watson and was declared adopted on a unanimous vote of the City Council. I, Frederic C. Magnuson, the duly qualified City Clerk of the City of Gem Lake, County of Ramsey, State of Minnesota, do hereby certify that the foregoing Resolution is a true and accurate representation of action taken by the City Council of the City of Gem Lake on the date first written. Frederic C. Magnuso'h CjCN�P(erk Date efile: Reso1utions\2002\No2002-07.wpd Page 4 of 4 Page 1 of 1 Subj: Planning Commission 419/02 Minutes (Please Forward to the Usual Suspects) Date: 4/10/2002 8:39:27 PM Central Standard Time From: jghoeschler@emailmsn.com To: GemLakeCity@aol.com CC: fcmag@aol.com Sent from the Internet _(Details) Memo to Mayor Emeott From Jack Hoeschler April 10, 2002 Minutes of 4/09/02 Planning Commission The Gem Lake Planning Commission held its regular monthly meeting on April 9, 2002 at Tousely Ford. Messrs. Lindner, Nielson, and Emeott were unexpectedly absent and sorely missed. The Commission reviewed sections 5.2(o) and 9.2(i)&(m) of the Comprehensive Plan in light of the proposed participation of the city in the financing of the Boulders senior housing project. The project is located in White Bear Lake on County Road E a few blocks east of the Gem Lake boundary. The Commission unanimously found that the Boulders project is consistent with and supports the goals set forth in those sections of the Comprehensive Plan and we therefore urge the Council to give final approval to participation in the financing of that project. The remainder of the meeting was spent reviewing Mr. Emeott's version of the shoreline overlay district, the basic idea that we have been discussing during our last few meetings. While no final action was taken on the shoreline provisions, it was the strong feeling of the three members of the Commission present that the city should give positive consideration to enacting a site and building design review process for the entire city in addition to the reviews that are currently given. We will discuss this idea in greater depth(probably using the Sunfish Lake ordinance as a model) at our next meeting. In the meantime, Mr. Hoeschler will continue to invite the involvement of the riparian owners of Gem Lake in the final drafting of the shoreline restrictions. John G. Hoeschler, Chair Thursday, April 11, 2002 America Online: GemLakeCity CITY OF GEM LAKE RESOLUTION NO.2002-08 15 April 2002 BANKING - PREMIER BANK WHEREAS„ the City Council of the City of Gem Lake wishes to make all reasonable efforts to insure fiscal responsibility and 1 appropriate management of public funds; and WHEREAS,; Premier Bank of White Bear Lake has indicated it's willingness to provide appropriate security for Gem Lake funds in excess of FDIC coverage of $100,000US; and WHEREAS, the City of Gem Lake has already demonstrated it's fiscal responsibility with previously invested public funds. RESOLVED, that the City Council of the City of Gem Lake do hereby authorize the City Clerk and the City Treasurer on behalf of the City of Gem Lake to establish with Premier Bank checking accounts for the General Fund and Sewer Fund and to transfer all public funds from other depositories to these accounts at the earliest possible date. The foregoing Resolution was offered by Council Member Igo and was supported by Council Member Watson and was declared adopted based upon a unanimous vote. ATTEST I, the undersigned, being the duly qualified and appointed Clerk of the City of Gem Lake, Ramsey County, Minnesota, 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 of Gem Lake and that said extract is a true and accurate representation of the intent and action taken. ®��1/RM Frederic C. Magnt�o1i, Cit Jerk Dated IV e-file: reso1ution\4#4#\no200#-4# CERTIFIED COPY Claims For Payment CITY OF GEM LAKE Period Ending 05/20/2002 j 0 Paul Emeott, Mayor Chuck Watson, Council Roland Birkebak, Council Richard Bosak, Council Patrick Igo, Council Frederic Magnuson, Clerk Signatures Approving Claims For Payment Date Of Approval DATE DATE DATE DATE DATE DATE DATE GENERAL SEWER CLAIMM# PAID PAID TO DESCRIPTION OF CLAIM $AMOUNT FUND FUND GP 6005 04/15/2002 Leonard,O'Brien, Wilford,Spencer & Gale AT&TBroadband::MaterialsRvw/Corrw/Attomeys 450.00 GP 6005 04/15/2002 Leonard,G'Brien, Wilford,Spencer & Gale MUNICIPAL:UtilityProvider0rdinanceReview 172.50 GP 6006 04/15/2002 Xcel EnergyStreet Lighting: March 2002 60.41 60.41 GP 6007 04/15/2002 MESLOW & OLSON, PLLC TOTAL CLAIM 208.00 GP 6007 04/15/2002 Meslow & Olson, PLLC BillSvcs:.5hrX$96/hr-TelConfs w/Thu ; w/J.Wri ht 48.00 GP 6007 04/15/2002 Meslow & Olson, PLLC Pre -Trial $75:Igo 75.00 GP 6007 04/15/2002 1 Meslow & Olson, PLLC CourtTria] $85:Aaron Meier 1 85.00 GP 6008 04/15/2002 1 Ramsey County Law Enforcement: April 2002 4,907.311 4,907.31 GP 6009 04/15/2002 1 Press Publications Le Trans#236446: Financial Statement 1 212.801 212.80 GP 6010 04/15/2002 CITY OF WHI'l E BEAR LAKE I U IAL ULALM r,v4 i.vv GP 6010 04/15/2002 City of White Bear Lake Fire & Paramedic: Apr 2002 795.66 GP 6010 04/15/2002 City of White Bear Lake Fire Marshall & Inspections: Apr 2002 251.34 GP 6011 04/15/2002 ALLEN 0. ZEPPER TOTAL CLAIM 2,748.11 GP 6011 04/15/2002 Allen 0. Zepper Permit Closure Report: #B2001-16 2,400.48 GP 6011 04/15/2002 Allen 0. Zepper Permit Closure Report: #M2001-07/M2002-01;-02 172.13 GP 6011 04/15/2002 Allen 0. Zepper Permit Closure Report: #P2001-09/P2002-01 175.50 GP 6012 04/15/2002 League of Minnesota Cities Insurance Trust Worker's Comp Pemium:5/I/2002 to 5/1/2003 96.00 96.001 1 GP 6013 04/15/2002 MAGNUSON & ASSOCIATES, LLC TOTAL CLAIM _ 3,485.10 GP 6013 04/15/2002 Magnuson & Associates. LLC Local Telephone & Internet Service: Mar/Apr-2002 127.75 GP 6013 04/15/2002 Magnuson & Associates. LLC OfficeSu lies,Co in &Posta e: Mar/Apr-2002 233.36 GP 6013 04/15/2002 Magnuson & Associates. LLC Mileage-Mar/Apr-2002: 76 miles @ $0.365 27.74 GP 6013 04/15/2002 Magnuson & Associates. LLC AssistantClerk,Mar/Apr-2002: 12.00 hours 480.00 GP 6013 04/15/2002 Magnuson & Associates. LLC Zonin dmin, Mar/Apr-2002: 4.00 hours 260.00 GP 6013 04/15/2002 Magnuson & Associates. LLC Zonin dminBillable,Mar/A r-2002: 1.50 hours 97.50 GP 6013 04/15/2002 Magnuson & Associates. LLC GeneralAdmin, Mar/Apr-2002: 11.75 hours 763.75 GP 6013 04/15/2002 Magnuson & Associates. LLC GencralAdminBillable, Mar/Apr-2002: 21.50 hours 1,397.50 GP 6013 04/15/2002 Ma nuson & Associates. LLC CodeEnforcement,Mar/A r-2002: 1.50 hours 97.50 GP 6013 04/15/2002 Magnuson & Associates. LLC ChiefElectionJud e,Mar/A r-2002: 0.00 hours 0.00 Run Date & Time: 05/20/2002 at 03:15:17 PM File: 02claim04.123 Gaims For Payment CITY OF GEM LAKE Period Ending 05/20/2002 DATE CLAIM# Paul Emeott, Mayor Chuck Watson, Council Roland Birkebak, Council Richard Bosak, Council Patrick Igo, Council Frederic Magnuson, Clerk PAID TO Signatures Approving Claims For Payment Date Of Approval DATE DATE DATE DATE DATE DATE GENERAL SEWER OF CLAIM $ AMOUNT FUND FUND ALL 04/21/2002 APRIL SUMMARY TOTAL FOR APRIL $18,712.34 $17,904.64 $807.70 8.33% Of Budget Monthly % Annual Budget 8.84% 8.46% 0.38°/( ALL 04/21/2002 YEAR-TO-DATE SUMMARY TOTAL YEAR-TO-DATE $97,581.87 $84,068.67 $13,513.20 33.33% Of Year Completed % Annual Budget 46.12% 49.55% 32.23% ALL 04/21/2002 VERSUS ANNUAL BUDGET 33.33% Of Year Completed Annual Budget $Under/($Over) Annual Budget %Under/-%Over ($27,054.21 -12.79% ($27,517.01 -16.22% $462.80 1.10% 1 LINE ITEM NOTES OF ADJUSTMENT TO CLAIMS FOR PAYMENT S 1230 03/08/2002 1 City of Gem Lake Sewer Fund Transfer To NEW Premier Bank Checking (10,000.00 (101000.00 G 5284 03/08/2002 1 City of Gem Lake General Fund Transfer to NEW Premier Bank Checking 25,000.00 (25,000.00 T1UC -AN WA VQ nU AnTTiQTMFNT Tn!'T.ATMC M12 PAVMFNT ALL 04/21/2002 APRIL SUMMARY TOTAL FOR APRIL $18,712.34 $17,904.64 $807.70 8.33% Of Budget Monthly % Annual Budget 8.84% 8.46% 0.38% ALL 04/21/2002 YEAR-TO-DATE SUMMARY TOTAL YEAR-TO-DATE $62,581.87 $59,068.67 $3,513.20 33.33% Of Year Completed % Annual Budget 29.58% 34.82% 8.38% ALL 04/21/2002 VERSUS ANNUAL BUDGET Annual Budget $Under/($Over) $7,945.79 ($2,517.011 $10,462.80 33.33% Of Year Completed Annual Budget %Under/ -%Over 3.76% -1.49% 24.95% Run Date & Time: 05/20/2002 at 03:15:17 PM File: 02claim04.123 CPhims For Payment CITY OF GEM LAKE Period Ending 04/15/2002 Paul Emeott, Mayor Chuck Watson, Council Roland Birkebak, Council Richard Bosak, Council Patrick Igo, Council Frederic Magnuson, Clerk Signatures_ Approving Claims For Payment Date Of Approval / DATE C� DATE //S o DATE �., DATE ! /,S! O%.1 /y DATE "7 / � / Odi nnTE I/ fl DATE GENERAL I SEWER c1.atMa PAID PAID,r0 DESCRIPTION OF CLAIM SAMOUNT FUND FI Nu SP 2001 04/15/2002 Metropolitan Council _ Current User Charges - May 2002 807.70 807.70 GP 6001 04/15/2002 INTERNAL REVENUE SERVICE _ 1 ST QTR 200.2 WITHHOLDING 413.12 GP 6001 04/15/2002 Internal Revenue Service _ istQtr 2002: Employee SS Paymea1 _ 167 40 1 GP 6001 04/15/2002 Internal Revenue Service Ist Qtr 2002: City SS Payment 167.40 GP 6001 04/15/2002 Internal Revenue Service 1 st Qlr 2002: Employee Medicare Payment 39.161 GP 6001^ 04/15/2002 1 Internal Revenue Service _ 1 st Qtr 2002: City Medicare Pa_ymrnt_ _ 39.161 GP 60021 04/15/2002 MINNESOTA STATE TREASURER TOTAL CLAIM _ 227.50 GP 6002 04/15/2002 Minnesota State Treasurer ist Qlr 2002: Buildin Permits 250.00 GP 6002 04/15/2002 Minnesota State Treasurer 1st Qlr 2002: Plumbing Permits - _ _ 1.50 GP 6002 04/15/2002 Minnesota State Treasurer IstQtr2002: Mechanical Permits _ 1.00 GP 6002 04/15/2002 Minnesota State Treasurer 1st Qtr 2002: Permit_ Retention GP 6003 04/15/2002 1, Zoning Bulletin I One Year Subscription "Zoning Bulletin Biweekle 92.00 9200 GP 6004 04/15/2002 E-Z Recycling. Inc. Curbside Recycling March 2002 _ _ 281.30 28130 GP 6005 04/15/2002 LEONARD,O'BRIEN LAW OFFICE TOTAL CLAIM 3,435.00 GP 6005 04/15/2002 i Leonard,O'Brien, Wilford,Spcncer & Gale WEDUKBmTelConfReDepReg inyestBankerTel 1f 168.75 GP 6005 04/15/2002 1 Leonard,O'Brien, Wilford,Spencer&Gale { WEDUM:ResolutioWPropL.oa�r/TelConfs _ 2,418.751 GP 6005 04/152002 Leonard,O'Bricn, Wilford,Spcnccr& Gale CoRdE/Labore:ClerkTelConfRePermEasement _ 56.25 _ GP 6005 04/152002 Leonard.0'Brien,WilfoK-Spencer&Gale CoRdE/Labore:TelConfw/WBMontessori 1 168.75 GP 6005 04/15/2002 Leonard,O'Brien. Wilford,Spenccr & Gale AT&TBroadband::MaterialsRvw/Comv/Attorngs _ _ 450.00 GP 6005 04/15/2002 Leonard,O'Brien, Wilford,Spencer & Gale MUNICIPAL:UtilityProvider0rdinaneeRevie_w _ Z 172.50 GP 6006 04/15/2002 Xcel Energy Street Lighting: March 2002 _ 60.41 1 60.41 GP 6007 04/15/2002 MESLOW & OLSON, PLLC _ TOTAL CLAIM 208.00 GP 6007 04/15/2002 Meslow & Olson, PLLC BillSvcs:.5hrX$96/hr-TelConfs w/1'hurN w/J.Wri 48.00 GP 6007 04/15/2002 Meslow & Olson, PLLC f Pre-Trial@S75:lgo 75.001 GP 6007 041152002 Meslow tit Olson, PLLC CourtTrial©S85:Aaron Meier i 85.001 GP 6008 04/152002 Ramsey County Law Enforcement: April 2002 4,M.31 4907.311 GP 6009 04/152002 Press Publications LegTransa236446: Financial Statement _ 212.80 212.80 _ GP 6010 04/152002 CITY OF WHITE BEAR LAKE TOTAL CLAIM 1,047.00 _ 1 GP 6010 04/152002 City of White Bear Lake Fire & Paramedic: Apr 2002 _ _ 795.66 GP 6010 04/15/2002 City of White Bear Lake Fire Marshall & Inspections: Apr 2002 _ 1 251.34 _GP 6011 04/15/2002 ALLEN 0. ZEPPER TOTAL CLAIM 2,748.1 I I GP 6011 04/15/2002 Allen 0. Zepper Permit Closure _Report: 02001-16 1 2,400.48 GP_6011 04/15/2002 Allen 0. Zepper Permit Closure Report: #M2001-07/M2002-01;-02 _ I 172.13 GP 6011 04/15/2002 Allen O. Zepper Permit Closure Report: #P2001-09/P2002-01 175.50 GP 6012 04/15/2002 League of Minnesota Cities Insurance Trust Workers Comp Pemium:5/l/2002 to 5/l/2003 _ _ 96.001 96.00 GP 6013 04/15/20_02 MAGNUSON & ASSOCIATES, LLC TOTAL CLAIM 3,485_.10' GP 6013 04/15/2002 Magnuson & Associates. LLC Local Telephone & Internet Service: Mar/Apr-2002 127.75 GP 6013 04/15/2002 Magnuson & Associates. LLC_ _ OfficeSupplies4ppying&Postage: Mar/A -2002 _ 233.36 GP 6013 04/15/2002 Magnuson &Associates. LLC _ Mileage-Marl-2002: 76 miles (R$0.365 27.74 GP 6013 04/15/2002 Magnuson & Associates. LLC AssistantClerk,Mar/Apr-2002: 12.00 hours _ 480.00 GP 6013 04/15/2002 Magnuson & Associates. LLC ZoningAdm_in, Mar/Apr-2002: 4.00 hours 260.00_ _- GP 6013 04/15/2002 Magnuson & Associates. LLC ZoningAdminBillable,Mar/Apr-2002: 1.50 hours 97.50 GP 6013 04/15/2002 Magnuson & Associates. LLC GeneralAdmin, Mar/Apr-2002: 11.75 hours I 763.75 GP 6013 04/15/2002 Magnuson & Associates. LLC__ GeneralAdmin_Billable, Mar/Apr-2002:21.50 hours 1,397.50! GP 6013 04/15/2002 Magnuson & Associates. LLC CodeEnfo_rcement,Mar/Apr-2002: 1.50 hours I_ _ 1 97.50 GP 6013 04/15/2002 Magnuson & Associates. LLC I ChietElectio e,Mar/Apr-2002: 0.00 hours 0.00 ALL 04/21/2002 APRIL SUMMARY TOTAL FOR APRIL $18,712.34 $22,615.08 I $807.70 8.33%OFBudgetMonthly %Annual Budget 8,84% 10.69%1 0.38% ALL 04/21/2002 YEAR-TO-DATE SUMMARY TOTAL YEAR-TO-DATE $97,581.87 $84,068.67 $13,513.20 33.33% Of Year Completed % Annual Budget 46.12% • 49.55% 1 32.23% 1 ALL 04/21/2002 i VERSUS ANNUAL BUDGET Annual Budget $Under/($Over) ($27,054.21) ($27,517.01) $462.80 33.33% Of Year Compkted _ Annual Budget %Under/ -%Over L--12.79%-16.22% 1.10% Run Date & Time: 04/15/2002 at 01:42:30 PM File: 02claim04.123 Chaims For Payment CITY OF GEM LAKE Period Ending 04/15/2002 Paul Emeott, Mayor Chuck Watson, Council Roland Birkebak, Council Richard Bosak, Council Patrick Igo, Council Frederic Magnuson, Clerk Signatures Approving Claims For Payment Date Of Approval DATE DATE, DATE / N / I/ DATE ✓�-- irti--:_`�i DATE DATE DATE GENERAL I SEWER CLAIM# PAID PAID TO DESCRIPTION OF CLAIM S AMOUNT FUND FUND LINE ITEM NOTES OF ADJUSTMENT TO CLAIMS FOR PAYMENT I S 1230 03/08/2002 City of Gem Lake Sewer Fund Transfer To NEW Premier Bank Checking (10,000 00) (10,000.00). G 5284 03/08/2002 City ol"Gem Lake General Fund Transfer to NEW Premier Bank Checking (25,000.00) (25,000.00) LINE ITEM NOTES OF ADJUSTMENT TO CLAIMS FOR PAYMENT ALL 04/21/2002 APRIL SUMMARY TOTAL FOR APRIL $18,712.34 S22,615.08 $807.70 8.33% Of Budget Monthly %Annual Budget 8.84% 10.69% 0.38% ALL 04/21/2002 YEAR-TO-DATE SUMMARY TOTAL YEAR-TO-DATE $62,581.87 $59,069.67 $3,513.20 33.33% Of Year Completed % Annual Budget 29.58% 34.82% 8.38% ALL 04/21/2002 VERSUS ANNUAL BUDGET I Annual Budget $Under/($Over) $7,945.79 ($2,517 a 1) $10,462.80 33.33% Of Year Complued _ Annual Budget %Under/ -%Over 3.76% -1.49% _ 24.95% Run Date & Time: 04/15/2002 at 01:42:31 PM File: 02claim04.123 GENERAL FUND CHECKING 2002 CITY OF GEM LAKE TREASURER'S REPORT --Y OF GEM LAKE GENERAL C 62920.79 62983.53 )County Road "E" East FUND H 02-Jan START 99,209.62 Gem Lake, MN 55110-5231 CHECKING K -68844.07 — 32555.24 _-36288.83 64,414.58 TRAN TRAN 1 CHECKS TO I 62920.79 BANK DATE # DEPOSITS FROM PAYMENT FOR N DEBIT CREDIT BALANCE BALANCE 5_275 . Minnehaha Academy Scholarship Fund In Memory of Joan C. Birkebak 3 _ (I00,00) _ 85,640.74 85,639.74 85,825.44 _26-Mar-02 18-Mar-02 5276 Chuck Watson Labore/CountyRdE Temp Construction Easement 1,00 ' 85.825.44 18-Mar-02 5277 I Hutch Schilling LaborclCountyRdE Temp Construction Easement (1.00 _ 85,638.741 85,825.44 18-Ma,-02 52781 White Bear Montessori Labore/CountyRdE Temp Construction Easement (1.00 _ _ 85,637.74 85,825.44 29-Mar-02 5279 Xcel Energy Street Lighting: February 2002 3 (60.30) _ _ 95,577.44 85,765.14 18-Mar-02 5280 VOID VOID (538.00) 85.039.44. $5.765.14 26-Mar-02 r 5281 PRESS PUBLICATIONS TOTAL CLAIM 3 (70.00) 84,969.44 85,695.14 26-Mar-02 5282 E-Z Recycling Curbside Recycling: February 2002 3 (281.30). 84,688.14 85413.84 27-Mar-02 5283 CITY OF WHITE BEAR LAKE TOTAL CLAIM 3 (1,047.00) 83,641.141 84;366.84 11-Mar-02 5284 City of Gem Lake General Fund Transfer to NEW Premier Bank Checking 3 (25.000.00). 58,641.141 59,366.84 29-Mar-02 5285 ICBO/IFCI Class A Membership Annual Dues: 2002 3 (85.00) 58,556.141 59,281.84 26-Mar-02 5286 Ramsey County Truth In Taxation Reimbursement 3 (48.10) 58,508.041 59,233.74 25-Mar-02 5287 ! Paul Emeott 1st Qtr'02 Salary ($500.00-31.00ss-7.25mm) 3 (461.75) 58,046.29 58,771.99 18-Mar-02 5288 Richard Bosak -I 1 st Qtr'02 Salary ($200.00-12.40ss-2.90mm) j (184.70) 57,861.59 58,771.99 18-Mar-02 5299 Patrick Igo IstQtr'02 Salary ($200,00-12.40ss-2.90mm) ! (184.70) 57,676.891 58,771.99 27-Mar-02 5290 ROLAND BIRKEBAK TOTAL CLAIM 3 r (244.70) 57,432,19 58 527.29 18-Mar-02 5291 Chuck Watson Ist Qtr'02 Salary ($200.00-12.40ss-2.90mm) jl} (194.70) 57,247,491 58,527.29 20-Mar-02 5292 1 Sarah Cobian 1 st Qtr'02 Salary (S650.00-40.30ss-9.43mm) 3 (600.27) 56,647.22 57.927.02 21-Mar-02 5293 Fritz Magnuson 1 st Qlr'02 Salary (S750.00-46.50ss-10.88mm) 3 (692.62) 55,954.60 57,234.40 18-Mar-02 5294 White Bear Montessori Labore/CountyRdE Permanent Construction Easement (1.00) 55,953.60 57,234.40 26-Mar-02 5295 RAMSEY COUNTY TOTAL CLAIM 3 (2,076.31) 53,877,29 53.158.09 26-Mar-02 5296 MESLOW & OL_SON, PLLC : TOTAL CLAIM 3 (354.70). 53.522.59 54,803.39 25-Mar-02 52971 PAUL R. EMEOTT TOTAL CLAIM 3 (162.50) 53,360.09 54,640.89 28-Mar-02 5298 Allen O. ZdgW- 1 Plan Review for #B2002-01 (Mathern home) 3 (1,577.72) 51,782.37 53,063.17 i 21-Mar-02 _ 5299 M & ASSOCIATES, LLC_ TOTAL CLAIM 3 (4,838.19) 46.944 - 181 48,224.98 22-_Mar-02 _AGNUSON 5300 Paul Emeott Adobe Software For Website (Internet) (212.99) 46,731.191 48,224.98 !Inr-02 5301 City of_New Brighton 2002 RamseyCtyGISUsersGroupAnnDaleAM—Ss — 3 (38.00) L 46,693-191 48,186.98 Star-02 _ 5302 Avenet, LLC_ OneTimeLicenseFee/OncYrHosting(4/I/02-3/31/ 3 (440.00) 46,2_53.19' 47.746.98 04-Mar-02 _ _ 1 AT & T Broadband 2001 Annual Franchise Fee 3 2,080.26 48,333.45 49.827.24 04-Mar-02 2 Wedum Foundation Wedum Bond Expense Deposit 3 5.000-00 53,333.45 54.827.24 11-Mar -02 1 Ramsey County Traffic Fines - January 2002 3 84.50 53,417.95 54,911.74 II -Ma r-02 2!CityofGem Lake -Sewer Fund Deposit Error Correction 2122/02 3 314.00 53,731.95 55,225.74 15-Mar-02 l Ashby Development Reimbursement_ for Ashby Subdivision Expenses 3 1 3,191.66 56,923.611 58,417.40 15-Mar-02 2 MENDOTA HOMES TOTAL PAYMENT 3 5,840.98 62,764.59 64,25838 25-Mar-02 I Randall Thomas Document Sales (Ordinance No. 43) + Sales Tax 3 _ _ _ 12.57 62,777.161 64,270.95 25-Mar-02 2 ;Summit Farms 2001 Fire Inspection Fee 3 132.00 62.909.161 64,402.95 29-Mar-02 1 i- US Bank Interest Paid This Period 3 I 1 _ 11.63 62.920.79' 64,414.59 N Run Date: 04/08/2002 at 12:28:13 PM E-File: GFCheck.123 Page 1 of 1 bank. Business Statemen Fi,rsra S5 x.G...Imr�+.� Account Numbei 1 289 2805 611 P O. Box 1800 Saint Paul, Minnesota 55101-0800 Statement Period 00214 0026 15423SBAl Y ST01 Mar. 1 , 200; -� througl Mar. 31, 200; Page 1 of III 11111611111111&11111 HII I r 111111I 11111111i11II1rI1111111�I1 CITY OF GEM LAKE 1369 COUNTY ROAD E E $ To Contact U.S. Ban) SAINT PAUL MN 55110-5231 24-Hour Business Solutions: 1-800-673-35& Minneapolis/St. Paul Metro Area: 651-244-7771 TDD: 1-800-685-506: Internet: www.usbankcon INFORMATION YOU SHOULD KNOW Your U.S. Bank Business Statement contains valuable information regarding your accounts. It your address changes, please remember to promptly inform us of your new address so you can continue to receive your statement and other important information from U.S. Bank without any interruption. Production, postage, and returned statement handling costs are increasing. Therefore, effective May 1, 2002, your account may be charged a $5 Returned Statement Fee for the second and subsequent months that statements are returned undeliverable to us. The maximum amount your account will be charged is $10. After this point, we will suspend mailing your statement until you update your address with us. The Returned Statement Fee does not apply to Private Client Group customers_ BASIC BUSINESS CHECKING WITH INTEREST Member F& Acount Number 1-289-2805-6117 U.S Bank National Association Account Summary # Items Beginning Balance on Mar. 1 $ 87,476.44 Annual Percentage Yield Earned 0.180/ Customer Deposits 4 16,655.97 Interest Earned this Period $ 11.63 Other Deposits 1 11.63 Interest Paid this Year $ 40.87 Checks Paid 22 39,729.46- Number of Days in Statement Period 31 Ending Balance on Mar. 31, 2002 $ 64,414.58 Customer Deposits Number Date Ref Number Number Date Ref Number Amount _ — Mar. 4 -5940127061 - -- _Amount 7,680.26 Mar. 15 5945851532 - — 9.032.640 Mar. 11 6140449128 398.50 Mar. 25 6945755982 144.5761-o' Total Customer Deposits $ 16,655.97 Other Deposits Date _ _ Des cr lion of Transaction _ Ref Number Amount Mar. 29 Interest Paid _ _ _ _ _ _ _ 2900005591 $ 11.63 Total Other Deposits $ 11.63- Checks Paid CheckDate__ _ Ref Number Amount Check Date Ref Number Amount 5263 Mara 1 6947446313 ____ 1,331.00 611, 5287 __ Mar. 25 _ 6048405603 461.75r 5270 * Mar. 19 5947275240 122.50 5290 ' Mar. 27 6146081800 244.70 r 5272 * Mar. 4 6147249382 97.50 5292' Mar. 20 6944303658 600.27ip/ 5275' Mar. 26 8107850647 100.00 J0, 5293 Mar. 21 8107652727 692.62 ✓ 179 ' Mar. 29 6040388708 60.30 5295 * Mar. 26 6145955534 2,076.31 • 81 * Mar. 26 6446727653 70.00 0, 5296 Mar. 26 5940984408 354.70 r 282 Mar. 26 6145592372 281.30 $1, 5297 Mar. 25 6048405602 162.50 ✓ 5283 Mar. 27 6040072973 1,047.00 5298 Mar. 28 7144989407 1,577.7200 5284 Mar. 11 6444111279 25,000.00 ✓� 5299 Mar, 21 8107652728 4,838.1960 5285 Mar. 29 6040291493 85.00 5301 ' Mar. 28 5941806503 nra nn v SEWER FUND CHECKING 2002 CITY OF GEM LAKE TREASURER'S REPORT OF GEM LAKE SEWER C 7 County Road "E" East FUND H 01-Jan START 25,923.93 — (,ern Lake, MN 55110-5231 CHECKING K -12705.50 8063.97 20769.471 21282.40' TRAN TRAN CHECKS TO I 21316.401 BANK DATE ti DEPOSITS FROM PAYMENT FOR N DEBIT CREDIT BALANCE BALANCE 25-Mar-02 1229 Metropolitan Council Current UsaCha_rges-Apri12002 3 (807.701 31184.96i 31150.96 21184.96 21150.96 I I-Mar-02 1230 City of Gem Lake Sewer Fund Transfer To NEW Premier Bank Checking 3 (10,000.00 1 I -Mar-02 1231 City of Gem Lake -General Fund Deposit Error Correction (2/22/02) 3 (314.00, 20870.961 20836.96 04-Mar-02 I ARNCO INDUSTRIES TOTAL PAYMENT 3 140.00 21010.961 20976.961 1 I-Mar-02 I POD'S TIRE & WHEEL TOTAL PAYMENT 3 301.60 21312.561 21278.56 29-Mar-02 1 US Bank Interest Paid This Period _ t 3 _ _ 3.84 21316.401 21282.40' Run Date: 04/08/2002 at 11:39:35 AM E-File: SFCheck 123 Page 1 bank. Fnr S. Smi,r G...d �+l P.O. Sox 1800 Saint Paul, Minnesota 55101-0800 00214 0005 JS525SBAl Y ST01 111111l111f1!lIi11l11111171111l111l11111111i11111l111111111111 CITY OF GEM LAKE No SEWER ACCOUNT 1369 COUNTY ROAD E E SAINT PAUL MN 55110-5231 INFORMATION YOU SHOULD KNOW Business Statement Account Number: 1 289 2855 8112 Statement Period: Mar. 1 , 2002 through Mar. 31, 2002 Page 1 of 2 IT To Contact U.S. Bank 24-Hour Business Solutions: 1-800-673-3555 Minneapofis/Sf. Paul Metro Area: 651-244-7770 TDD: Internet: 1-800-685-5065 www. usbankcom Your U.S. Bank Business Statement contains valuable information regarding your accounts. If your address changes, please remember to promptly inform us of your new address so you can continue to receive your statement and other Important information from U.S. Bank without any interruption. Production, postage, and returned statement handling costs are increasi►1g. Therefore, effective May 1, 2002, your account may be charged a $5 Returned Statement Fee for the second and subsequent months that statements are returned undeliverable to us. The maximum amount your account will be charged is $10. After this point, we will suspend mailing your statement until you update your address with us. The Returned Statement Fee does not apply to Private Client Group customers. BASIC BUSINESS CHECKING WITH INTEREST Member FDI, ,ccount Number 1-289-2855-8112 U S Bank National Association Account Summary # Items Beginning Balance on Mar. 1 $ 31,958.66 Annual Percentage Yield Earned $ 0 184 3•29 Customer Deposits 2 441.60 Interest Earned this period $ 12.29 Other Deposits 1 3.84 Interest Paid this Year Number of Days in Statement Period 31 Checks Paid 3 11,121.70- ✓ Ending Balance on Mar. 31, 2002 $ 21,282.40 Customer Deposits Number Date Ref Number Amount Number _ Date _ Ref Number _ Amount — Mar. 4 5940106678 140.00 Mar. 11 6140421793 301.60ff Total Customer Deposits $ 441.60 Other Deposits Date Descr Lion of Transaction _ _ _ _ . Ref Number Amount _ Mar. 29 Interest Paid 2900005633 $ 3.84 Total Other Deposits $ 3.84, Checks Paid Check Date Ref Number Amount Check Date _ Ref Number _ - - Amount 1229 Maw. 25 69460596t33 — - --- --- 807.70 1231 - Mar. 11 614"49130 314.00(, 1230 Mar. 11 6444111280 10,000.00 Total (3 ) Checks Paid $ 11,121.70- alance Summary Date Ending Balance Date_ Ending Balance Mar. 4 32,098.66 Mar. 25 21,278.56 Mar. 11 22,086.26 Mar. 29 21,282.40 t ... �. .. , ... • �• .. •- 5• � .. .. � _ • •. '.f. • . • .. � •� • . • _ � � � • .. � � ♦. • .I � !. • � � � • � • ,. �� •� _ : ! • :1 � � • '� � � ' ♦ . • ` AW:.Am* SW/S PREMIERBANAK MAPLEWOOD • OSSEO • ROSEVILLWHITE KE lepositor: ci 1� PATRICIA (CASCI) MYCKLEB GI VICE PRESIDENT ��v �� Account NO: 60 OFFICE:651/777-7700 __ 2866 WHITE BEAR AVENUE FAX: 651/779-2908 MAPLEWOOD, MN 51111 RESOLUTION its) ;lal PREMIER BANK Lion: WHITE BEAR LAKE 2151 THIRD ST WHITE BEAR LAKE, MN 55110 I, the undersign . _.._... ti.rrfwY that the Corporation is organized and existing under and by virtue of the law! as a non—profit corporation, with its principal office at 1369 COUNTY ROAD E E, GEM LAKE , MN 55110-5231. Account Holder. CITY OF GEM LAKE GENERAL FUND is the complete and correct name of the Account Holder. FURTHER CERTIFY that at a meeting of the Board of Directors of the Corporation, duly and regularly called and held on March B, 2002, at which a quorum was present and voting, the following resolutions were adopted: RESOLVED, that the Financial Institution named above at any one or more of its offices or branches, be and it hereby is designated as a depository for the funds of this Corporation, which may be withdrawn on checks, drafts, advices of debit, notes or other orders for the payment of monies bearing the following appropriate number of signatures: Any two (2) of the following named officers or employees of this Corporation ("Agents"), whose actual signatures are shown below: .0 X FREDERIC AG CITY CLERK of CITY OF GEM LAKE X_C�/ ` PAUL R EMEOTT, MAYOR of CITY OF GEM LAKE 7 , S FAH B COBIAN, Treasurer of CITY OF GEM LAKE and that the Financial Institution shall be and is authorized to honor and pay the same whether or not they are payable to bearer or to the individual order of any Agent or Agents signing the same. FURTHER RESOLVED, that the Financial Institution is hereby directed to accept and pay without further inquiry any item drawn against any of the Corporation's accounts with the Financial Institution bearing the signature or signatures of Agents, as authorized above or otherwise, even though drawn or endorsed to the order of any Agent signing or tendered by such Agent for cashing or in payment of the individual obligation of such Agent or for deposit to the Agent's personal account, and the Financial Institution shall not be required or be under any obligation to inquire as to the circumstances of the issue or use of any item signed in accordance with the resolutions contained herein, or the application or disposition of such item or the proceeds of the item. FURTHER RESOLVED, that any one of such Agents is authorized to endorse all checks, drafts, notes and other items payable to or owned by this Corporation for deposit with the Financial Institution, or for collection or discount by the Financial Institution; and to accept drafts and other items payable at the Financial Institution. FURTHER RESOLVED, that the above named agents are authorized and empowered to execute such other agreements, including, but not limited to, special depository agreements and arrangements regarding the manner, conditions, or purposes for which funds, checks, or items of the Corporation may be deposited, collected, or withdrawn and to perform such other acts as they deem reasonably necessary to carry out the provisions of these resolutions. The other agreements and other acts may not be contrary to the provisions contained in this Resolution. FURTHER RESOLVED, that the authority hereby conferred upon the above named Agents shall be and remain in full force and effect until written notice of any amendment or revocation thereof shall have been delivered to and received by the Financial Institution at each location where an account is maintained. Financial Institution shall be indemnified and held harmless from any loss suffered or any liability incurred by it in continuing to act in accordance with this resolution. Any such notice shall not affect any items in process at the time notice is given. FURTHER CERTIFY that the persons named above occupy the positions set forth opposite their respective names and signatures; that the foregoing Resolutions now stand of record on the books of the Corporation; that they are in full force and effect and have not been modified in any manner whatsoever. Customer Copy CORPORATE BANKING RESOLUTION (for Deposit Accounts) (Continued) Page 2 IN TESTIMONY WHEREOF, I have hereunto set my hand on 0 O 'G%./� �lT� Z_� 2002 and attest that the signatures set -- opposite the names listed above are their genuine signatures. CERTIFIED TO AND ATTESTED BY: X _ CORPORATE ecreta nt Secretary SEAL X Co- "Secretary or Assistant Secretary *NOTE: In case the Secretary or other certifying officer is designated by the foregoing resolutions as one of the signing officers, this certificate should also be signed by a second Officer or Director of the Corporation. DEPOSIT PRO, Ver 6 51.12 06 Copr Harland Financial Soleiions, Inc. 1996, 2002 All Righ is Reserved MN - MN - CACFINEW\CFI%TISMI6 TR-53156 Customer Copy CORPORATE BANKING RESOLUTION (for Deposit Accounts) ---Oepositor: CITY OF GEM LAKE SEWER FUND Financial PREMIER BANK 1369 COUNTY ROAD E E Institution: WHITE BEAR LAKE GEM LAKE, MN 55110-5231 2151 THIRD ST WHITE BEAR LAKE, MN 55110 Account No: 6005582 I, the undersigned Secretary of the Corporation named above, HEREBY CERTIFY that the Corporation is organized and existing under and by virtue of the laws of the state of Minnesota as a non—profit corporation, with its principal office at 1369 COUNTY ROAD E E, GEM LAKE , MN 55110-5231. Account Holder. CITY OF GEM LAKE SEWER FUND is the complete and correct name of the Account Holder. FURTHER CERTIFY that at a meeting of the Board of Directors of the Corporation, duly and regularly called and held on March 8, 2002, at which a quorum was present and voting, the following resolutions were adopted: RESOLVED, that the Financial Institution named above at any one or more of its offices or branches, be and it hereby is designated as a depository for the funds of this Corporation, which may be withdrawn on checks, drafts, advices of debit, notes or other orders for the payment of monies bearing the following appropriate number of signatures: Any two (2) of the following named officers or employees of this Corporation ("Agents"), whose actual signatures are shown below: 7eX FREDERIC M GNU , CITY CLERK of CITY _ OF GEM LAKE X �/ Gt�( PAUL R EMEOTT, MAYOR of CITY OF GEM LAKE SARAH B COBIAN, Treasurer of CITY OF GEM LAKE and that the Financial Institution shall be and is authorized to honor and pay the same whether or not they are payable to bearer or to the individual order of any Agent or Agents signing the same. FURTHER RESOLVED, that the Financial Institution is hereby directed to accept and pay without further inquiry any item drawn against any of the Corporation's accounts with the Financial Institution bearing the signature or signatures of Agents, as authorized above or otherwise, even though drawn or endorsed to the order of any Agent signing or tendered by such Agent for cashing or in payment of the individual obligation of such Agent or for deposit to the Agent's personal account, and the Financial Institution shall not be required or be under any obligation to inquire as to the circumstances of the issue or use of any item signed in accordance with the resolutions contained herein, or the application or disposition of such item or the proceeds of the item. FURTHER RESOLVED, that any one of such Agents is authorized to endorse all checks, drafts, notes and other items payable to or owned by this Corporation for deposit with the Financial Institution, or for collection or discount by the Financial Institution; and to accept drafts and other items payable at the Financial Institution. FURTHER RESOLVED, that the above named agents are authorized and empowered to execute such other agreements, including, but not limited to, special depository agreements and arrangements regarding the manner, conditions, or purposes for which funds, checks, or items of the Corporation may be deposited, collected, or withdrawn and to perform such other acts as they deem reasonably necessary to carry out the provisions of these resolutions. The other agreements and other acts may not be contrary to the provisions contained in this Resolution. FURTHER RESOLVED, that the authority hereby conferred upon the above named Agen!s shalt be and remain in full force and affect until written notice of any amendment or revocation thereof shall have been delivered to and received by the Financial Institution at each location where an account is maintained. Financial Institution shall be indemnified and held harmless from any loss suffered or any liability incurred by it in continuing to act in accordance with this resolution. Any such notice shall not affect any items in process at the time notice is given. FURTHER CERTIFY that the persons named above occupy the positions set forth opposite their respective names and signatures; that the foregoing Resolutions now stand of record on the books of the Corporation; that they are in full force and effect and have not been modified in any manner whatsoever. Customer Copy CORPORATE BANKING RESOLUTION (for Deposit Accounts) (Continued) Page 2 IN TESTIMONY WHEREOF, I have hereunto set my hand on / O 2002 and attest that the signatures set opposite the names listed above are their genuine signatures. CERTIFIED TO AND ATTESTED BY: CORPORATE X — `Sec e ry or Assi Secretary SEAL X Co- "Secretary or Assistant Secretary "NOTE: In case the Secretary or other certifying officer is designated by the foregoing resolutions as one of the signing officers, this certificate should also be signed by a second Officer or Director of the Corporation. DEPOSIT PRO, Ver 6 51 12 06 Copr Harland Financial Solutions, Inc 1996, 2002. All Rights Reserved MN - MN - C:\CFINEWICFIITIS1L716 TR-53156 Customer Copy