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OPTIONAL REDEMPTION The Ci after F City called be rF such may elect on February 1, 2015, and on any day thereafter, to prepay Bonds due on ar ruary 1, 2016. Redemption may be in whole or in part and if in part at the option of the in such manner as the City shall determine. If less than all Bands of a maturity are r redemption, the City will notify DTC of the particular amount of such maturity to be DTC will determine by lot the amount of each. participant's interest in such maturity to med and each participant will then select by lot the beneficial ownership interests in unity to be redeemed. All prepayments shall be at a price of par plus accrued interest. SECURITY AND PURPOSE The B ds will be general obligations of the City for which the City will pledge its full faith and credit d power to levy direct general ad valorem taxes. In addition, the City will pledge special sessments against benefited properties. The proceeds will be used to finance various impro ment projects within the City. TYPE OF PROPOSALS Propo s shall be far not less than $44'1,038 and accrued interest on the total principal amount of the onds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a c ified or cashier's check or a Financial Surety Band in the amaunt of $4,550, payable to the or r of the City. If a check is used, it must accompany the proposal. If a Financial Surety Bondi used, it must be from an insurance company licensed to issue such a bond in the State of Minne ta, and preapproved by the City. Such bond must be submitted to Springsted Incorp ated prior to the opening of the proposals. The Financial Surety Bond must identify each erwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are award to an underwriter using a Financial Surety Bond, then that purchaser is required to submi is Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire transf as instructed by Springsted Incarparated not later than 3:30 P.M., Central Tirne, on the next siness day following the award. If such Deposit is not received by that time, the Finan ' 1 Surety Bond may be drawn by the City to satisfy the Deposit requirement. The Depos received from the purchaser, the amount of which will be deducted at settlement, will be deposi d by the City and no interest will accrue to the purchaser. In the event the purchaser fails t comply with the accepted proposal, said amount will be retained by the City. No propo can be withdrawn or amended after the time set for receiving proposals unless the meeti of the City scheduled for award of the Bonds is adjourned, recessed, or continued to anoth date without award of the Bonds having been made. Rates shall be in integral multiples of 5/1 or 1/8 of 1%. Rates must be in level or ascending order. Bonds of the same maturity shall ar a single rate from the date of the Bonds to the date of maturity. No conditional propo is will be accepted. AWARD The B nds will be awarded on the basis of the lowest interest rate to be determined an a true intere cost (TIC) basis. The City's computation of the interest rate of each proposal, in accor ce with customary practice, will be controlling. 309036v~ SJB N1;136-215