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II Ij ~ l; I,,!I T?e Ci:y will name the r~gistrar that s~al1 be subject to applicable SEC regulations. The ! CIty WIll pay for the serVIces of the regIstrar. I! Ii I i OPTIONAL REDEMPTION ,I II The City may elect on February 1, 2012, and on any day i'I' thereafter, to prepay Bonds due on or after February 1, 2013. Redemption may be in i whole or in part and if in part at the option of the City and in such manner as the City 11 shall determine. If less than all Bonds of a maturity are called for redemption, the City Ii will notify DTC of the particular amount of such maturity to be prepaid. DTC will II determine by lot the amount of each participant's interest in such maturity to be redeemed d and each participant will then select by lot the beneficial ownership interests in such l! maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest. ;: II SECURITY AND PURPOSE !I Ii The Bonds will be general obligations of the City for which the City will pledge its full II faith and credit and power to levy direct general ad valorem taxes. In addition the City II will pledge special assessments against benefited property. The proceeds will be used to finance various improvement projects within the City. !j I 11 TYPE OF PROPOSALS II 1'1 Proposals shall be for not less than $1,252,350 and accrued interest on the total principal amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit 1 ("Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the : amount of $12,650, payable to the order of the City. If a check is used, it must I accompany the proposal. If a Financial Surety Bond is used, it must be from an insurance I company licensed to issue such a bond in the State of Minnesota, and preapproved by the I City. Such bond must be submitted to Springsted Incorporated prior to the opening of the II proposals. The Financial Surety Bond must identify each underwriter whose Deposit is II guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter i using a Financial Surety Bond, then that purchaser is required to submit its Deposit to i Springsted Incorporated in the form of a certified or cashier's check or wire transfer as :, instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next II business day following the award., If such Deposit is not received by that time, the I, Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The I! Deposit received from the purchaser, the amount of which will be deducted at settlement II and no interest will accrue to the purchaser, will be deposited by the City. In the event i the purchaser fails to comply with the accepted proposal, said amount will be retained by ! the City. No proposal can be withdrawn or amended after the time set for receiving I! proposals unless the meeting of the City scheduled for award of the Bonds is adjourned, ilrecessed, or continued to another date without award of the Bonds having been made. 11 Rates shall be in integral multiples of 5/100 or 1/8 of 1 %. Rates must be in level or Ii ascending order. Bonds of the same maturity shall bear a single rate from the date of the II Bonds to the date of maturity. No conditional proposals will be accepted. I! AWARD II I: I)i