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} i<' ! \ I I with DTC. REGISTRAR i I The City will name the registrar that shall be subject to applicable SEC regulations. The Ii City will pay for the services of the registrar. Ii II OPTIONAL REDEMPTION II The City may elect on February 1. 2013, and on any day l\hereafter, to prepay Bonds due on or after February 1, 2014. 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 ! shall determine. If less than aU Bonds of a maturity are called for redemption, the City I will notify DTC of the particular amo~n.t of s~ch mat~ty to be p~epaid. DTC will I detennine by lot the amount of each partlclpant's mterest m such matunty to be redeemed II and each participant will then select by lot the beneficial ownership interests in such II maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest. II SECURITY AND PURPOSE L liThe Bonds will be general obligations of the City for which the City will pledge its full I faith and credit and power to levy direct general ad valorem taxes. In addition the City ! will pledge tax increment revenues from various City tax increment financing districts. i The proceeds will be used to finance land acquisition, demolition and remediation efforts I within the City's Northwest Quadrant redevelopment area. il iI 'i TAXABILITY OF INTEREST I:, liThe interest to be paid on the Obligations is includable in gross income of the recipient i for United States and State of Minnesota income tax purposes, and is subject to I Minnesota Corporate and bank excise taxes measured by net income. I! TYPE OF PROPOSALS II i!Proposals shall be for not less than $2,235,555 and accrued interest on the total principal ilamount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit iICDeposit") in the form of a certified or cashier's check or a Financial Surety Bond in the iiamount of $22,650, payable to the order of the City. If a check is used, it must !iaccompany the proposal. If a Financial Surety Bond is used, it must be from an insurance Ilcompany licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening of the 'I proposals. The Financial Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter Ilusing 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 liinstructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next l' business day following the award. If such Deposit is not received by that time, the SJB-251 3vl NE136-1 I " 1\ '"