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$645,000 City of New Brighton, Minnesota Golf Course Gross Revenue Bonds, Series 1999C TERMS AND CONDITIONS Dated Date: August 1, 1999 Interest Due: Each May 1 and November 1, commencing May 1, 2000. Principal Due: Each November 1 as follows: 2000 $10,000 2005 S25,000 2010 $30,000 2001 $20,000 2006 S25,000 2011 $35,000 2002 $20,000 2007 S30,000 2012 $35,000 2003 $25,000 2008 S30,000 2013 $35,000 2004 $25,000 2009 S30,000 2014 $40,000 2015 $40,000 2016 $45,000 2017 $45,000 2018 $50,000 2019 $50,000 Term Bonds: The Bonds may contain a maturity schedule providing for a combination of serial and term bonds, provided that no serial bond may mature on or after the first mandatory sinking fund redemption date on any term bond. All term bonds shall be subject to mandatory sinking fund redemption and must conform to the maturity schedule set forth above. Price: $632,100 Optional Redemption: The City may elect on November 1, 2005 and on any date thereafter, to prepay Bonds due on or after November 1, 2006 at a price of par plus accrued interest. Rating: None Legal Opinion: Underwriter: Kennedy & Graven, Chartered of Minneapolis, Minnesota Dougherty Summit Securities LLC Registrar: The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay for services of the registrar. CUSIPS will be applied for; cost is the responsibility of the Underwriter. CUSIP Numbers: Pricing and Award: July 13, 1999. The City Council will consider award of the Bonds that same evening at 7:30 P.M. Settlement: To be determined, but no later than mid-August, 1999. Page 3