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,05~lt-99 16:49 From-KENNEDY & GRAVEN +6123379310 T-525 P.13/17 F-614 REGISTRAR The City will name the registrar whidl shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. OPTIONAL REDEMPTION The City may elect on February 1, 2006. anO on any day thereafter, to prepay Bonds due on or after February 1, 2007. Redemption may be in whale or in part and if in part at The opTion of the CitY and in s~ch manner as the City snall aeJennine. If less than ail Bonds of a manlfity are called for redemption, the City will notify DTC of the particular amount of SUCh maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be reoeemed and eacn participant will then select by lot the peneficial ownership interests in such maturity to be redeemeCi- All prepayments Shall be at a price of par plus accrued imerest. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and creOit and power to levy direct general ad valorem taxes. In addition the City will pledge net re'lenues of the City's Stormwater Management !interpose Fund. The proceeds Will be used to finance storm water drainage improvements within the City. TYPE OF pnOPOSAL.S Proposals shall be for not less tnan $321.750 ana accrued interest on the total principal amount of the BondS. Proposals snail be accompanied oy a Good Fairh Deposit (MDepasir) in the farm of a certified or cashiers check or a Fll1ancial Surety Bond in the amount of $3,250, payable to me order of the City. If a check is used. it must accompany each proposal. If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the Srate of Minnesota, and preapproved by the City. Such band must oe subminea to Springsted Incorporated prior to the opening af the proposals. The Financial Surety Bona must iOentify each unaerwriter whose Deposit is guaranteed Oy Such finanCIal Surety Band. If the Bonds are awarded to an unoerwnter using a Financial Surety Bond, then that purchaser is required to submit its Deposit to SpringsteQ Incorporatec in the form of a cenified or casniers check or wire transfer as instructea oy Springsted Incorporatea not later than 3:30 P.M., Centra! Time, on the next nusiness day fOllOWing the award. If SUCh Deposit is not received by that lime, the Financial Surety Bond may be ejrawn oy me City to satIsfy the Deposit requirement. The City will deposit the check of the purchaser, the amount of Which will be deducted at sp.nlRmRnt Rnd nn interest will Rr.cme to the purchaser. In the event the purChaser falls to comply with the accepted propoSal. said amo~nt will be retainea Oy the City. No proposal can be withdrawn or amended after the time set for receiving proposals unless tne meeting of the City SCheduled for award of the Bonds is a~oumed, recessed, or cominue!S to another date without award of the Bonds having been made. Rates shall be in integraJ multiples of 5/1 00 or 1/8 of 1 %. Rates must be in level or ascending order. Bonds of the same maturitY snail bear a single rate from the date of the BondS to tne date of maturity. No conditional proposals wJJ/ be accepted. AWARD The Bonds will be awarded on the basis of the lowest interest rate to be determinecJ on a true imerest cost (llC) basis. The City's comp~tation of the interest rate of each proposal, in accordance with customary practice, will be controlling. The City will reserve me right to: 0) waive non-substanti"e informalities of any proposal or of maners relating to the receipt of proposals and award of me Bonds, (ii) reject all proposals PJK-,S2!S24 NE138.149