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05-11-99 16:49 From-KENNEDY & GRAVEN +6123379310 T-525 P,13/17 F-614 REGISTRAR The City will name the registrar which shall be subject to applicable SEe regulations. The CitY Will pay for the services of the registrar. OPTIONAL REDEMPTION The City may elect on February 1. 2006, anCl on any day thereafter. to prepay Bonos QUe on or after February 1, 2007. Redemption may be in whole or in part and if in part at the option of the City and in such manner as the CitY Shall OeJermine. If less than all Bonds of a maturity are called for redemption, the City will notify DTC of me 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 redeemed and eacn participant will then select Oy lot the oeneficlal ownership interests in sucn matlJrity to be redeemed. All prepayments snail be at a price of par plus accrued interest. SECURITY AND PURPOSE Tne Boncts will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general aQ valorem taxes. In addition the City will pledge net revenues of the City's Stormwater Management Enterprise Fund. The proceeds will be used to finance storm water drainage improvements within tne City. TYPE OF pnOPOSAl-S Proposals shall be for not less man $321,750 and accrued interest on the total principal amount of the Sonds. Proposals snail be accompanied Oy a Good Faith Deposit ("Deposit") in the form of a certifiea or cashiers check or a Financial Surety Bond in the amount of $3,250, payable to tne order of me 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 band in me State of Minnesota. and preappro\led by the City. Such bond must De submitteo to Springsted Incorporated prior to the opening of tne proposals. The Financial Surety I30nd must identify each unaerwriter whose Deposit is guaranteed by Such FinancIal Surety Bornt If the Bonds are awarded to an unaerwnter using a Financial SIJrety Bond, then that purchaser is require,d to ~ubmit its Deposit to Springstect Incorporated in the form of a certified or casniers check or wire transfer as instructed by Springstecf Incorporated not later man 3:30 P.M., Central Time, on tne next business day following the award. If sucn Deposit is not received by that time, the Financial Surety I30nd may be drawn by tne City to satisfy the Deposit requirement. The City will deposit the check of tns purcnaser, the amount of Which will be deducted at !:;p.TTIAmAnt ",nd no interest will ancrue to the purchaser. In the event the purchaser fall~ to comply witn 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 the meeting of the City scneduled for award of the Bonds is adjourned. recessed, or continued to another date without awam of the Bonds naving been made. Rates shall be in integral multiples of 5/100 or 118 of 1 %. Rates must be in level or ascenoil1Q order. Banas of tne same maturitY Shall bear a single rats from the. date of the llonos to the aate of maturity. No conditional proposalS will be accepted. AWARD The Sonds will be awarded on tne basis of the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's compLltation of the interest rate of eaCh proposal. in accordance with customary practice. will be controlling. The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters relating to the receipt of proposals ana award of tne Bonds, (ill reject all proposals pJK-,62624 NEl38-149