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05-11.99 16:46 From.KENNEDY & GRAVEN +6123379310 T.525 P"05/17 F.G14 owners. The purchaser, as a condition of oelivery of the Bonds, will be required to deposit the Bonds with DTe. REGISTRAR Tne City will name me 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, ana on any Clay thereafter, to prepay Banas Clue on Or after February 1,2007. Reaemption may be in whale or in pan and if in part at the option of me City and in such manner as the City shall determine. If less than all Bonds of a maturity are callt:lrJ for reaemption, the Gity will notify OTe of the particular amount of sucn maturity to be prepaid. DTC will detennine by lot the amount of eaCh participant's interest in such maturity to be redeemed and each participant will then select Oy lot the beneficial ownership interests in such maturity to be redeemed. 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 fFlith and creel;J ana puwf;;)r to levy clirect general ad valorem taxes. In addition Jhe City will pledge special assessments against benefited property. The proceeds will be used to finance various improvements within the City. TYPE OF PROPOSALS Proposals shall be for not less than $3,687,750 and accrued interest on the total principal amOunt of the Banas. Proposals shall be accompanied by a Good Faith Deposit ("Oeposir') in the form of a cellitied or cas/lier's cnectt Or a Financial Surety Bond in the amount of $37,250, payable to the orCler 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 State of Minnesota, an<1 preapproved by the City. Such bond must be subl11ined to Springsted Incorporated prior to the opening qf the proposals. The Financial Surety Bona must identify each underwriter whose Deposit is guaranteeo tly such Financial Surety Bonet If the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to submit Its Deposit to Springstea Incorporated in the form of a certified or cashier's cnecl< or wire transfer as instructed Oy Spring:stelf Incorporated not later than 3:30 P.M., Central Time, on the next business day fOllowing the award. If such Deposit is nor received tly that time, the Financial Surety Band may be drawn by the City to satisfy the Deposit requirement. The City will deposit the check of the purchaser, the amount of whiCh will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted proposal, said amOunt will be retained by the City. No proposal can be withdrawn or amended atter the time set for receiving proposals unless me meeting of the City Scheduled for award of the Bonos is aCljourned, recessed, or cOntinued to another date wirhout award of the Bonds having been made;. Rates Shall be in Integral mUltiples of 5/100 or 1/8 of 1 %. Rates must be in level or ascending order. Bonds of the same maturity shall bear a single rate from the date of the BonCls 10 the date of maturity. No conditional proposals will be accepted. AWARD The Bonds will be awarded on the basis of the lowest imerest rate to be determined on a true interest cost (TIC} basis- The City's compufation of the inn~rest rate of each proposal, in accoreJance 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 and award of the Bonas, (ii) reject all proposals DJK'162859 NE136-149