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<br />THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE <br />ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: <br /> <br />TERMS OF PROPOSAL <br /> <br />$5,060,000. <br /> <br />CITY OF NEW BRIGHTON, MINNESOTA <br /> <br />GENERAL OBLIGATION TAX INCREMENT REFUNDING <br />BONDS, SERIES 19920 <br /> <br />Proposals for the Bonds will be received by the City's Finance Director or her designee on <br />Tuesday, September 29, 1992, until 11 :00 A.M., Central Time, at the offices of Springsted <br />Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they <br />will be opened and tabulated. Consideration for award of the Bonds will be by the City Council <br />at 7:30 P.M., Central Time, of the same day. <br /> <br />DETAILS OF THE BONDS <br /> <br />The Bonds will be dated November 1, 1992, as the date of original issue, and will bear interest <br />payable on February 1 and August 1 of each year, commencing August 1, 1993. Interest will <br />be computed on the basis of a 360.day year of twelve 30-day months. The Bonds will be <br />issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the <br />purchaser, and fully registered as to principal and interest. Principal will be payable at the main <br />corporate office of the registrar and interest on each Bond will be payable by check or draft of <br />the registrar mailed to the registered holder thereof at the holder's address as it appears on the <br />books of the registrar as of the close of business on the 15th day of the immediately preceding <br />month. <br /> <br />The Bonds will mature February 1 in the years and amounts as follows: <br /> <br />1995 $710,000 <br />1996 $780,000 <br /> <br />1997 $795,000 <br />1998 $825,000 <br /> <br />1999 $ 945,000 <br />2000 $1,005,000 <br /> <br />. <br /> <br />The City reselVes the right, after proposals are opened and prior to award, to increase or reduce the <br />principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total <br />amount not to exceed $180,000 and will be made in multiples of $5,000 in any of the maturities. In the <br />event the principal amount of the Bonds is increased or reduced, any premium offered or any <br />discount taken will be increased or reduced by a percentage equal to the percentage by which the <br />principal amount of the Bonds is increased or reduced. <br /> <br />OPTIONAL REDEMPTION <br /> <br />The Bonds will not be subject to payment in advance of their respective stated maturity dates. <br /> <br />SECURITY AND PURPOSE <br /> <br />The Bonds will be general obligations of the City for which the City will pledge its full faith and <br />credit and power to levy direct general ad valorem taxes. In addition the City will pledge tax. <br />increment income from Tax. Increment Districts 1-10 within the City. The proceeds will be used <br />to refund the 1996 and 2000 term maturities of the City's General Obligation Tax. Increment <br />Refunding Bonds, Series 1986, dated August 1, 1986. <br /> <br />. i - <br />