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OFFICIAL TERMS OF OFFERING $795,000 CITY OF NEW BRIGHTON, MINNESOTA GENERAL OBUGATION WATER REVENUE BONDS, SERIES 1991 B Sealed bids for the Bonds will be received by the City's Finance Director or her designee on Tuesday. July 23. 1991, until 11 :30 A.M" Central Time. at the offices of SPRINGSTED Incorporated, 85 East Seventh Place. Suite 100. Saint Paul, Minnesota. after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 7:30 P.M.. Central Time, of the same day. DETAILS OF THE BONOS The Bonds will be dated August 1. 1991, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1992. Interest will be computed on the basis of a 360-day year of twelve 3o-day months and will be rounded pursuant to rules of the MSRB. The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and Interest. Principal will be payable at the main corporate office of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the Immediately preceding month. The Bonds will mature February 1 in the years and amounts as follows: 1993 $ 95,000 1994 $125,000 1995 $130,000 1996 $140,000 OPTIONAL REDEMPTION 1997 $150,000 1998 $155,000 The Bonds will not be subject to payment in advance of their respective stated maturity dates. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes, In addition the City will pledge net operating rev~nues of the City's water system, The proceeds will be used to finance various Water Utility improvements. TYPE OF BID Bids shall be for not less than $788,640 and accrued interest on the total principal amount of the Bonds. Bids shall be accompanied by a Good Faith Deposit (" Deposit") in the form of a certified or cashier's check or a Financial Surety Bond In the amount of $7,950, payable to the order of the City. If a check is used, it must accompany each bid. 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, and preapproved by the City. Such bond must be submitted to Sprlngsted Incorporated prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to a bidder using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the next - i -