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" ~ "':' OFFICIAL TERMS OF OFFERING $2,605,000 CITY OF NEW BRIGHTON, MINNESOTA GENERAL OBUGATION IMPROVEMENT BONDS, SERIES 1991 A 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 BONDS 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 36o-day year of twelve 3Q-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: 1994 $280,000 1995 $270,000 1996 $270,000 1997 $270,000 1998 $270,000 1999 $270,000 2000 $270,000 2001 $270,000 2002 $220,000 2003 $215,000 OPTIONAL REDEMPTION The City may elect on February 1, 2000, and on any day thereafter, to prepay Bonds due on or after February 1, 2001. 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 determine and within a maturity by lot as selected by the registrar. All prepayments shall be at a price of par and accrued interest. 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 special assessments against benefited property. The proceeds will be used to finance various street Improvement projects within the City. TYPE OF BID . Bids shall be for not less than $2,576,345 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 $26,050, 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 Mlnnesota~ and preapproved by the City. Such bond must be submmed to Springsted . i -