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• TERMS AND CONDITIONS OF SALE $115,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1990 CITY OF FALCON HEIGHTS, MINNESOTA Sealed bids for the purchase of $115,000 General Obligation Improvement Bonds of 1990 (the Bonds) of the City of Falcon Heights, Minnesota (the City) will be received at the office of the City Clerk unti112:30 p.m., on Wednesday, February 14, 1990, when they will be opened, read and tabulated. The bids will be presented to the City Council for consideration at a meeting to be held at the City Hall at 7:00 P.M. on the same date. This is a statement of the terms and conditions upon which the bids for the Bonds will be received, the sale thereof awarded and the Bonds issued. PURPOSE AND SECURITY The Bonds will be issued for the purpose of financing the cost of construction of local improvements within the City, in accordance with the provisions of Minnesota Statutes, Chapters 429 and 475. The Bonds will be general obligations of the City for which the City will pledge its full faith, credit and tazing powers. DATE. TYPE. DENOMINATION MATURITIES AND REDEMPTION • The Bonds will be dated as originally issued, as of February 1, 1990, will be in fully registered form and in denominations of $5,000 or any integral multiple thereof, of single maturities, and will mature on February 1 in the years and amounts set forth below: Year Amount Year Amount 1992 $10,000 1997 $10,000 1993 10,000 1998 10,000 1994 10,000 1999 15,000 1995 10,000 2000 15,000 1996 10,000 2001 15,000 The Bonds maturing on and after February 1, 1997 shall each be subject to redemption and prepayment, at the option of the City and in whole or in part, and if in part, in inverse order of maturities and by lot assigned in proportion to their principal amount within a maturity, on February 1, 1996, and on any interest payment date thereafter, at a price equal to the principal amount thereof to be redeemed plus interest accrued to the date of redemption. • -4-