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OFFICIAL TERMS OF OFFERING
<br /> $5,840,000*
<br /> CITY OF INVER GROVE HEIGHTS, MINNESOTA
<br /> GOLF COURSE GROSS REVENUE BONDS, SERIES 1990C
<br /> Sealed bids for the Bonds will be received by the City Administrator or his designee on
<br /> Monday, September 24, 1990, until 12:00 Noon, 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 /> DETAILS OF THE BONDS
<br /> The Bonds will be dated October 1, 1990, as the date of original issue, and will bear interest
<br /> payable on June 1 and December 1 of each year, commencing June 1, 1991. Interest will be
<br /> computed on the basis of a 360-day year of twelve 30-day months and will be rounded
<br /> pursuant to rules of the MSRB. The Bonds will be issued in the denomination of$5,000 each,
<br /> or in integral multiples thereof, as requested by the purchaser, and fully registered as to
<br /> principal and interest. Principal will be payable at the main corporate office of the registrar and
<br /> interest on each Bonds will be payable by check or draft of the registrar mailed to the
<br /> registered holder thereof at the holder's address as it appears on the books of the registrar as
<br /> of the close of business on the 15th day of the immediately preceding month.
<br /> The Bonds will mature December 1 in the years and amounts as follows:
<br /> 1995 $125,000 2002 $220,000 2009 $375,000
<br /> 1996 $135,000 2003 $235,000 2010 $405,000
<br /> 1997 $150,000 2004 $255,000 2011 $440,000
<br /> 1998 $160,000 2005 $275,000 2012 $475,000
<br /> 1999 $170,000 2006 $295,000 2013 $515,000
<br /> 2000 $185,000 2007 $320,000 2014 $555,000
<br /> 2001 $200,000 2008 $350,000
<br /> * The City reserves the right; after bids are opened and prior to award, to reduce the principal
<br /> amount of the Bonds offered for sale. Any such reduction will be in a total amount not to
<br /> exceed $500,000 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 reduced, any premium offered or any discount
<br /> taken by the successful bidder will be reduced by a percentage equal to the percentage by
<br /> which the principal amount of the Bonds is reduced.
<br /> OPTIONAL REDEMPTION
<br /> The City may elect on December 1, 2001, and on any day thereafter, to prepay Bonds due on
<br /> or after December 1, 2002. Redemption may be in whole or in part and if in part, at the option
<br /> of the City and in such order as the City shall determine and within a maturity by lot as selected
<br /> by the registrar. All prepayments shall be at a price of par and accrued interest.
<br /> .-� SECURITY AND PURPOSE
<br /> The Bonds will be special Bonds of the City payable solely from gross revenues from golf
<br /> course operations and shall not constitute a debt for which the faith and credit or taxing
<br />
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