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<br />OFFICIAL TERMS OF OFFERING
<br />$1,480,000
<br />CITY OF LINO LAKES, MINNESOTA
<br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1 988A
<br />Sealed bids for the Bonds will be opened by the City Administrator or his designee on Monday,
<br />September 26, 1988 at 12:00 Noon, Central Time, at the offices of SPRINGSTED Incorporated, 85
<br />East Seventh Place, Suite 100, Saint Paul, Minnesota 55101 -2143. Consideration for award of the
<br />Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day.
<br />DETAILS OF THE BONDS
<br />The Bonds will be dated October 1, 1988, as the date of original issue, and will bear interest payable
<br />on February 1 and August 1 of each year, commencing August 1, 1989. Interest will be computed
<br />upon the basis of a 360 -day year of twelve 30 -day months and will be rounded pursuant to rules of the
<br />MSRB. The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof
<br />as requested by the Purchaser, and fully registered as to principal and interest. Principal will be
<br />payable at the main corporate office of the Registrar and interest on each Bond will be payable by
<br />check or draft of the Registrar mailed to the registered holder thereof at his address as it appears on
<br />the books of the Registrar as of the 15th day of the calendar month next preceding the interest
<br />payment.
<br />The Bonds will mature February 1 in the amounts and years as follows:
<br />• $ 50,000 1990 $150,000 1993 $200,000 1996
<br />$ 50,000 1991 $150,000 1994 $245,000 1997
<br />$125,000 1992 $150,000 1995 $360,000 1998
<br />OPTIONAL REDEMPTION
<br />The City may elect on February 1, 1995, and on any interest payment date thereafter, to prepay
<br />Bonds due on or after February I, 1996. Redemption may be in whole or in part of the Bonds subject
<br />to prepayment. If redemption is.in part, those Bonds remaining unpaid which have the latest maturity
<br />date will be prepaid first. If only part of the Bonds having a common maturity date are called for
<br />prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments
<br />shall be at a price of par and accrued interest.
<br />SECURITY AND PURPOSE
<br />The Bonds will be general obligations of the City for which the City will pledge its full faith and
<br />credit and power to levy direct general ad valorem taxes. In addition the City will pledge special
<br />assessments levied against benefited properties. The proceeds will be used to refinance the City's
<br />$ 1,850,000 General Obligation Temporary Improvement Bonds, Series 1985, dated November 1, 1985,
<br />and to finance the construction of various improvement projects within the City.
<br />TYPE OF BID
<br />A sealed bid for not less than $1,457,800 and accrued interest on the total principal amount of the
<br />4ionds shall be filed with the undersigned prior to the time set for the opening f bids. Also prior to
<br />e time set for bid opening, a certified or cashier's check in the amount of 514,800, payable to the
<br />order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's
<br />Financial Advisor. No bid will be considered for which said check has not been filed, The check of
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