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THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE
<br />ON THEIR BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS;
<br />TERMS OF PROPOSAL
<br />$1,060,000
<br />CITY OF LINO LAKES, MINNESOTA
<br />GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 19928
<br />Proposals for the Bonds will be received by the Administrator or his designee on Monday,
<br />March 23, 1992, until 12:30 P,M., Central Tir<<e, at the offices of SPRINGSTED Incorporated, 85
<br />East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and
<br />tabulated. Consideration for award of the Bonds will to by the City Council at 6:30 P.M.,
<br />Central Time, of the same day,
<br />DETAILS OF THE BONDS
<br />The Bonds will be dated April 1, 1992, as the date of original issue, and will bear interest
<br />payable on February 1 and August 1 of each year, commencing February 1, 1993. Interest will
<br />be computed on the basis of a 360 -day year of twelve 30 -day months. The Bonds. will be
<br />issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the
<br />purchaser, and fully registered as to principal and interest. Principal will be payable at the main
<br />corporate office of the registrar and interest on each Bond will be payable by check or draft of
<br />the registrar mailed to the registered holder thereof at the holder's address as it appears on the
<br />books of the registrar as of the close of business on the 15th day of the immediately preceding
<br />month.
<br />The Bonds will mature February 1 in the years and amounts as follows:
<br />1994 $25,000
<br />1995 $40,000
<br />1996 $50,000
<br />1997 $50,000
<br />1998 $55,000
<br />1999 555,000
<br />2000 $65,000
<br />2001 $70,000
<br />2002 $75,000
<br />2003 $80,000
<br />2004 $85,000
<br />2005 $90,000
<br />OPTIONAL REDEMPTION
<br />2006 $100,000
<br />2007 $105,000
<br />2008 $115,000
<br />The City may elect on February 1, 2001, and on any day thereafter, to prepay Bonds due on or
<br />after February 1, 2002. Redemption may be in whole or in part and if in part, at the option of
<br />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 plus 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 net
<br />revenues of the City's water utility. The proceeds will be used to finance costs associated with
<br />the construction of an elevated water storage tank.
<br />TYPE OF PROPOSALS
<br />Proposals shall be for not bass than $1,044,100 and accrued interest on the total principal
<br />amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in
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