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name of Cede & Co. as nominee of Depository Trust Company ("DTC"), New York, New York, which
<br />will act as securities depository of the Bonds.
<br />Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof
<br />of a single maturity through book entries made on the books and records of DTC and its participants.
<br />Principal and interest are payable by the City through US Bank, National Association, St. Paul, Minnesota
<br />(the "Paying Agent/Registrar"), to DTC, or its nominee as registered owner of the Bonds. Transfer of
<br />principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of
<br />principal and interest payments to beneficial owners by participants will be the responsibility of such
<br />participants and other nominees of beneficial owners. The successful bidder, as a condition of delivery of
<br />the Bonds, will be required to deposit the bond certificates with DTC. The City will pay reasonable and
<br />customary charges for the services of the Paying Agent/Registrar.
<br />DATE OF ORIGINAL ISSUE OF BONDS
<br />Date of Delivery (Estimated to be December 712021)
<br />AUTHORITY/PURPOSE/SECURITY
<br />The Bonds are being issued pursuant to Minnesota Statutes, Section 475.521 and Chapters 429, 444 and
<br />475. Proceeds will be used to current refund the outstanding maturities of the Economic Development
<br />Authority of the City of Lake Elmo's Taxable Public Project Lease Revenue and Limited Tax Bonds,
<br />Series 2018A; to finance a fire station and law enforcement building project and public works addition; to
<br />finance the City's 2021 street improvement projects, which includes sanitary sewer improvements; to
<br />current refund a portion of the City's General Obligation Bonds, Series 2013A, and to pay the costs
<br />associated with the issuance of the Bonds. The Bonds are payable from special assessments against
<br />benefited property, net sewer and water revenues, and additionally secured by ad valorem taxes on all
<br />taxable property within the City. The full faith and credit of the City is pledged to their payment and the
<br />City has validly obligated itself to levy ad valorem taxes in the event of any deficiency in the debt service
<br />account established for this issue.
<br />INTEREST PAYMENTS
<br />Interest is due semiannually on each February 1 and August 1, commencing February 1, 2022, to
<br />registered owners of the Bonds appearing of record in the Bond Register as of the close of business on the
<br />fifteenth day (whether or not a business day) of the calendar month preceding such interest payment date.
<br />MATURITIES
<br />Principal is due annually on February 1, inclusive, in each of the years and amounts as follows:
<br />Year
<br />Amount
<br />Year
<br />Amount
<br />Year
<br />Amount
<br />Year
<br />Amount
<br />2022
<br />$55,000
<br />2028
<br />$1,270,000
<br />2033
<br />$1,345,000
<br />2038
<br />$540,000
<br />2023
<br />1,290,000
<br />2029
<br />1,285,000
<br />2034
<br />1,360,000
<br />2039
<br />550,000
<br />2024 `
<br />1,255,000
<br />2030
<br />1,295,000
<br />2035
<br />1,115,000
<br />2040
<br />565,000
<br />2025
<br />1,255,000
<br />2031
<br />1,315,000
<br />2036
<br />1,140,000
<br />2041
<br />575,000
<br />2026
<br />1,265,000
<br />2032
<br />1,315,000
<br />2037
<br />1,170,000
<br />2042
<br />590,000
<br />2027 1,265,000
<br />Proposals for the Bonds may contain a maturity schedule providing for any combination of serial bonds
<br />and term bonds, subject to mandatory redemption, so long as the amount of principal maturing or subject
<br />to mandatory redemption in each year conforms to the maturity schedule set forth above.
<br />A-2
<br />LA515-85a48041.vi
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