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A-5 <br />LA515-142-947183.v1 <br />by one partnership of another), or (C) more than 50% common ownership of the value of the <br />outstanding stock of the corporation or the capital interests or profit interests of the partnership, <br />as applicable, if one entity is a corporation and the other entity is a partnership (including direct <br />ownership of the applicable stock or interests by one entity of the other), and <br />(4) “sale date” means the date that the Bonds are awarded by the City to the winning bidder. <br /> <br />ADJUSTMENTS TO PRINCIPAL AMOUNT AFTER PROPOSALS <br /> <br />The City reserves the right to increase or decrease the principal amount of the Bonds. Any such increase <br />or decrease will be made in multiples of $5,000 and may be made in any maturity. If any maturity is <br />adjusted, the purchase price will also be adjusted to maintain the same gross spread. Such adjustments <br />shall be made promptly after the sale and prior to the award of Proposals by the City and shall be at the <br />sole discretion of the City. The successful bidder may not withdraw or modify its Proposal once <br />submitted to the City for any reason, including post-sale adjustment. Any adjustment shall be conclusive <br />and shall be binding upon the successful bidder. <br /> <br />OPTIONAL REDEMPTION <br /> <br />Bonds maturing on February 1, 2033 through 2039 are subject to redemption and prepayment at the <br />option of the City on February 1, 2032 and any date thereafter, at a price of par plus accrued interest. <br />Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the <br />maturities and principal amounts within each maturity to be redeemed shall be determined by the City and <br />if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to <br />be prepaid shall be chosen by lot by the Bond Registrar. <br /> <br />CUSIP NUMBERS <br /> <br />If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but <br />neither the failure to print such numbers on any Bond nor any error with respect thereto shall constitute <br />cause for a failure or refusal by the successful bidder thereof to accept delivery of and pay for the Bonds <br />in accordance with terms of the purchase contract. The CUSIP Service Bureau charge for the assignment <br />of CUSIP identification numbers shall be paid by the successful bidder. <br /> <br />DELIVERY <br /> <br />Delivery of the Bonds will be within thirty days after award, subject to an approving legal opinion by <br />Kennedy & Graven, Chartered, Bond Counsel. The legal opinion will be paid by the City and delivery <br />will be anywhere in the continental United States without cost to the successful bidder at DTC. <br /> <br />TYPE OF PROPOSAL <br /> <br />Proposals of not less than $5,162,010 (98.70%) and accrued interest on the principal sum of $5,230,000 <br />must be filed with the undersigned prior to the time of sale. Proposals must be unconditional except as to <br />legality. Proposals for the Bonds should be delivered to Northland Securities, Inc. and addressed to: <br /> <br /> Clark Schroeder, Interim City Administrator <br />City of Lake Elmo <br />3880 Laverne Ave. N. <br />Lake Elmo, Minnesota 55042 <br /> <br />A good faith deposit (the “Deposit”) in the amount of $104,600 in the form of a federal wire transfer <br />(payable to the order of the City) is only required from the apparent winning bidder, and must be received <br />within two hours after the time stated for the receipt of Proposals. The apparent winning bidder will