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<br />EXHIBIT B
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<br />OFFICIAL TERMS OF OFFERING
<br />
<br />$2,875,000
<br />CITY OF MOUNDS VIEW, MINNESOTA
<br />GENERAL OBUGAnON WATER REVENUE BONDS, SERIES' 991 A
<br />
<br />Sealed bids for the Bonds will be recelved by tne City Finance Director or hIs designee on
<br />Monday, April 22, 1991, until 11 :30 A.M., Central Time, at the offices of SPR1NGSTED
<br />Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they
<br />will be opened and tabulated. Consideration for award of the Bonds will be by the City Council
<br />at 7:00 P.M., Central Time, of the same day,
<br />
<br />DETAILS OF THE BONDS
<br />
<br />The Bonds will be dated May 1, 1991, as the date of original i$aue, and will bear Interest
<br />payable on February 1 and August 1 of each year, commencing February 1, 1992. Interest will
<br />be computed on the basis of a 360-day year of twelve 3O-day months and will be rounded
<br />pursuant to rules of the MSRB. The Bonds will be issued in the denomlnatlon 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 Bond will.be payable by check or draft of the regIstrar mailed to the registered
<br />holder thereof at the holder's address as It appears on the bOoks of the registrar as of the
<br />close of business on the 15th day of the immediately preceding month,
<br />
<br />. The Bonds will mature February 1 in the years and amounts as follows:
<br />
<br />1993 $35,000
<br />1994 $55,000
<br />1995 $80,000
<br />1996 $85,000
<br />1997 $90,000
<br />1998 $95,000
<br />
<br />1999 $100,000
<br />2000 $105,000
<br />2001 $115,000
<br />2002 $120,000
<br />2003 $130,000
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<br />2004 $135,000
<br />2005 $145,000
<br />2006 $155,000
<br />2007 $165,000
<br />2008 $175,000
<br />
<br />2O()g $190,000
<br />2010 $205,000
<br />2011 $215,000
<br />2012 $230,000
<br />2013 $250,000
<br />
<br />OPTIONAL REDEMPTION
<br />
<br />The City may elect on February 1, 2000, and on any day thereafter, to prepay Bonds due on or
<br />after February 1, 2001, Redemption may be In whole or In part and if in pan. at the option of
<br />the City and in such manner 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 />
<br />SECURITY AND PURPOSE
<br />
<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 the expansion and
<br />Improvement of the CIty's water system.
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<br />TYPE OF BID
<br />
<br />.
<br />
<br />Bids shall be for not less than $2,837,625 and accrued interest on the total principal amount of
<br />the Bonds. Bids Shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a
<br />certified or cashier's check or a Financial Surety Bond In the amount of $28,750, payable to the
<br />order of the City. If a check Is used, It must accompany each bid, If a Financial Surety Bond is
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