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OFFICIAL STATEMENT DATED APRIL 26, 1993
<br /> • Ratings: Requested from Moody's
<br /> NEW ISSUE Investors Service
<br /> In the opinion of Briggs and Morgan, Professional Association, Bond Counsel, based on present federal and
<br /> Minnesota laws, regulations, rulings and decisions, at the time of their issuance and delivery to the original
<br /> Purchaser, interest on the Bonds is excluded from gross income for purposes of United States income tax and is
<br /> excluded, to the same extent, in computing both gross income and taxable net income for purposes of State of
<br /> Minnesota income tax(other than Minnesota franchise taxes measured by income and imposed on corporations and
<br /> financial institutions), and is not an item of tax preference for purposes of the federal alternative minimum tax imposed
<br /> on individuals and corporations or the Minnesota alternative minimum tax applicable to individuals, estates or trusts;
<br /> provided, however, that for the purpose of computing the federal alternative minimum tax imposed on corporations,
<br /> interest on the Bonds is taken into account in determining adjusted current earnings. No opinion will be expressed
<br /> by Bond Counsel regarding other federal or State tax consequences caused by the receipt or accrual of interest on
<br /> the Bonds or arising with respect to ownership of the Bonds. See"Tax Exemption."
<br /> $2,310,000*
<br /> City of Mounds View, Minnesota
<br /> General Obligation Water Revenue Refunding Bonds, Series 1993A
<br /> Dated Date: June 1, 1993 Interest Due: Each February 1 and August 1,
<br /> commencing February 1, 1994
<br /> The Bonds will mature February 1 as follows:
<br /> 2001 $130,000 2005 $155,000 2008 $180,000 2011 $215,000
<br /> 2002 $135,000 2006 $165,000 2009 $195,000 2012 $225,000
<br /> 2003 $145,000 2007 $170,000 2010 $205,000 2013 $240,000
<br /> 2004 $150,000
<br /> * The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal
<br /> amount of the Bonds offered for sale. Any such increase or reduction will be in a total amount not to exceed
<br /> • $50,000 and will be made in multiples of$5,000 in any of the maturities. In the event the principal amount of the
<br /> Bonds is increased or reduced, any premium offered or any discount taken will be increased or reduced by a
<br /> percentage equal to the percentage by which the principal amount of the Bonds is increased or reduced.
<br /> The City may elect on February 1, 2003, and on any day thereafter, to prepay Bonds due on or after
<br /> February 1, 2004 at a price of par and accrued interest.
<br /> The Bonds will be general obligations of the City for which the City pledges its full faith and credit and
<br /> power to levy direct general ad valorem taxes. In addition, the City pledges net revenues of the City's
<br /> Water System. The proceeds will be used to refund in advance of maturity the 2001 through 2013
<br /> maturities of the City's General Obligation Water Revenue Bonds, Series 1991 A, dated May 1, 1991.
<br /> Proposals must be for not less than $2,279,970 plus accrued interest and must be accompanied by a
<br /> good faith deposit in the form of a certified check, cashier's check or a Financial Surety Bond in the
<br /> amount of$23,100, payable to the City. Rates must be in integral multiples of 5/100 or 1/8 of 1%. Rates
<br /> must be in ascending order. Bonds of the same maturity shall bear a single rate from the date of the
<br /> Bonds to the date of maturity. Award will be on the basis of True Interest Cost (TIC).
<br /> The Bonds will be bank-qualified tax-exempt obligations pursuant to Section 265(b)(3) of the Internal
<br />• Revenue Code of 1986 and will not be subject to the alternative minimum tax for individuals.
<br /> The Bonds will be issued in integral multiples of$5,000 as requested by the Purchaser, and will be fully
<br /> registered as to principal and interest. The Bonds will be delivered without cost to the Purchaser within
<br /> 40 days following the date of their award. The City will name the Registrar and pay for registration
<br /> services.
<br /> BID OPENING: May 10, 1993 (Monday) at 11:00 A.M., Central Time
<br /> AWARD: May 10, 1993 (Monday) at 7:00 P.M., Central Time
<br /> • SPRINGSTED Further information may be obtained from
<br /> SPRINGSTED Incorporated, Financial Advisor to
<br /> the Issuer,85 East Seventh Place,Suite 100,Saint
<br /> PUBLIC FINANCE ADVISORS Paul,Minnesota 55101 (612)223-3000.
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