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EXHIBIT B
<br />• OFFICIAL TERMS OF OFFERINC3
<br />;2,875,000
<br />CITY OF MOUNDS VIEW, MINNESOTA
<br />GENERAL OBUGATtON WATER REVENUE BONDS, SERIES 1891A
<br />Seated bids for the Bonds will be received by the City Finance Director or hts designee on
<br />Monday, April 22, 1991, until 11;30 A,M., Central Time, at the offices of SPRlNC~STED
<br />Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they
<br />wilt be opened and tabulated. Consideration for award of the Bonds wUl be by the City Council
<br />at 7;00 P,M., Central Tima, of the same day.
<br />DETAILS OF THE BONDS
<br />The Bonds will be dated May 1, 1991, as the date of original issue, and wilt bear interest
<br />payable on February 1 and August 1 of each year, commencing February 1, 1992. Interest wAl
<br />be computed on the basis of a 360-day year of twelve 30-day months and will be rounded
<br />pursuant to rules of the MSRB. The l3onds will be issued in the denomination 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 ba payable at the main corporate office of the registrar and
<br />interest on each Bond wi11 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 />• The Bonds wi11 mature February 1 in the years and amounts as follows:
<br />1993 $35,000 1999 $100,000 2004 $135,000 2009 $190,000
<br />1994 $55,000 2000 $105,000 2005 $145,000 2010 $205,000
<br />i 995 $50,000 2001 $115,000 2006 $i 55,000 2011 $215,000
<br />1996 $85,000 2002 $120,000 2007 $165,000 2012 $230,000
<br />1997 $90,000 2003 $130,000 2008 $175,000 2013 $250,000
<br />1998 $95,000
<br />OPTIONAL Rl»DEMPTION
<br />The City may elect on February 1,2000, and on any day theraafter, to prepay Bonds due on or
<br />after February 1, 2001. Redemption may be in whole or in part and if in part, at th® optbn 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 ba at a price of par and accrued interest.
<br />SECURITY AND PURPOSE
<br />The Bonds will be genera! 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.
<br />TYPE OF BID
<br />Bids shall be for not Jess than $2,837,625 and accrued interest vn 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 to the amount of $28,750, payable to the
<br />order of the City. ff a check fa used, k must accompany each bid, ff a Financial Surely Band is
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