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- I °,Ot-COMt-ON 1 to I ImN tOMrt rt0 1 -C 1 W I Nt-t-
<br /> I ot-to .-. Ve co Co I O 1 Nv WN�Mto n W 1 toWW to 1 -4 to
<br /> I CT t-�-V co W M W I L1_ 1 W LO N t0 ..0 N I N 1 in 1 .-1.-1.-I I .-1 1 efw W I N 11
<br /> such payments to Direct Participants is the responsibility of DTC, and disbursement of such o o 6 N o C o { o M c°a c,C, ' - 1 N 0 N I LS f o o
<br /> i o f�
<br /> payments to the Beneficial Owners is the responsibility of Direct and Indirect Participants. 0 1 -4 N M 1 I o 1 1 1 �* I M
<br /> I „
<br /> 1 N N t C° I .-i M I pp 1 .-. I .-C.-1 I I `.
<br /> 1 !A I I I 1 v l v l I t0 1 ty 11
<br /> h � I I 1 I 1 I I 1 I 11
<br /> Beneficial Owner shall give notice to elect to have its Obligations purchased or redeemed, �� i
<br /> through its Direct Participant, to the nominee holding the Obligations, and shall effect delivery of Ey I' N N to M N Q,Cb i i tc N t`t-co-4°, 1 O i w
<br />i o M cn i o i t- cc i M i
<br /> such Obligations by causing the Direct Participant to transfer the Direct Participant's interest in o M N'" au "�'`°'� `° °' `°°'�' N N 1 w I
<br /> M , , o° is
<br /> I C9 t- -t C%-t OM- 1 ti� I V t wW to Nt- 1 N 1 N 1 NC°C° I N I O N I N 11
<br /> t N 1 O C°N tO -1 N CO to M , V' , M N C.;CO,-1 CO , Cc , N , CT M CA 1 M , t• .-1 1 CID II
<br /> the Obligations, on DTC's records, to the nominee holding the Obligations. The requirement for 1 N °° N I i �WN W °° i c I i 1 1
<br /> physical delivery of the Obligations in connection with a purchase or redemption will be deemed I N I I M 1 1 I N I N 1 11
<br /> satisfied when the ownership rights in the Obligations are transferred by the Direct Participants
<br /> on DTC's records and followed by a book-entry credit of purchased or redeemed Obligations to _
<br /> .- r+ e>• M T i CO i tO W 1 rl 1 M I O O N I N I O M co 1 co II
<br /> the nominee holding the Obligations. V (D co o le I M 1 N 1 , o , o 1 1 co ti , 0 11
<br /> to M CO .-. co '-� , "'I , .-� °� 1 0 1 T I N M N I
<br /> cc! I N N In I co 11
<br /> CD e. 1 N I M M I ti I CA 00 M I I I ry 11
<br /> V a "J � to N M.Mq i N i N O' 1 N i I 11,.�-1 N t? I tD M Cep 1 11
<br /> DTC may discontinue providing its services as securities depository with respect to the w �► I M i i ! N N N i M 11
<br /> Obligations at any time by giving reasonable notice to the Registrar. Under such 1 1 i i 1 i
<br /> circumstances, in the event that a successor securities depository is not obtained, certificates
<br /> are required to be printed and delivered. t° 1 1 .�M i I I , I Is
<br /> W N to I CD I tO O I tO I W I co 1 00 1 N CI t I M 11
<br /> }, V to M[ O 1 r1 I 1`N I CA I N I to to I Co
<br /> The Issuer may decide to discontinue use of the system of book-entry transfers through DTC 0 >c co o °� N i —4 N i i I V La N LO i N 11
<br /> A 5. 7 C 1 0 1 0 I co I •'fir I N I N I
<br /> (or a successor securities depository). In that event, certificates will be printed and delivered. w "'
<br /> � II
<br /> 1 1 1 i i i i i i1
<br /> The information in this section concerning DTC and DTC's book-entry system has been _
<br /> co 1.1 LO CO to 1 lO I ti N O 10 I tO 1 O In I to 1 N M I V' 11
<br /> obtained from sources that the Issuer believes to be reliable, but the Issuer takes no tv CO La N LO I I O O N 1 N , V I c co ,
<br /> O „
<br /> Z to °, M tO co tO I N I V'14 V: 1 M 1 M. I O N I N I CO rt I t� II
<br /> responsibility for the accuracy thereof. v c M ' t N t � q 0 N U 1 o N
<br /> A ~ LL > ~
<br /> Z S. a i i i I�I i I 11
<br /> AUTHORITY AND PURPOSE CO N M tY N i W i M 0 t-t-M 1 c° 1 o i too i to I to co i M ill
<br /> o O .-1 Cc t-to V�-4 1 W 1 00 CD ti C°M 1 ao 1 00 I M O I M I .� O I N It
<br /> W 1.� C° CO v to V:M.--I 1 M 1 O N tb tO-W I N I O I l^O I t w i 00 t.1 1 to 11
<br /> 67 N r, co to V' t`C°tO 0 i t• 1 °) n.-I tf') i H i C° I V'lt) i C, , to O I O II
<br /> �
<br /> � co v) i C? I to Lnn V U') I N I n N I O W I M tl
<br /> The Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475. The i "' i 1 M I I I i
<br /> proceeds of the Bonds will be used to finance various street improvement projects within the A w a
<br /> City. The composition of the Bonds is as follows: a >: o
<br /> W F 0
<br /> Project Costs $1,405,754 ° W Z a N
<br /> Plus: Issuance Costs 21,050
<br /> Allowance for Discount Bidding 16,500 E w H o
<br /> Capitalized Interest 56,696 N a z
<br /> ° W z
<br /> Total Bonds M
<br /> $1,500,000 �. va a a
<br /> F W W W > O
<br /> o id
<br /> UW O C7W co y to o
<br /> W -� A 7 > + C to �•fl M � C � >
<br /> SECURITY AND FINANCING o a A p�� N y a w rte'• c a d
<br /> J 14
<br /> F z tC m y d ° cd m p C w U fl w >.
<br /> Z W E" 45 V v, i~ C obi [ G w
<br /> In addition to its general obligation pledge, the City pledges special assessments levied against x > c, ;3 ZE o y v C y o td ° .J a o
<br /> -da benefited property. Special assessments in the principal amount of $309,101 are expected to H w v ° v ' [ o ,, °
<br /> °
<br /> 0 N a° w °W F a
<br /> be filed on or about August 15, 2002 for first collection in 2003. Assessments will be spread H o a p k IT. > > �x n 2 r. v c o N ; d
<br /> fTl W
<br /> $. m 0 $4 2 �' d � to N 1. +' �' iV % U U w°' `� y �
<br /> over 15 years in equal annual principal installments with interest charged on the unpaid balance H a a ; to iv ; a 3° o > e w W w o o a [
<br /> at a rate of 6.5%. Capitalized interest in the approximate amount of $56,696 is included in the °w x °' to e a M ~ rn > `—' v a ° w
<br /> principal amount of this Issue to pay the February 1, 2003 interest payment. Thereafter, special ° a c F c r A a n L. H ; u o
<br /> N d W.., .G.-. C a� v W Z 7 0 t0 d
<br /> assessments and levy collections will be in an amount sufficient to pay 105% of the interest o i> o to a ° w P-4 o i o a a a ° A U y a H F 0 In � r.
<br /> coming due August 1 in the year of collection and the principal and interest coming due a W W o W w a w
<br /> February 1 of the following year.
<br /> - 4 - IV-5
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