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• representing the aggregate principal amount of the Bonds maturing In each year, will be <br /> registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), <br /> New York, New York, which will act as securities depository of the Bonds. Individual purchases <br /> of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single <br /> maturity through book entries made on the books and records of DTC and its participants. <br /> Principal and interest are payable by the registrar to DTC or its nominee as registered owner of <br /> the Bonds. Transfer of principal and interest payments to participants of DTC will be the <br /> responsibility of DTC; transfer of principal and Interest payments to beneficial owners by <br /> participants will be the responsibility of such participants and other nominees of beneficial <br /> owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit the <br /> Bonds with DTC. <br /> REGISTRAR <br /> The City will name the registrar which shall be subject to applicable SEC regulations. The City <br /> will pay for the services of the registrar. <br /> OPTIONAL REDEMPTION <br /> The City may elect on February 1, 2007, and on any day thereafter, to prepay Bonds due on or <br /> after February 1, 2008. Redemption may be in whole or in part and If in part at the option of the <br /> City and in such manner as the City shall determine. If less than all Bonds of a maturity are <br /> called for redemption, the City will notify DTC of the particular amount of such maturity to be <br /> prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to <br /> be redeemed and each participant will then select by lot the beneficial ownership interests in <br /> • such maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest. <br /> SECURITY AND PURPOSE <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 special <br /> assessments levied against benefited property. The proceeds will be used for various street <br /> and water main repair and replacement. <br /> TYPE OF PROPOSALS <br /> Proposals shall be for not less than $681,720 and accrued Interest on the total principal amount <br /> of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form <br /> of a certified or cashier's check or a Financial Surety Bond in the amount of$6,800, payable to <br /> the order of the City. If a check is used, it must accompany each proposal. If a Financial <br /> Surety Bond Is used, It must be from an insurance company licensed to issue such a bond In <br /> the State of Minnesota, and preapproved by the City. Such bond must be submitted to <br /> Springsted incorporated prior to the opening of the proposals. The Financial Surety Bond must <br /> identify each underwriter whose Deposit Is guaranteed by such Financial Surety Bond. If the <br /> Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is <br /> required to submit its Deposit to Springsted Incorporated In the form of a certified or cashier's <br /> check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central <br /> Time, on the next business day following the award. If such Deposit is not received by that <br /> time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. <br /> The City will deposit the check of the purchaser, the amount of which will be deducted at <br /> settlement and no interest will accrue to the purchaser. In the event the purchaser fails to <br /> • comply with the accepted proposal, said amount will be retained by the City. No proposal can <br /> be withdrawn or amended after the time set for receiving proposals unless the meeting of the <br /> City scheduled for award of the Bonds is adjourned, recessed, or continued to another date <br /> without award of the Bonds having been made. Rates shall be in Integral multiples of 51100 or <br /> 1/8 of 1%. Rates must be In ascending order. Bonds of the same maturity shall bear a single <br /> _ u <br />