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TERMS OF PROPOSAL <br />THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE <br />THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE <br />FOLLOWING BASIS: <br />TERMS OF PROPOSAL <br />$1,230,000 <br />CITY OF HUGO, MINNESOTA <br />GENERAL OBLIGATION -IMPROVEMENT BONDS, SERIES 2007A <br />(BOOK ENTRY ONLY) <br />Proposals for the Bonds will be received on Monday, September 17, 2007, until 10:00 A.M., <br />Central Time, at the offices of Springsted Incorporated, 380 Jackson Street, Suite 300, Saint <br />Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of <br />the Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day. <br />SUBMISSION OF PROPOSALS <br />Springsted will assume no liability for the inability of the bidder to reach Springsted prior to the <br />time of sale specified above. All bidders are advised that each Proposal shall be deemed to <br />constitute a contract between the bidder and the City to purchase the Bonds regardless of the <br />manner in which the Proposal is submitted. <br />(a) Sealed Bidding Proposals may be submitted in a sealed envelope or by fax (651) 223-3046 <br />to Springsted. Signed Proposals, without final price or coupons, may be submitted to Springsted <br />prior to the time of sale. The bidder shall be responsible for submitting to Springsted the final <br />Proposal price and coupons, by telephone (651) 223-3000 or fax (651) 223-3046 for inclusion in <br />the submitted Proposal. <br />OR <br />(b) Electronic Bidding, Notice is hereby given that electronic proposals will be received via <br />PARITY'w. For purposes of the electronic bidding process, the time as maintained by PARITY' <br />shall constitute the official time with respect to all Bids submitted to PARITY'. Each bidder <br />shall be solely responsible for making necessary arrangements to access PARITY for purposes <br />of submitting its electronic Bid in a timely manner and in compliance with the requirements of <br />the Terms of Proposal. Neither the City, its agents nor PARITY® shall have any duty or <br />obligation to undertake registration to bid for any prospective bidder or to provide or ensure <br />electronic access to any qualified prospective bidder, and neither the City, its agents nor <br />-i- <br />