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purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof <br />of a single maturity through book entries made on the books and records of DTC and its <br />participants. Principal and interest are payable by the registrar to DTC or its nominee as <br />registered owner of the Bonds. Transfer of principal and interest payments to participants of <br />DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial <br />owners by participants will be the responsibility of such participants and other nominees of <br />beneficial owners. The purchaser, as a condition of delivery of the Bonds, will be required to <br />deposit the Bonds with DTC. <br />REGISTRAR <br />The City will name the registrar that 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, 2015, and on any day thereafter, to prepay Bonds due on or <br />after February 1, 2016. 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. The proceeds will be used to finance <br />the construction of a new public works facility. <br />TYPE OF PROPOSALS <br />Proposals shall be for not less than $2,521,785 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 $25,600, payable to <br />the order of the City. If a check is used, it must accompany the proposal. If a Financial Surety <br />Bond is used, it must be from an insurance company licensed to issue such a bond in the State of <br />Minnesota, and preapproved by the City. Such bond must be submitted to Springsted <br />Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify <br />each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are <br />awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to <br />submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire <br />transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the <br />next business day following the award. If such Deposit is not received by that time, the <br />Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The <br />Deposit received from the purchaser, the amount of which will be deducted at settlement and no <br />1637436v1 A-3 <br />