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BOOK ENTRY SYSTEM <br />The Certificates will be issued by means of a book entry system with no physical distribution of <br />Certificates made to the public. The Certificates will be issued in fully registered form and one <br />Certificate, representing the aggregate principal amount of the Certificates maturing in each year, <br />will be registered in the name of Cede & Co. as nominee of The Depository Trust Company <br />("DTC"), New York, New York, which will act as securities depository of the Certificates. <br />Individual purchases of the Certificates may be made in the principal amount of $5,000 or any <br />multiple thereof of a single maturity through book entries made on the books and records of DTC <br />and its participants. Principal and interest are payable by the registrar to DTC or its nominee as <br />registered owner of the Certificates. 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 Certificates, will be required to <br />deposit the Certificates 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 Certificates will not be subject to payment in advance of their respective maturity dates. <br />SECURITY AND PURPOSE <br />The Certificate will be general obligations of the City for which the City will pledge its full faith <br />and credit and power to levy direct general ad valorem taxes. The proceeds will be used to finance <br />the acquisition of capital equipment. <br />TYPE OF PROPOSALS <br />Proposals shall be for not less than $435,600 and accrued interest on the total principal amount of <br />the Certificates. 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 $4,400, payable to the <br />order of the City. If a check is used, it must accompany the proposal. If a Financial Surety Bond is <br />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 Incorporated <br />prior to the opening of the proposals. The Financial Surety Bond must identify each underwriter <br />whose Deposit is guaranteed by such Financial Surety Bond. If the Certificates are awarded to an <br />underwriter using a Financial Surety Bond, then that purchaser is required to submit its Deposit to <br />Springsted Incorporated in the form of a certified or cashier's check or wire transfer as instructed by <br />Springsted Incorporated not later than 3:30 P.M., Central Time, on the next business day following <br />the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn <br />by the City to satisfy the Deposit requirement. Rates shall be in integral multiples of 5/100 or 1/8 <br />of I%. Rates must be in level or ascending order. Certificates of the same maturity shall bear a <br />14209241 A_2 <br />