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DETAILS OF THE BONDS
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<br />Thc lgon(ls xvt'ri I>e elated December 1, 1989, as the date of original issue, and will bear interest
<br />p:ly~lblc o~ Fcl~t't~.:~r'y I at~d August 1 of each year, commencing August 1, 1990. Interest will be
<br />con~putc, d ~>,) l[~c I,asis of a 360-day year of twelve 30-day months and will be rounded pursuant to
<br />rules of tt~c M~";}4 .*1. Thc Bonds will be issued in the denomination of $5,000 each, or in integral
<br />multiples th crcr~l', as requested by the purchaser, and fully registered as to principal and interest.
<br />Pti ncipal ~vi 11 be v~yable at the main corporate office of the registrar and interest on each Bond will
<br />be payable by d~c,:k or draft of the registrar mailed to the registered holder thereof at the holder's
<br />address as;il :tp[)~z',irs on the books of thc registrar as of the close of the business on the 15th day of
<br />thc immcdiat,'.l'-.~ i)~'ecceding month.
<br />
<br />Thc 13ond~; will ~ tlu~'c l;ebruary 1 in the years and amounts as follows:
<br />
<br />$15,000 1994 $25,000 1997 $30,000
<br />$20,000 1995 $25,000 1998 $35,000
<br />$20,000 1996 $30,000 1999 $35,000
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<br />OPTtONAL REDEMPTION
<br />
<br />Thc City ,)]:t? ~",lq:,,t on [:ebruary 1, 1997, and on any day thereafter, to prepay Bonds due on or
<br />after l;ebrt~at'.v l, i998. Redemption may be in whole or in part and if in part, in inverse order of
<br />maturity vmt wi1 h in a ~naturity by lot as selected by the registrar. All prepayments shall be at a
<br />price el' pat' :t,~{i }~,:;crue(t interest.
<br />
<br />SECURITY AND PURPOSE
<br />
<br />'l'he Bomls wi I1 l)c general obligations of the City of which the City will pledge its full faith and
<br />credit and l~)w~,_' to> levy direct general ad valorem taxes. In addition the City will pledge tax
<br />increment i~c(,~ m: generated within the City's Tax Increment Financing Districts No. 1 and No. 4.
<br />Thc procecd:4 will i~c; ~tsed to finance non-public improvements within Development District No. 1.
<br />
<br />'fAX. ABILITY OF INTEREST
<br />
<br />Thc in tere:;t ~(', bc I,a icl on the Bonds is includable in gross income of the recipient for United States
<br />and State r~! !\4i~-~osota income tax purposes, and is subject to Minnesota Corporate and bank
<br />excise taxes ~)~-;)~,.~t~cd [)y net inconle.
<br />
<br />TYPE OF BID
<br />
<br />Bids shall [){ i'~r-~(~t less than $231,945 and accrued interest on the total principal amount of the
<br />Berets, and stxall h~z accompanied by a certified or cashier's check in the amount of $2,350,
<br />payable tv) tl~; {mitt ~:)1" the City. No bid will be considered for which said check has not been
<br />received. 'l'l'~t ('~ily will deposit the check of the purchaser, the amount of which will be deducted
<br />at scttlemem a ,~l ~,) interest will accrue to the purchaser. In the event the purchaser fails to comply
<br />with thc~ acccplcct I,ict, said amount will be retained by the City. No bid can be withdrawn after the
<br />time sc) for r~zc~:ivit~g bids unless the meeting of the City scheduled for award of the bids is
<br />adjourned, rc. cc~.:st;~t or continued to another date without award of the Bonds having been made.
<br />Ralcs shall I~(-: in i~tcgral multiples of 5/100 or 1/8 of 1%. Rates must be in ascending order.
<br />Bonds et: ~hc ~z~,(' maturity shall bear a single rate from the date of the Bonds to the date of
<br />malurity, l',~/;, :,.~ml]/i(mai bid will be accepted.
<br /> AWARD
<br />
<br />Thc Bomls wilt be; ~war¢lcd to the bidder offering the lowest dollar interest cost to be determined
<br />by the dcct~tcticm c~J' lbo premium, if any, from, or the addition of any amount less than par, to the
<br />total dolhu' it~i¢.'.~'(zsi on tho Bonds from their date to their final scheduled maturity. The City's
<br />computat ion o l'Ih c, i:otal net dollar interest cost of each bid, in accordance with customary practice,
<br />will be
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