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<br /> THE Crl'Y I~.~.S~.U3'HORI~D SPRINGS'rED INCORPORATED TO NEGOTIATE THIS ISSUE
<br /> ON FrS BE.~I..~ PROPOSALS W, LL BE RECE,VED ON THE FOLLOW,NG BAS,S:
<br />I O ~ TERMS OF PROPOSAL
<br />
<br /> $2,250,000*
<br />I ! CITY OF RAMSEY, MINNESOTA
<br /> GENEII~AL;OBLIGATION TAX INC~EMENT REFUNDING BONDS, SERIES 1993A
<br />IProposals f~ the Bonds will be received on Tuesday, October 12, 1993, until 10:30A. M.,
<br />Central Timel at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint
<br />I Paul, Minnes~bta,:iafter which time they will be opened and tabulated. Consideration for award
<br /> of the BondS~will:,be by the City Council at 7:30 P.M., Central Time, of the same day.
<br />
<br />Ii DETAILS OF THE BONDS
<br />
<br /> The Bonds Will be dated November 1, 1993, as the date of original issue, and will bear interest
<br />Ipayable on r~ .~i-~brl~lary 1 and August 1 of each year, commencing February 1, 1994. Interest will
<br />be computed_ o~ the basis of a 360-day year of twelve 30-day months. The Bonds will be
<br />issued in the~dertomination of $5,000 each, or in integral multiples thereof, as requested by the
<br />purchaser, arid f~lly registered as to principal and interest. Principal will be payable at the main
<br />I corporate office of the registrar and interest on each Bond will be payable by check or draft of
<br /> the registrar ~nail~ed to the registered holder thereof at the holder's address as it appears on the
<br /> books of the~regtStrar as of the close of business on the 15th day of the immediately preceding
<br /> 10 month. ~
<br /> The Bonds will mature February 1 in the years and amounts as follows:
<br />I 1997 [$165,000 2001 $195,000 2005 $230,000
<br />1998 [$170,000 2002 $200,000 2006 $245,000
<br />1999 ~$175,000 2003 $210,000 2007 $255,000
<br />I2000 [$185,000 2004 $220,000
<br />
<br /> The City r~serve s the right, after proposals are opened and prior to award, to increase or reduce the
<br /> principal~ ramO~nt of the Bonds offered for sale. Any such increase or reduction will be in a total
<br />I amount n~t to ~XCeed $100,000 and will be made in multiples of $5,000 in of the maturities, in the
<br /> any
<br /> event the !13rir~ci~ pal amount of the Bonds is increased or reduced, any premium offered or any
<br /> discountrt~ken will be increased or reduced by a percentage equal to the percentage by which the
<br /> principal ~rnount of the Bonds is increased or reduced.
<br />I OPTIONAL REDEMPTION
<br />
<br />I The City maY~. ele,~ on February 1,2003, and on any day thereafter, to prepay Bonds due on or
<br /> after Februa¢F 1~12004. Redemption may be in whole or in part and if in part, at the option of
<br /> the City and[in ~uch order as the City shall determine and within a maturity by lot as selected
<br />I by the reglat~ar. ;All prepayments shall be at a price of par Plus accrued interest.
<br /> ~ SECURITY AND PURPOSE
<br />I O The Bonds Mill be general obligations ,of the City for which the City will pledge its full faith and
<br /> credit and I~pwe~ to levy direct general ad valorem taxes, in addition the City will pledge tax
<br />I increment in(~ome generated within the City's Development District No. 1. The proceeds will be
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