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THE AUTHORITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE
<br /> THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING
<br /> BASIS:
<br /> TERMS OF PROPOSAL
<br /> $2,290,000•
<br /> THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA,
<br /> CITY HALL AND LAW ENFORCEMENT FACILITY REVENUE REFUNDING BONDS,
<br /> SERIES 1997
<br /> (CITY OF ELK RIVER LEASE PURCHASE OBLIGATION)
<br /> (BOOK ENTRY ONLY)
<br /> Proposals for the Bonds will be received on Monday, November 10, 1997, until 10:00 A.M.,
<br /> Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint
<br /> Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award
<br /> of the Bonds will be by the Board of Commissioners at 6:00 P.M., Central Time, of the same
<br /> day.
<br /> SUBMISSION OF PROPOSALS
<br /> Proposals may be submitted in a sealed envelope or by fax (612) 223-3002 to Springsted.
<br /> Signed Proposals, without final price or coupons, may be submitted to Springsted prior to the
<br /> time of sale. The bidder shall be responsible for submitting to Springsted the final Proposal
<br /> price and coupons, by telephone (612) 223-3000 or fax (612) 223-3002 for inclusion in the
<br /> • submitted Proposal. Springsted will assume no liability for the inability of the bidder to reach
<br /> Springsted prior to the time of sale specified above. Proposals may also be filed electronically
<br /> via PARITY, in accordance with PARITY Rules of Participation and the Terms of Proposal,
<br /> within a one-hour period prior to the time of sale established above, but no Proposals will be
<br /> received after that time. If provisions in the Terms of Proposal conflict with the PARITY Rules
<br /> of Participation, the Terms of Proposal shall control. The normal fee for use of PARITY may be
<br /> obtained from PARITY and such fee shall be the responsibility of the bidder. For further
<br /> information about PARITY, potential bidders may contact PARITY at 500 Main Street,
<br /> Suite 1010, Fort Worth, TX 76102, telephone (817) 885-8900. Neither the Authority nor
<br /> Springsted Incorporated assumes any liability if there is a malfunction of PARITY. All bidders
<br /> are advised that each Proposal shall be deemed to constitute a contract between the bidder
<br /> and the Authority to purchase the Bonds regardless of the manner of the Proposal submitted.
<br /> DETAILS OF THE BONDS
<br /> The Bonds will be dated December 1, 1997, as the date of original issue, and will bear interest
<br /> payable on February 1 and August 1 of each year, commencing August 1, 1998. Interest will
<br /> be computed on the basis of a 360-day year of twelve 30-day months.
<br /> The Bonds will mature February 1 in the years and amounts as follows:
<br /> 2001 $165,000 2005 $205,000 2009 $260,000
<br /> 2002 $175,000 2006 $220,000 2010 $280,000
<br /> 2003 $185,000 2007 $230,000 2011 $130,000
<br /> 2004 $195,000 2008 $245,000
<br /> ' The Authority reserves the right, after proposals are opened and prior to award, to increase or reduce
<br /> the principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total
<br /> • amount not to exceed$75,000 and will be made in multiples of$5,000 in any of the maturities. In the
<br /> event the principal amount of the Bonds is increased or reduced, any premium offered or any discount
<br /> taken by the successful bidder will be increased or reduced by a percentage equal to the percentage
<br /> by which the principal amount of the Bonds is increased or reduced.
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