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THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS
<br />ISSUE ON ITS BEHALF, PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS:
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<br />TERMS OF PROPOSAL
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<br /> $1,165,000
<br /> CITY OF ELK RIVER, MINNESOTA
<br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1997A
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<br />(BOOK ENTRY ONLY)
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<br />Proposals for the Bonds will be received on Monday, July 28, 1997, until 10:30 A.M., Central
<br />Time, at the offices of SpringSted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul,
<br />Minnesota, after which time they will be opened and tabulated. Consideration for award of the
<br />Bonds will be by the City Council at 6.00 P.M., Central Time, of the same day.
<br />
<br />SUBMISSION OF PROPOSALS
<br />
<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 Spdngsted the final Proposal
<br />pdce 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 />Spfingsted 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 City nor Spdngsted
<br />Incorporated assumes any liability if there is a malfunction of PARITY. All bidders are advised
<br />that each Proposal shall be deemed to constitute a contract between the bidder and the City to
<br />purchase the Bonds regardless of the manner of the Proposal submitted.
<br />
<br />DETAILS OF THE BONDS
<br />
<br />The Bonds will be dated August 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 />
<br />The Bonds will mature February 1 in the years and amounts as follows:
<br />
<br />1999 $180,000 2003 $80,000 2007 $75,000 2011 $15,000
<br />2000 $200,000 2004 $75,000 2008 $50,000 2012 $15,000
<br />2001 $190,000 2005 $75,000 2009 $25,000 2013 $15,000
<br />2002 $ 80,000 2008 $75,000 2010 $15,000
<br />
<br />Proposals for the Bonds may contain a maturity schedule providing for a combination of serial
<br />bonds and term bonds, provided that no serial bond may mature on or after the first mandatory
<br />sinking fund redemption date of any term bond. All term bonds shall be subject to mandatory
<br />sinking fund redemption and must conform to the maturity schedule set forth above at a price of
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