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<br />THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS
<br />e 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 />$1,550,000
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<br />CITY OF ELK RIVER, MINNESOTA
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<br />GENERAL OBLIGATION IMPROVEMENT BONDS.
<br />SERIES 1994E
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<br />Proposals for the Bonds will be received on Monday, November 28, 1994, until 11:00 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 City Council at 6:00 P.M., Central Time, ofthe same day.
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<br />SUBMISSION OF PROPOSALS
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<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 100 116th Avenue SE,
<br />Suite 100, Bellevue, Washington 98004, telephone: (206) 535-3545. Neither the City nor
<br />Springsted Incorporated assumes any liability if there is a malfunction of PARITY. All bidders
<br />are advised that each bid shall be deemed to constitute a contract between the bidder and the
<br />City to purchase the Bonds regardless of the manner of the bid submitted.
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<br />DETAILS OF THE BONDS
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<br />The Bonds will be dated December 1, 1994, as the date of original issue, and will bear interest
<br />payable on February 1 and August 1 of each year, commencing August 1. 1995. Interest will
<br />be computed on the basis of a 36O-day year of twelve 30-day months. The Bonds will be
<br />issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the
<br />purchaser, and fully registered as to principal and interest. PrinCipal will be payable at the main
<br />corporate office of the registrar and interest on each Bond will be payable by check or draft of
<br />the registrar mailed to the registered holder thereof at the holder's address as it appears on the
<br />books of the registrar as of the close of business on the 15th day of the immediately preceding
<br />month.
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<br />The Bonds will mature February 1 in the years and amounts as follows:
<br />1996 $ 95,000 2000 $105,000 2004 $105,000 2008 $100,000
<br />1997 $110,000 2001 $105,000 2005 $105,000 2009 $100,000
<br />1998 $105,000 2002 $105,000 2006 $105,000 2010 $100,000
<br />1999 $105,000 2003 $105,000 2007 $100,000
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<br />e OPTIONAL REDEMPTION
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<br />The City may elect on February 1, 2004, and on any day thereafter, to prepay Bonds due on or
<br />after February 1, 2005. Redemption may be in whole or in part and if in part, at the option of
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