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. . . EXHIBIT A THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS Issue ON ITS BEHAlf. PROPOSALS WILL BE RECEIVED ON THE FOUOWING BASIS: TERMS OF PROPOSAL $1,095,000 CITY OF ELK AIVER, MINNESOTA GENERAL OBUGATION STATE-AID ROAD BONDS, SERIES 1992B Proposals tor the Bonds will be received by the City Administrator or his designee on Monday, June 1, 1992. until 11:30 A.M.. Central Time, at the offices of SPAINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day. DEl' AILS OF THE BONDS The Bonds will be dated June 1, 1992. as the date of original Issue, and will bear Interest payable on April 1 and October 1 of each year, commencing April 1, 1993. Interest will be computed on the basis of a 3S0-day year of twelve 3o-day months. The Bonds will be issued in the denomination of $5,000 each, or in Integral multiples' thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as It appears on the books of the registrar as 01 the close 01 business on the 15th day 01 the Immediately preceding month. The Bonds will mature April 1 in the years and amounts as follows: 1993 $120,000 1994 $145,000 1995 $150.000 1 i96 $155,000 1997 $165,000 , 998 $175,000 1999 $185,000 OPTlONAL REDEMPTION The Bonds will not be subject to payment in advance of their respective stated maturity dates. SECURITY AND PUAPOSE The Bonds will be general obligations of the City for which the City will pledge Its full faith and credit and power to levy direct general ad valorem taxes. In add:tlon the City will pledge annual State-Aid allotments from the Minnesota Department of Transportation. The proceeds will be used to finance construction of improvements to State-Ajd roads within the City. TYPE OF PROPOSALS Proposals shall be for not less than $1,084,050 and accrued interest on the total principal amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit (It Deposit") in the form of a certified or cashier's check or a Financial Surety Bond In the amount of $10,950, payable to the order of the City. If a check is used, It must accompany each proposal. If a Financial Surety Bond Is used, it must be from an Insurance company licensed to Issue such a -I -