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EXHIBIT A OFFICIAL TERMS OF OFFERING . $1,180,000 CITY OF ELK RIVER, MINNESOTA GENERAL OBLIGATION IMPROVEliENT BONDS, SERIES 1988A Sealed bids for the Bonds will be opened by the City on Monday, April 18, 1988, at 11:00 A.M., Central Time, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2143. Consideration for award of the Bonds will be by the City Council at 7:00 P.li., Central Time, of the same day. DETAILS OF THE BONDS . The Bonds will be dated May 1, 1988, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing February 1, 1989. Interest will be computed upon the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of tte MSRB. 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 his address as it appears on the books of the Registrar as of the 15th day of the calendar month next preceding the interest payment. The Bonds will mature February 1 in the amounts and years as follows: $325,000 $190,000 1990 1991 $185,000 $130,000 1992 1993 $125,000 $ 45,000 1994 1995-1999 OPTIONAL REDEMPTION The City may elect on February 1, 1995, and on any interest payment date thereafter, to prepay Bonds due on or after February 1, 1996. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a price of par and accrued interes~. SECURITY AND PURPOSE . 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 addition the City will 1.