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. . . EXHIBIT A OFFICIAL TERMS OF OFFERING $410,000 CITY OF ELK RIVER, MINNESOTA GENERAL OBUGATION TAXABLE TAX INCREMENT BONDS, SERIES 1989B Sealed bids for the Bonds will be received by the City or its designee on Monday, October 23, 1989, until 11:00 A.M., Central Time, at the offices of SPRINGSTED 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. DETAILS OF THE BONDS The Bonds will be dated November 1, 1989, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing February 1, 1990. Interest will be computed on the basis of a 36O-day year of twelve 3O-day months and will be rounded pursuant to rules of the MSRB. The Bonds will be issued in the denomination of $5,000 each, or in integrat 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 Bonds 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 of the close of business on the 15th day of the immediately preceding month. The Bonds will mature February 1 in the years and amounts as follows: 1992 $15,000 1993 $15,000 1994 $15,000 1995 $15,000 1996 $15,000 1997 $20,000 1998 $20,000 1999 $25,000 2000 $25,000 2001 $25,000 2002 $30,000 2003 $30,000 2004 $35,000 2005 $40,000 2006 $40,000 2007 $45,000 OPTIONAL REDEMPTION The City may elect on February 1, 1999, and on any day thereafter, to prepay Bonds due on or after February 1, 2000. Redemption may be in whole or in part and if in part, in inverse order of maturity and within a maturity by lot as selected by the registrar. All prepayments shall be at a price of par and accrued interest. SECURITY AND PURPOSE The Bonds will be generat 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 pledge tax increment income to be derived from the City's Tax Increment Financing District NO.6. The proceeds will be used to finance the costs of land acquisition and site preparation for improvements within Development District NO.1. - i .