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.t;2\..tLLbrr A OFFICIAL TERMS OF OFFERING . $1,975,000 CITY OF ELK RIVER, MINNESOTA GEf\ERAL OBUGA TION IMPROVEMENT BONDS, SERIES 1986A Sealed bids for the Bonds will be opened by the City Administrator or his designee on Monday, July 21, 1986, at II :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 the City Council at 7:30 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated August I, 1986 as the date of original issue, and will bear interest payable on February I and August I of each year, commencing February I, 1987. Interest wi II be computed upon the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB. The Bonds will be issued in integral multiples of $5,000 of a single maturity, 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 of the calendar month next preceding the interest payment. The Bonds will mature February I in the amounts and years as follows: $ 70,000 $165,000 1988 1989 $140,000 $135,000 1990-1995 1996-1997 $110,000 1998-2001 $105,000 2002 $85,000 2003 . In the event that pursuant to federal laws and regulations the City is required to use unexpended Bond proceeds for early redemption of Bonds in order to continue exemption of the Bonds from federal taxation, the City shall use such unexpended Bond proceeds to redeem Bonds on any date after notice is given pursuant to law. 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 such prepayments shall be at a price of 102% plus accrued interest. MANDA TORY REDEMPTION OPTIONAL REDEMPTION The City may elect on February I, 1995, and on any interest payment date thereafter, to prepay Bonds due on or after February I, 1996. Redempt ion 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 interest. 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 pledge special assessments levied against benefited properties. The proceeds will be used to finance various local improvements with the City. .