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THE CITY HAS AUTHORIZED SPRING$TED INCORPORATED TO NEGOTIATE THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS; TERMS OF PROPOSAL $1,375,000 CITY OF ELK R, IVER, MINNESOTA GENERAL OBLIGATION IMPROVEfCENT BONDS~ SERIES 1998A (BOOK ENTRY ONLY) Proposals for the Bonds will be received on Monday, November $0, lggs, until 10:30 A.M., Central Time, at the offices of Springsted Inoorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will 13e opened and tabulated. Consideration for award of the Bonds will be by the City Council at 6:00 P.M., Central Time, of the same day. SUBMISSION OF pROPOSALS Proposals may be submitted In a sealed envelope or by fax (651)223-3002 to SpringSted. Signed Proposals, without final price or coupons, may be submitted to Spdngsted prior to the time 'of sale. The bidder shall ba responsible for submitting to Springsted the final Proposal price, and coupons, by telephone (651)223-3000 or fax (651)223-3002 for inclusion in the submitted Proposal. Spdngsted will assume no liability for the inability of the bidder to reach Springsted prior to the time of sale specified above. All bidders are advised that each Proposal shall be deemed to constitute a contract between the bidder and the City to purchase the Bonds regardless of the manner of the Proposal submitted. DETAILS OF THE BONDS The Bonds will be dated December 1, 1998, as the date of oHginal issue, and will bear interest payable, on February 1 and August I of each year, commencing August 1, 1999. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will mature February I In the years and amoun[s as follows: 2000 $200,000 2003 $200,000 2006 $ 80,000 2008 $ 70,000 2001 $200.000 2004 $200.000 2007 S 70,000 2009 $ 75,000 2002 $200,000 2005 $ $0,000 Proposals for the Bonds may contain a maturity schedule providing for a combination of serial bonds and term bonds, provided that no serial bond may mature on or after the first mandatory sinking fund redemption date of any term bond. All term bonds shall be subject to mandatory sinking fund redemption and must conform to the maturity schedule set forth above at a price of par plus accrued interest to the date of redemption. In order to designate term bonds, the proposal must specify "Last Year of Serial Maturities" and 'Wears of Term Maturities" in the spaces provided On the Proposal Form. BOOK ENTRY SYSTEM The Bonds will be issued by means of a book entry system with no physical distribution of Bonds made to the public. The Bonds wiII be issued in fully registered form and one Obligation, rerresenting the aggregate principal amount of the Bonds maturing In each year, will be -i-