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THE CI'i'Y HAS AUTHOPJZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON ITS BEHALF, PROPO@ALS WILL BE RECEIVED ON THE FOLLOWING BASIS: TERMS OFPROPOSAL $820,000 CITY OF ELK RIVER, MINNESOTA GENEP&L OBLIGATION WATER REVENUE BONDS, SERIES 1998B (BOOK ENTRY ONLY) Proposals for the Bonds will be received on Monday, November30, 1998, until 10:30 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 awar~ of the Bonds will be by the City Council at 6:00 P.M., Central Time, ol' the same day. SUBMISSION OF PROPOSALS Proposals may be submitted in a sealed envelope or by fax (651)223-3002 to Springsted. Signed Proposals, wi[hour final price o¢ coupons, may be submitted to Springsted prior to the time of sale. The bidder shall be responsible for submittir~g 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 pdor to the time of safe specified above. All bidders are advised that each Proposal shall be deemed to cons~ute 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 original issue, and will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1999. In[erest will be computed on the basis of a 380-day year of twelve 30-day months. The Bonds will mature February 1 in the years and amounts as follows: 2000 $35.000 2004 250.000 2008 $55.000 2012 $65,000 2001 $40,000 2005 $50,000 2009 $$0.000 2013 $70,000 2002 $45,000 2006 $50.000 2010 $60,000 2014 $75,000 2003 $45.000 2007 $55,000 2011 $65,000 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 matudty schedule set forth above at a pr[ce of' par plus accrued Interest to the date of redemption. In order to designate term bonds, th~ 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 will be Issued In fully registered form and one Obligation, -i-