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<br />'NORTHWESTERN FINANCIAL CENTER, 7900 XERXES AVENUE SOUTH, MINNEAPOLIS, MINNESOTA 55431
<br />
<br />BRA.NCH OFfiCES
<br />
<br />
<br />D)
<br />iller &
<br />chroeder
<br />
<br />II Jon._ ,-,I,loon.. 920)1
<br />'911 Ht'$H'I' ..."pnu" SUllo. .10
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<br />Ml..,.,uOOII., ",",,,.,ol.l5llo402
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<br />LDI "'''011.$ C'I,tO'"'~ '!lOO'"
<br />1S1' W, thlt Sl....'. Su.te 900
<br />'2131 ..,~.oa' J
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<br />Ctuuoo. Ilhnc>>t OOGQA.
<br />_ 209 50",11'1 L. S..nt St'"." SUlllt '709
<br />.3121 340.'....'"
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<br />Ne"'" YO.k, Ney. YO'k '{k)O~
<br />S'J.lyWatt Towe'
<br />12121 .:I'~.'983
<br />
<br />MUNICIPALS, INC.
<br />
<br />TEL 612-831-1500
<br />
<br />Honorable City Council
<br />City of Arden Hills
<br />Arden Hills, Minnesota
<br />
<br />Cardiac Pacemakers, Inc.
<br />1140 Red Fox Road
<br />St. Paul, Minnesota 55HZ
<br />
<br />Gentlemen:
<br />
<br />You have advised us that it has been proposed the the City of Arden Hills
<br />(the "Issuer") issue its Industrial [)::;velopment Revenue Bonds (the "Bonds") under the
<br />provisions of Minnesota Statutes, Chapter 474, to finance, together with such additional
<br />private financing as may be required, a project (the "Project") consisting generally of
<br />the construction of one or more buildings, to be used by Cardiac Pacemakers, Inc.
<br />(the "Company") in connection with manufacturing, inclLlding research and development
<br />activity. On the basis of information furnished us to date with respect to this Project,
<br />we understand that the amount of Bonds required is presently estimated as follows:,
<br />
<br />Construction
<br />Legal Fees and Miscellaneous
<br />Underwriting
<br />Bond Reserve
<br />
<br />$ 815,000
<br />35,000
<br />50,000
<br />100,000
<br />$1, 000, 000
<br />
<br />We hereby offer to purchase $1,000,000 principal amount of the Bonds of the
<br />Issuer Issued to help finance this Project, subject to'the following terms and conditions:
<br />
<br />I
<br />
<br />1. Before or simultaneously with delivery of the Bonds to us, the Issuer shall
<br />have entered into an agreement (the" Loan Agreement") with the Company, whereby the
<br />Issuer shall lend Bond proceeds to the Company for the purposes set forth therein and
<br />the Company shall be obllgated under one or more promissory notes (the "Notes")
<br />corresponding to the Bonds In terms of the principal amount, Interest rates and re-
<br />demption provision, to pay an amount sufficient to discharge when due the principal and
<br />Interest on ~he Bonds. The Loan Agreement will be substantially in the form and tenor
<br />customary with respect to slmUar transactions Including, without limitation, the fol-
<br />lowing provisions:
<br />
<br />----.
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