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name of Cede & Co. as nominee of Depository Trust Company ("DTC"), New York, New York, which
<br /> will act as securities depository of the Bonds.
<br /> Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof
<br /> of a single maturity through book entries made on the books and records of DTC and its participants.
<br /> Principal and interest are payable by the City through Northland Trust Services, Inc. Minneapolis,
<br /> Minnesota (the "Paying Agent/Registrar"), to DTC, or its nominee as registered owner of the Bonds.
<br /> Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC;
<br /> transfer of principal and interest payments to beneficial owners by participants will be the responsibility
<br /> of such participants and other nominees of beneficial owners. The successful bidder, as a condition of
<br /> delivery of the Bonds, will be required to deposit the bond certificates with DTC. The City will pay
<br /> reasonable and customary charges for the services of the Paying Agent/Registrar.
<br /> DATE OF ORIGINAL ISSUE OF BONDS
<br /> April 1, 2011
<br /> AUTHORITY/PURPOSE/SECURITY
<br /> The Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475. Proceeds will be used
<br /> to current refund $1,085,000 of the $2,200,000 General Obligation Improvement Bonds, Series 2004B,
<br /> dated June 1, 2004. Maturities 2012 through 2018, inclusive, will be called for redemption on April 1,
<br /> 2011, at a price of par plus accrued interest. The bonds will also partially current refund $1,615,000 of the �
<br /> $2,600,000 General Obligation Improvement Bonds, Series 2007A, dated December 11, 2007. Maturities �
<br /> 2012 through 2020, inclusive, will be called for redemption on June 1, 2011, at a price of par plus accrued '
<br /> interest. The Bonds are payable from special assessments against benefited property and additionally
<br /> secured by ad valorem taxes on all taxable property within the City. The full faith and credit of the City is
<br /> pledged to their payment and the City has validly obligated itself to levy ad valorem taxes in the event of
<br /> any deficiency in the debt service account established for this issue.
<br /> INTEREST PAYMENTS
<br /> Interest is due semiannually on each January 1 and July 1, commencing January 1, 2012, to registered
<br /> owners of the Bonds appearing of record in the Bond Register as of the close of business on the fifteenth
<br /> day (whether or not a business day) of the calendar month preceding such interest payxnent date.
<br /> MATURITIES
<br /> Principal is due annually on July 1, inclusive, in each of the years and amounts as follows:
<br /> Year Amount Year Amount
<br /> 2012 $190,000 2016 $365,000
<br /> 2013 350,000 2017 375,000
<br /> 2014 360,000 2418 385,000
<br /> 2015 365,000 2019 365,000
<br /> Proposals for the Bonds may contain a maturity schedule providing for any combination of serial bonds
<br /> and term bonds, subject to mandatory redemption, so long as the amount of principal maturing or subject
<br /> to mandatory redemption in each year conforms to the maturity schedule set forth above.
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