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TERMS OF PROPOSAL $720,000* GENERAL OBLIGATION SEWER AND WATER REVENUE BONDS, SERIES 1998 CITY OF CENTERVILLE, MINNESOTA Sealed proposals for the purchase of $720,000* General Obligation Sewer and Water Revenue Bonds, Series 1998 (the "Bonds ") of the City of Centerville, Minnesota (the "City ") will be received at the offices of Ehlers & Associates, Inc., 3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105, until 11:00 A.M., Central Time, on June 10, 1998, when they will be opened, read and tabulated for presentation to the City Council- The proposals will be presented to the City Council for consideration for award at a meeting to be held in the City at 6:00 P.M., Central Time, on the same date. The Bonds will be general obligations of the City for which the City will pledge its full faith, credit and taxing powers. The proposal offering to purchase the Bonds upon the terms specified herein and most favorable to the City will be accepted unless all proposals are rejected. Purpose The Bonds are being issued pursuant to Minnesota Statutes, Chapters 444 and 475, to provide funds for sanitary sewer and water main improvements in the City. Dates and Maturities The Bonds will be dated July 1, 1998 as the date of original issue, will be issued as fully registered Bonds in the denomination of $5,000 each, or any integral multiple thereof, and will mature on February I in the following years and amounts: Year Amount Year Amount 2000 $60,000 2005 $75,000 2001 60,000 2006 75,000 2002 65,000 2007 80,000 2003 65,000 2008 85,000 2004 70,000 2009 85,000 The City reserves the right to increase or decrease the amount of individual maturities on the day of sale, in increments of $5,000 each. Term Bond Option All dates are inclusive. Proposals for the Bonds may contain a maturity schedule providing for any combination of serial bonds and term bonds, subject to mandatory redemption, so long as the amount of principal maturing or subject to mandatory redemption in each year conforms to the maturity schedule set forth above. Interest Payment Dates and Rates Interest will be payable on February 1 and August 1 of each year, commencing February 1, 1999, to the registered owners of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a business day) of the immediately preceding month. Interest will be computed upon the basis of a 360 -day year 1