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Qualified Tax - Exempt Oblivations The City will designate the Bonds as qualified tax - exempt obligations for purposes of Section 265(6)(3) of the Internal Revenue Code of 1986, as amended. Continuing Disclosure Bidders and other participating underwriters in the primary offering of the Bonds need not comply with paragraph (b)(5) of Rule 15c2 -12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 (the "Rule "), because the aggregate principal amount of the Bonds and any other securities required to be integrated with the Bonds is less than $1,000,000. Consequently, the Issuer will not enter into any undertaking to provide continuing disclosure of any kind with respect to the Bonds. Official Statement Underwriters may obtain a copy of the Official Statement by request to the City's Financial Advisor prior to the proposal opening. The Syndicate Manager will be provided with 50 copies of the Final Official Statement within seven business days of the proposal acceptance. Additional copies of the Final Official Statement will be available at a cost of $10.00 per copy. Information for bidders and proposal forms may be obtained from the undersigned or from the City's Financial Advisor, Ehlers & Associates, Inc., 3060 Centre Pointe Drive, Roseville, Minnesota 55113 -1105, Telephone (612) 697 -8500. The City reserves the right to reject any and all proposals, and to waive informalities and to adjourn the sale. BY ORDER OF THE CITY COUNCIL Ry -Chel Gaustad City Clerk City Hall 1880 Main Street Centerville, Minnesota 55038 If proposals are delivered to Ehlers & Associates, Inc., the good faith deposit, payable to the City, shall be retained in the offices of Ehlers & Associates, Inc_ with the same effect as if delivered to the City, Alternatively, bidders may wire the good faith deposit to Resource Bank & Trust Company, Minneapolis, Minnesota, A.B.A. #09 -10- 0550 -6 Attention: Alicia O'Bannon for credit to Ehlers & Associates, Inc. Bond Issue Escrow Account, #850- 788 -1. The City and any bidder who chooses to so wire the good faith deposit hereby agree irrevocably that Ehlers & Associates, Inc. shall be the escrow holder of the good faith deposit wired to such account subject only to these conditions and duties: 1) All income earned thereon shall be retained by the escrow holder as payment for its expenses; 2) If the proposal is not accepted, Ehlers & Associates, Inc. shall, at its expense, promptly return the good faith deposit amount to the losing bidder; 3) If the proposal is accepted, the good faith deposit shall be returned to the purchaser at the closing; 4) Ehlers • Associates, Inc. shall bear all costs of maintaining the escrow account and returning the funds to the bidder; 5) Ehlers • Associates, Inc. shall not be an insurer of the good faith deposit amount and shall have no liability hereunder except if it willfully fails to perform, or recklessly disregards, its duties specified herein; and 6) FDIC insurance on deposits within the escrow account shall be limited to $100,000 per bidder. 4