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<br />TERMS OF PROPOSAL <br /> <br />$740,000 <br />General Obligation Temporary Improvement <br />Bonds, Series 2003 <br />City of Centerville <br />Anoka County, Minnesota <br /> <br />(BOOK ENTRY ONLY) <br /> <br />NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of the above bonds <br />will be received until 11:00 o'clock A.M., C.T. on Wednesday, June 25, 2003, in the offices of <br />Northland Securities, Inc. in Minneapolis, Minnesota, at which time the proposals will be opened <br />and tabulated for consideration by the City Council at a meeting at 6:30 o'clock P.M. on the same <br />day. The bonds are offered on the following terms. <br /> <br />Purpose and Security <br /> <br />The purpose of the bonds is to provide funds for the temporary financing of assessable <br />public improvements in the City. The bonds will be general obligations of the City, for which its <br />full faith, credit and taxing powers are pledged together with special assessments against <br />benefited properties. <br /> <br />Details of the Bonds <br /> <br />The bonds will be issued in fully registered form, will be dated July 1, 2003, will be in <br />denominations of integral multiples of $5,000 each and will mature on July 1, 2006 in the <br />amount of $740,000. <br /> <br />Book Entry System <br /> <br />The Bonds will be issued by means of a book entry system with no physical distribution <br />of Bonds made to the public. The Bonds will be issued in fully registered form and one Bond, <br />representing the aggregate principal amount of the Bonds maturing in each year, will be <br />registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), <br />New York, New York, which will act as securities depository of the Bonds. Individual <br />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 <br />participants. Principal and interest are payable by the registrar to DTC or its nominee as <br />registered owner of the Bonds. Transfer of principal and interest payments to participants of <br />DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial <br />owners by participants will be the responsibility of such participants and other nominees of <br />beneficial owners. The purchaser, as a condition of delivery of the Bonds, will be required to <br />d~()~it the Bonds with DTe. <br />SJB-231866vl <br />CE155-20 <br />