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Official StateInent The City has authorized the preparation of an Official Statement containing pertinent inforn1ation relative to the Bonds, and said Official Statement will serve as a nearly-final Official Statement as required by Rule 15c2-12 of the Securities and Exchange C0111mission. The Official Statement, when further supplen1ented by an addenduIn or addenda specifying the interest rates of the Bonds, together with any other information required by law, will constitute a Final Official Statement of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting an official Proposal Forln therefor, the City agrees that, no Inore than seven business days after the date of such award, it will provide without cost to the sel1ior n1anaging underwriter of the syndicate to which the Bonds are awarded 25 copies of the Official Staten1ent and the addenda described above. The City designates the senior 111anaging underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official State111ent to each Participating Underwriter. Any underwriter executing and delivering an Official Proposal Fonn with respect to the Bonds agrees thereby that if its proposal is accepted by the City (i) it will accept such designation and (ii) it will enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statelnent. Continuing Disclosure Participating underwriters need not c0111ply with the continuing disclosure require111ents of Rule 15c2-12 pron1ulgated by the Securities and Exchange C0111111ission under the Securities Exchange Act of 1934 (the "Rule"), because the offering is in a principal an10unt less than $1,000,000. Consequently, the City will not enter into any undertaking to provide continuing disclosure of any kind with respect to the Bonds. Type of Proposal - Amount A sealed proposal will be for not less than $640,250 and accrued interest on the total principal a1110unt of the Bonds. Proposals will be acco111panied by a good Faith Deposit ("Deposit") in the for111 of a certified or cashier's check or a Financial Surety Bond in the a1110unt of $13,000, payable to the order of the City. If a check is used, it n1ust accolnpany each proposal. If a Financial Surety Bond is used, it n1ust be frOlTI an insurance con1pany licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond 111USt be submitted to Juran & Moody, a Division of Miller, Johnson & Kuehn, Inc., prior to the opening of the proposals. The Financial Surety Bond Inust identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to sub111it its Deposit to Juran & Moody, a Division of Miller, Johnson & Kuehn, Inc., in the forn1 of a certified or cashier's check or wire transfer as instructed by Juran & Moody, a Division of Miller, Johnson & Kue11n, Inc., not later than 3:30 P.M., Central Ti111e, on the next business day following the award. If such Deposit is not received by that ti111e, the Financial Surety Bond n1ay be drawn by the City to satisfy the Deposit requireInent. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser SJB-187824v 1 CE155-16