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OFFICIAL TERMS OF BOND SALE $780,000 GENERAL OBLlGA nON TEMPORARY IMPROVEMENT BONDS, SERIES 2004A CITY OF CENTERVILLE, ANOKA COUNTY, MINNESOTA (Book Entry Only) NOTICE IS HEREBY GIVEN that these Bonds will be offered for sale according to the following terms: TIME AND PLACE: Proposals will be opened by the City Clerk, or designee, on Wednesday, March 10,2004, at 11:00 A.M., Central Time, at the offices of Northland Securities, Inc., 45 South Seventh Street, Suite 2500, Minneapolis, Minnesota 55402. Consideration of the proposals for award of the sale will be by the City Council at its meeting in the Centerville City Hall beginning at 6:30 P.M., on the same day. SUBMISSION OF PROPOSALS: Proposals may be: a) submitted to the office of Northland Securities, Inc., b) faxed to Northland Securities, Inc. at (612) 851-5917, c) for proposals submitted prior to the sale, the final price and coupon rates may be submitted to Northland Securities, Inc. by telephone at (612) 851-5900, or d) bids may be submitted electronically. Notice is hereby given that electronic proposals will be received via PARITYTM, in the manner described below, until I I :00 A.M., local time on March 10,2004. Bids may be submitted electronically via PARITYTM pursuant to this Notice until II :00 A.M., local time, but no bid will be received after the time for receiving bids specified above. To the extent any instructions or directions set forth in P ARITYTM conflict with this Notice, the terms of this Notice shall control. For further information about PARITYTM, potential bidders may contact Northland Securities, Inc. or Dalcomp at 40 West 23'" Street, 5'" floor, New York, NY ]0010, telephone (212) 404-8102. Neither the City of Centerville nor Northland Securities, Inc. assumes any liability if there is a malfunction of P ARITYTM. All bidders are advised that each Proposal shall be deemed to constitute a contract between the bidder and the City to purchase the Bonds regardless of the manner of the proposal submitted. BOOK ENTRY SYSTEM: The Bonds will be issued by means of a book entry system with no physical distribution of bond certificates made to the public. The Bonds will be issued in fully registered form and one bond certificate, representing the aggregate principal amount of the bonds maturing in each year, will be registered in the name of Cede & Co. as nominee of Depository Trust Company ("DTC"), New York, New York, which will act as securities depository of the Bonds. Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single maturity through book entries made on the books and records of DTC and its participants. Principal and interest are payable by the Issuer through U.S. Bank Nationa] Association, in St. Paul, Minnesota (the "Registrar") to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants ofDTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants will be the responsibility of such participants and other nominees of beneficial owners. The successful -4-