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SUMMARY OF OFFERING
<br /> $650,000
<br /> GENERAL OBLIGATION IMPROVEMENT BONDS OF 2000
<br /> (Book -Entry Only)
<br /> AMOUNT - $650,000.
<br /> ISSUER - City of Centerville, Minnesota (The "City").
<br /> SALE DATE - Wednesday, November 8, 2000.
<br /> OPENING - 11:00 A.M. Central Time, at Juran & Moody, a division of Miller, Johnson & Kuehn, Incorporated, 1100 Minnesota World Trade Center,
<br /> 30 East Seventh Street, St. Paul, Minnesota 55101 -4901, telephone: (651) 224 -1500 or (800) 950 -4666.
<br /> AWARD - 6:00 P.M., Central Time, at the Centerville City Hall, 1880 Main Street, Centerville, Minnesota 55038 -9794.
<br /> TYPE OF ISSUE - General Obligation Improvement Bonds of 2000 (the "Bonds "). See Authority and Security for the Bonds and Estimated Source and
<br /> Application of Funds herein for additional information. .,
<br /> SECURITY & PURPOSE - These Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475 and are payable primarily from special
<br /> assessments against all benefited property. The full faith and credit of the City is pledged to their payment and the City has
<br /> validly obligated itself to levy additional ad valorem taxes in the event of any deficiency in the Debt Service Account es-
<br /> tablished for this issue. Taxes will be levied upon all of the taxable property within the City and without limitation of
<br /> amount. Interest on the Bonds is not includable in gross income of the recipient for federal income tax purposes or in tax-
<br /> able net income for Minnesota income tax purposes, and is a preference item for purposes of the computation of the federal
<br /> alternative minimum tax, or the computation of the Minnesota alternative minimum tax imposed on individuals, trusts and
<br /> estates, but such interest is includable in the computation of" adjusted current earnings" used in the calculation of federal
<br /> altemative minimum taxable income of corporations, and is subject to Minnesota franchise taxes on corporations (including
<br /> financial institutions) measured by income and the alternative minimum tax base. Further, the proceeds of the Bonds will
<br /> be used to provide funds for the financing of various assessable improvements within the City including but not limited to
<br /> streets, sanitary sewer, water main & line extensions, storm sewer, sidewalks and curb & gutter. See Estimated Source and
<br /> Application of Funds herein for additional information.
<br /> DATE OF ISSUE - November 1, 2000.
<br /> INTEREST PAYABLE DATES - February 1, 2001, and semiannually thereafter on August 1 and February 1 and to registered owners of the Bonds ap-
<br /> pearing of record in the bond register as of the close of business on the fifteenth (15") day (whether or not a business
<br /> day) of the immediately preceding month.
<br /> DENOMINATIONS - $5,000.
<br /> MATURITIES -
<br /> 02/01/02 $175,000 02/01/04 $200,000 02/01/06 $10,000 02/01/08 $15,000 02/01/10 $20,000
<br /> 02/01/03 175,000 02/01/05 10,000 02 /01 /07 10,000 02/01/09 15,000 02/01/11 20,000
<br /> AVERAGE MATURITY - 3.14231 years.
<br /> REDEMPTION FEATURE - The City may elect on February 1, 2006, and on any day thereafter, to prepay Bonds. Redemption may be in whole or in
<br /> part and if in part at the option of the City and in such manner as the City will determine. If less than all Bonds of a ma-
<br /> turity are called for redemption, the City will notify DTC of the particular amount of such maturity to be prepaid. DTC
<br /> will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will
<br /> then select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par
<br /> plus accrued interest. -
<br /> BOOK -ENTRY SYSTEM - The Bonds will be issued as fully registered Bonds and, when issued, will be registered in the name of Cede & Co., as
<br /> nominee of the Depository Trust Company, New York, New York, to which principal and interest payments on the Bonds
<br /> will be made. Individual purchases will be made in book -entry form only, in the principal amount of $5,000 or any whole
<br /> multiple thereof. Purchasers of Bonds will not receive physical delivery of Bonds.
<br /> REGISTRAR/PAYING AGENT - U.S. Bank Trust National Association, St. Paul, Minnesota.
<br /> METHOD OF SALE - Sealed proposals only, accompanied by a good faith check in the amount of $13,000 at a price of not less than $640,250 and
<br /> accrued interest. See Terms of Proposal herein for additional information.
<br /> TAX DESIGNATIONS -
<br /> NOT Private Activity Bonds -These Bonds are not "private activity bonds" as defined in §141 of the Internal Revenue Code of 1986, as amended
<br /> (the Code).
<br /> Qualified Tax - Exempt Obligations - The City will designate these Bonds "qualified tax - exempt obligations" for purposes of §265(b)(3) of the
<br /> Code.
<br /> LEGAL OPINION - Kennedy & Graven, Chartered, Minneapolis, Minnesota (the "Bond Counsel ").
<br /> RATING - The City currently does not have a general obligation bond rating assigned by Moody's Investors Service or Standard & Poor's Corporation.
<br /> The City will not be applying for a rating on this issue.
<br /> ESTIMATED CLOSING DATE - November 29, 2000.
<br /> PRIMARY CONTACT - James March, City Administrator, (651) 429 -3232.
<br /> Teresa Bender, City Clerk- Treasurer, (651) 429 -3232.
<br /> George D. Eilertson, Vice President, Juran & Moody, (651) 224 -1500 or (800) 950 -4666.
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