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TERMS OF SALE Minimum Bid and Good Faith Deposit. A sealed bid for not less than $2,462,500 and accrued interest on the total principal amount of the Bonds must be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of $50,000 payable to the order of the City Finance Director, must have been filed with the undersigned. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid may be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Type of Bid. Rates offered by Bidders must be in integral multiples of 5/100 or 1/8 of 1%. No limitation is placed upon the number of rates which may be used. All Bonds of the same maturity must bear a single uniform rate from date of issue to maturity and no rate of any maturity may be lower than the highest rate applicable to Bonds of any preceding maturities. No conditional bids will be considered. Bids for the bonds are to be addressed to: Edward Burnell City Finance Director Roseville City Hall 2660 Civic Center Drive Roseville, MN 55113 QUALIFIED TAX-EXEMPT OBLIGATIONS The City will designate the Bonds as qualified tax-exempt obligations for purposes of Section 265 (b )( 3) of the Internal Revenue Code of 1986, as amended. AWARD The Bonds will be awarded to the Bidder offering the lowest true interest cost. True interest cost shall be determined for each bid by doubling the semi- annual interest rate compounded semi-annually necessary to discount the debt service payments from the payment dates to April 12, 1995 and to the price bid. The City's computation of the true interest cost of eàch bid, in accordance with customary practice, will be controlling. The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt of bids and award of the Bonds, (ü) reject all bids without cause, and (ill) reject any bid which the City determines to have failed to comply with the terms hereof. DJK81455 RS200-14