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SEP-24-2001 ie>38 hJSK I^R.€ST^ENT BPNCERS <br />S«|rteniber 24,2001 <br />7639477328 P.02/08 <br />$8,070,000* <br />C ity or Orono , Minnesota <br />Senior Housing Revenue Bonds <br />(Orono Woods apartment Project ) <br />SERIES 2001 <br />Sumintiy of Terms <br />AmMittt: <br />Istver! <br />Berrewtr <br />Tnistec: <br />Dcrelepert <br />TIui Project: <br />Um of Proceeds: <br />Form of Bead Sale; <br />Maneglog Undenviiter: <br />Tax States; <br />Series A: <br />Senes BCTaxable): <br />Seriea C (Subordmatc): <br />S7.585.000* <br />S235.000* <br />S250.000* <br />The Qty of Orono. Minnesota (the “City’^, a body coqiorate and <br />politic, will serve as Issuer for the Bonds. <br />Orono Senior Housing LLC, a Minnesou United liability <br />oorapany. The sole member of the Borrower is the Wedum <br />Foundation, a Minnesota not-for-profit corporation, qualified to <br />do business in the State of MumeaoteC'^edtmi”). Wedum is an <br />organiation described in Section 501(c)3 of the Code and <br />exempt firom taxation under Section 501(a) of the Code. <br />US Bank Trust will serve u the Trustee for the Project. <br />The Developer for the Proj'ect will be Dunbar Developcnent <br />Company, a Mmneapolu ba^ limited UabiUty corporation. <br />The Project to be known u the Orono Senior Living Facility is a <br />62-unit independent living project to be located in the City of <br />Orono, Minnesota. <br />Bond proceeds will be used for; the construction of the Project, <br />partial funding of the costs of issuing the Bonds, funding of a <br />Debt Service Rescr.e Fund for the Bonds, and funding <br />capitalized Jiterest during the construction period plus five (5) <br />months. <br />The Bonds shall be sold on a negoUited tale basis to the retail <br />and institutional marketplace. <br />Miller Johnson Steichen Kinnard shall aerve as the exclusive <br />managing underwriter for the structuring and sale of the Bonds. <br />Interest earnings on the Bonds shaU be exempt firom taxation <br />under Federal law. The Bonds shall not be subject to the <br />Alternative Minimum Tax under Fedcial tax law. The Bonds <br />will be subject to bank qualification and consequently will be <br />eligible for purchase by banks. <br />•Pnlimmary, suhtlKt n chaago.Miller Johnson Steichea Kinnard, Inc. <br />•1 <br />J