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TERMS AND CONDITIONS OF SALE <br />PUBLIC FACILITIES REVENUE BONDS. SERIES 1991 <br />HOUSING AND REDEVELOPMENT AUTHORITY <br />IN AND FOR THE CITY OF ORONO. MINNESOTA <br />(BOOK ENTRY ONLY) <br />Sealed bids for the purchase of Public Facilities Revenue Bonds. Series 1991, of <br />the Authority (the "Bonds") will be received until 10:30 ».m. on Tuesday, the 12th day of <br />November, 1991, at the offices of Ehlers and Associates, Inc., 2950 Norwest Center, 90 South <br />Seventh Street. Minneapolis. MN 55402, at which time the bids will bo opened and <br />tabulated. The Board of Commissioners will meet at 6:30 p.m. on the same day at the City <br />Hall offices to consider the bids for the Bonds. <br />Purpose and Security <br />The Bonds will be Issued tor the purpose of financing a project to be undertaken by <br />the Authority. The project consists of the construction of a new city hall and facilities to house <br />the police and public works departments in the City of Orono (collectively, the "Facilities"). <br />The Authority will lease and agree to sell the Facilities to the City of Orono pursuant to a <br />lease-purchase crinfract. The Bonds will bo special, limited obligations of the Authority <br />payable solely frjm revenues to be received from the City of Orono pursuant to the <br />lease-purchase cr<ntract, proceed® c* the Bonds, investment income thereon and proceeds of <br />insurance claims ^nd condenr*r.atlon aw.^rds, if any, relating to the Facilities. <br />Date. Type and Denomination <br />The Bonds will be dated, as originally issued, as of December 1. 1991, will be <br />Issued as negotiable investment securities of single maturities in registered form as to both <br />principal and Interest and will be issuable in denominations of $5,000 or any integral multiple <br />thereof. <br />Maturities and Redemption <br />The Bonds will mature on February 1 In the following years and amounts: <br />Year Amount Year Amount <br />1994 $165,000 2002 $275,000 <br />1995 175,000 2003 290.000 <br />1996 190,000 2004 310.000 <br />1997 200.000 2005 330.000 <br />1998 215,000 2006 355.000 <br />1999 225,000 2007 375.000 <br />2000 240,000 2008 400.000 <br />2001 255.000