10-4-01 SUMMARY OF TERMS REVENUE BONDS

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October 4, 2001 $8,070,000* CITY OF ORONO, MINNESOTA SENIOR HOUSING REVENUE BONDS (ORONO WOODS APARTMENT PROJECT) SERIES 2001 Summary of Terms Amount: Series A: $7,585,000* Series B (Taxable): $235,000* Series C(Subordinate): $250,000* Issuer: The City of Orono,Minnesota(the"City"), a body corporate and politic,will serve as Issuer for the Bonds. Borrower: Orono Senior Housing LLC, a Minnesota limited liability company. The sole member of the Borrower is the Wedum Foundation, a Minnesota not-for-profit corporation, qualified to do business in the State of Minnesota("Wedum"). Wedum is an organization described in Section 501(c)3 of the Code and exempt from taxation under Section 501(a) of the Code. Trustee: US Bank Trust will serve as the Trustee for the Project. Developer: The Developer for the Project will be Dunbar Development Company, a Minneapolis based limited liability corporation. The Project: The Project to be known as the Orono Senior Living Facility is a 62-unit independent living project to be located in the City of Orono,Minnesota. Use of Proceeds: Bond proceeds will be used for: the construction of the Project, partial funding of the costs of issuing the Bonds, funding of a Debt Service Reserve Fund for the Bonds, and funding capitalized interest during the construction period plus five (5) months. Form of Bond Sale: The Bonds shall be sold on a negotiated sale basis to the retail and institutional marketplace. Managing Underwriter: Miller Johnson Steichen Kinnard shall serve as the exclusive managing underwriter for the structuring and sale of the Bonds. Tax Status: Interest earnings on the Bonds shall be exempt from taxation under Federal law. The Bonds shall not be subject to the Alternative Minimum Tax under Federal tax law. The Bonds will be subject to bank qualification and consequently will be eligible for purchase by banks. *Preliminary,subject to change. Miller Johnson Steichen Kinnard, Inc.