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11 RECOMMENDA rlONS Re: Recommendations for the Issuance of: $4,895,000 General Obligation Improvement and Refunding Bonds, Series 2005A (the "Series 2005A Bonds") $3,740,000 General Obligation Municipal Building Refunding Bonds, Series 2005B (the "Series 2005B Bonds") (collectively, the "Bonds" or "Issues") We respectfully request your consideration of our recommendations for the above-named Issues. Proceeds of the Series 2005A Bonds will be used for three purposes: (i) finance various improvement projects within the City (the "Project Portion"); (ii) refund the February 1, 2007 through February 1, 2019 maturities of the City's General Obligation Swimming Pool Bonds, Series 1998A (the "Series 1998A Bonds"), dated August 1,1998; and, (iii) refund the February 1, 2007 through February 1, 2017 maturities of the City's General Obligation Water Revenue Bonds, Series 1997B, (the "Series 1997B Bonds") dated August 1, 1997. Refunding of the Series 1998A Bonds and the Series 1997B Bonds will be referred to as the "Refunding Portion" of the Series 2005A Bonds. The Refunding Portion transaction is being undertaken to achieve interest cost savings. Proceeds of the Series 2005B Bonds will be used to refund the Municipal Building Revenue Refunding Bonds, Series 1998A (the "HRA Bonds"), dated August 1, 1998, obligations of the Housing and Redevelopment Authority of the City of Hastings. The transaction is being undertaken to achieve interest cost savings. We recommend the following for the Bonds: 1. Action Requested To establish the date and time of receiving bids and establish the terms and conditions of the offerings. 2. Sale Date and Time Monday, November 7,2005 at 12:00 Noon, with consideration for award by the City Council at 7:00 P.M. that same day. 3. Method of Sale The Bonds will be sold using a competitive bidding process. In the interest of obtaining as many bids as possible, we have included a provision in the attached Terms of Proposal for underwriters to submit their bid electronically through the electronic bidding platform of PARlrve. In addition, physical bids (by phone or fax) will be accepted at the offices of Springsted. 4.' Authority for the Issues The Bonds are being issued pursuant to Minnesota Statutes, Chapter 475. The Series 2005A Bonds are further authorized pursuant to Minnesota Statutes, Chapters 429 and 444, and the City's Home Rule Charter.