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<br />representing the aggregate principal amount of the Bonds maturing in each year, will be <br />registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), <br />New York, New York, which will act as securities depository of the Bonds. Individual <br />purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof <br />of a single maturity through book entries made on the books and records of DTC and its <br />participants. Principal and interest are payable by the registrar to DTC or its nominee as <br />registered owner of the Bonds. Transfer of principal and interest payments to participants of <br />OTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial <br />owners by participants will be the responsibility of such participants and other nominees of <br />beneficial owners. The purchaser, as a condition of delivery of the Bonds, will be required to <br />deposit the Bonds with DTC. <br /> <br />REGISTRAR <br /> <br />The City will name the registrar, which shall be subject to applicable SEC regulations. The City <br />will pay for the services of the registrar. <br /> <br />OPTIONAL REDEMPTION <br /> <br />The Bonds will not be subject to payment in advance of their respective stated maturity dates. <br /> <br />SECURITY AND PURPOSE <br /> <br />The Bonds will be general obligations of the City for which the City will pledge its full faith and <br />credit and power to levy direct general ad valorem taxes. The proceeds will be used to refund <br />the February 1, 2006 through February 1, 2014 maturities of the Hastings Housing and <br />Redevelopment Authority's Municipal Building Revenue Refunding Bonds, Series 1998A, dated <br />August 1, 1998. <br /> <br />TYPE OF PROPOSALS <br /> <br />Proposals shall be for not less than $3,711,950 and accrued interest on the total principal amount <br />of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form <br />of a certified or cashier's check or a Financial Surety Bond in the amount of $37,400, payable to <br />the order of the City. If a check is used, it must accompany the proposal. If a Financial Surety <br />Bond is used, it must be from an insurance company licensed to issue such a bond in the State of <br />Minnesota, and preapproved by the City. Such bond must be submitted to Springsted <br />Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify <br />each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are <br />awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to <br />submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire <br />transfer as instructed by Springsted Incorporated not later than 3 :30 P.M., Central Time, on the <br />next business day following the award. If such Deposit is not received by that time, the <br />Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The <br />Deposit received from the purchaser, the amount of which will be deducted at settlement and no <br />interest will accme to the purchaser, will be deposited by the City. In the event the purchaser <br />fails to comply with the accepted proposal, said amount will be retained by the City. No <br /> <br />A-3 <br /> <br />1819098vl <br />