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CITY OF LITTLE CANADA, MINNESOTA <br />PRE -SALE REPORT: GENERAL OBLIGATION BONDS <br />MARCH 12, 2008 <br />Proposed Issue: General Obligation Bonds, Series 2008 <br />Pu rposc: <br />Description: <br />To finance the 2008 -2009 Street and Utility improvements /B2 and Viking <br />Drive Areas within Development District No. 5 of the City in the amount of <br />$2,465,000. <br />The Bonds are being issued pursuant to Minnesota Statutes, Chapters 469, <br />429, and 475, for the purpose of' financing the construction of the <br />Improvements. <br />Financing the Improvements requires a bond issue in the amount of <br />$2,690,000. The proposed finance plan consists of the sources and uses of <br />funds attached to this Report. <br />Term /Call Feature: Principal on the Bonds will be due on February 1 in the years 2012 through <br />2026. Bonds maturing February I, 2017, and thereafter will be subject to <br />prepayment at the discretion of the City on February 1, 2016. <br />Rating: The Bonds are expected to be rated by Moody's at an "Al" level. <br />Funding Sources: The Bonds are general obligations of the City and as such are secured by a <br />pledge of the City's full faith, credit, and taxing powers. <br />Under Minnesota Statutes, Chapter 469, it is the intent of the City to collect <br />tax increments generated from Tax Increment Financing District No. 5 -1 <br />secured by a development agreement, which provides, among other things, <br />financial support for the payment of the tax increment portion of the Bonds. <br />Prepared by Ehlers - Leaders in Public Finance <br />3 <br />