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THE ISSUER <br />CITY GOVERNMENT <br />The City of Little Canada was organized as a municipality in 1953. The City operates under a statutory form of <br />government consisting of a five- member City Council of which the Mayor is a voting member. The City <br />Administrator, Clerk and Finance Director are responsible for administrative details and financial records. <br />EMPLOYEES; PENSIONS; UNIONS <br />The City currently has 14 full -time, 7 part -time, and 8 seasonal employees. All full -time and certain part-time <br />employees of the City are covered by defined benefit pension plans administered by the Public Employee Retirement <br />Association of Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the Public <br />Employees Police and Fire Fund (PEPFF) which are cost - sharing multiple- employer retirement plans. PERA <br />members belong to either the Coordinated Plan or the Basic Plan. Coordinated members are covered by Social <br />Security. See the Notes to Financial Statements in Appendix A for a detailed description of the Plans. <br />LITIGATION <br />There is no litigation threatened or pending questioning the organization or boundaries of the City or the right of <br />any of its officers to their respective offices or in any manner questioning their rights and power to execute and <br />deliver these Bonds or otherwise questioning the validity of these Bonds. <br />FUNDS ON HAND (As of December 31, 2006) <br />Total Cash <br />Fund and Investments <br />Cash $ 214,731 <br />Investments 8,067,106 <br />Total Funds on Hand $ 8,281,836 <br />19 <br />