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March 13, 1991 Mayor Raymond Hanson and City Council Mr. Joel Hanson, City Administrator Little Canada City Hall 515 Little Canada Road St. Paul, MN. 55117 JURAN & MOODY, INC. Investment Securities Since 1939 Minnesota Mutual Life Center 400 North Robert Street - Suite 800 Saint Paul, Minnesota 55101 -2091 Telephone 612/224 -1500 Toll Free 1 -800- 950 -4666 Telecopier 612/224 -5124 RE: CHANGE IN JURAN & MOODY ACCOUNT REPRESENTATIVE Dear Mayor, City Council and Mr. Hanson, Mr. Brad Farnham has recently elected to leave Juran & Moody, Inc. Despite Mr. Farnham's departure, we want to assure you that our Juran & Moody team will continue to provide you with the comprehensive and innovative financial advisory services you expect from Juran & Moody. Since 1965, Juran & Moody has valued its role as Financial Advisor for Little Canada. The City of Little Canada has always been a major account and has always been represented by a Juran & Moody partner over the past 26 years. From 1965 to 1975, Bob Sander served as account representative. Steve Mattson served as Little Canada's Financial Advisor from 1975 to 1980. In the early 1980's, Andy Merry served as account representative. Until recently, Brad Farnham has acted as the firm's representative handling your account. The City of Little Canada has obviously enjoyed and appreciated the financial expertise that Juran & Moody has brought to the City for many years. Brad Farnham served as spokesperson for the ideas generated by the various departments of the firm; i.e., Financing, Leasing, Government, Trading, etc. As account representatives have changed, however, one thing has remained constant: the depth and breadth of the experienced individuals that make up the Juran & Moody team. In particular, you should know that since 1975, Steve Mattson has structured all of the debt service schedules related to standard improvement projects; i.e., prepayment option dates, bond maturity dates and all computer generated cash flow scenarios that the City has grown to rely upon. On more highly technical financings such as municipal leases, cross -over or advance refundings, Ted Brownell has "run the numbers." We propose that the day to day financial advisory services will be conducted by Steve Mattson as the lead financial advisor relying on Ted Brownell as his backup. For financing involving advanced refundings, crossover refundings, lease obligations or defeasance structures, the roles would be reversed. As Juran & Moody continues in its role as the City's Financial Advisor, we want to reassure both the City Council and the staff that Little Canada will continue to receive the utmost attention from the Juran & Moody team. For your information, resumes for both Steve and Ted have been attached as Exhibit A. Also, as requested, Exhibit B includes our Fee Schedule as well as our Scope of Services. Page 14 Saint Paul, MN - Minneapolis, MN - Houston, TX - Clearwater FL