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In the opinion of Briggs and Morgan. Professional Association, Bond Counsel, based on present federal and Minnesota laws, regulations, rulings and decisions, at the time
<br />of their issuance and delivery to the original purchaser, interest on the Bonds is excluded from gross income for purposes of United States income tax and is excluded, to the
<br />same extent, in computing both gross and taxable net income for purposes of State of Minnesota income tax (other than Minnesota franchise taxes measured by income and
<br />imposed an corporations and financial institutions). Interest on the Bonds is not an item of tax preference for purposes of the alternative minimum tax Imposed on individuals
<br />and corporations,; however, interest on the Bonds is taken into account for the purpose of determining adjusted current earnings for purposes of computing the federal
<br />alternative minimum tax imposed on corporations. No opinion will be expressed by Bond Counsel regarding other state or federal tax consequences caused by the receipt
<br />or accrual of interest on the Bonds or arising with respect to ownership of the Bonds. See "TAX EXEMPTION" and "OTHER FEDERAL TAX CONSEQUENCES" herein.
<br />The Bonds will be designated as qualified tax - exempt obligations" for purposes of Section 265 of the Internal Revenue Code of 1986, as amended, relating to the ability of
<br />financial institutions to deduct from income for federal income tax purposes, interest expenses that is allocable to carrying and acquiring tax - exempt obligations.
<br />New Issue Rating: Moody's Application Made
<br />OFFICIAL STATEMENT DATED JANUARY 13,1995
<br />CITY OF LITTLE CANADA, MINNESOTA
<br />$485,000
<br />GENERAL OBLIGATION PERMANENT IMPROVEMENT
<br />REVOLVING FUND BONDS, SERIES 1995A
<br />PROPOSAL OPENING: January 25, 1995, 11:00 o'clock A. M., C.T.
<br />CONSIDERATION: January 25, 1995, 7:30 o'clock P. M., C.T.
<br />PURPOSE /AUTHORITY /SECURITY: The Bonds are issued pursuant to Minnesota Statutes, Section 429.091, Subdivision 7a, to provide funds for the
<br />purpose of financing the assessable portion of various public improvements within the City. The Bonds will be in fully registered form as to both principal
<br />and interest and will be in integral multiples of $5,000 each. Delivery is subject to receipt of approving legal opinion of Briggs and Morgan, Professional
<br />Association, of Minneapolis and St. Paul, Minnesota.
<br />DATE OF BONDS: February 1, 1995.
<br />MATURITY: February 1 as follows:
<br />Year Amount Year Amount
<br />1997 $45,000 2002 $50,000
<br />1998 45,000 2003 50,000
<br />1999 45,000 2004 50,000
<br />2000 50,000 2005 50,000
<br />2001 50,000 2006 50,000
<br />REDEMPTION: Bonds maturing February 1, 2003 and thereafter are subject to call for prior redemption on February 1, 2002 and any
<br />date thereafter, at par.
<br />INTEREST: August 1, 1995 and semiannually thereafter.
<br />MINIMUM PROPOSAL: $477,800.
<br />GOOD FAITH DEPOSIT: $9,700, payable to the City Administrator.
<br />REGISTRATION/BOOK ENTRY: This offering will be issued as fully registered Bonds and, when issued, will be registered in the name of Cede & Co.,
<br />as nominee of The Depository Trust Company, New York, New York, to which principal and interest payments on the Bonds will be made. Individual
<br />purchases will be made in book -entry form only, in the principal amount of $5,000 or any whole multiple thereof. Purchasers of Bonds will not receive
<br />physical delivery of bond certificates.
<br />This Official Statement will be further supplemented by an addendum specifying the offering prices, interest rates, aggregate principal amount, principal
<br />amount per maturity, anticipated delivery date, and underwriter, together with any other information required by law, and, as supplemented, shall constitute
<br />a "Final Official Statement" of the Issuer with respect to the Bonds, as defined in S.E.C. Rule 15c2 -12.
<br />Prepared For the Issuer By:
<br />Ehlers and Associates,inc.
<br />LEADERS IN PUBLIC FINANCE
<br />2950 Norwest Center • 90 South Seventh Street
<br />Minneapolis, MN 55402 -4100
<br />612- 339 -8291 • FAX 612- 339 -0854
<br />Page 16 OFFICES IN MINNEAPOLIS, MN • BROOKFIELD, WI
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