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Extraordinary Redemption
<br />The Series 2006C Bonds are subject to extraordinary redemption on any day in whole, but not
<br />in part, at a redemption price equal to par, plus accrued interest to the redemption date, upon
<br />conveyance, lease or transfer in other mode of the YMCA Project to an entity that is not a
<br />qualified 501(c)(3) entity under the Internal Revenue Code of 1987, as amended, or a unit of
<br />state or local government, in connection with the foreclosure of the Mortgage, Security
<br />Agreement, Fixture Financing Agreement and Assignment of Leases and Rents from the YMCA
<br />of Greater Saint Paul, a Minnesota nonprofit corporation, for the benefit of Patriot Bank
<br />Minnesota, pursuant to the issuance of the City's Revenue Note (YMCA Project) Series 2006A
<br />and Revenue Note (YMCA Project) Series 2006B.
<br />Book Entry System
<br />The Depository Trust Company ( "DTC "), New York, New York, will act as securities depository
<br />for the Obligations. The Obligations will be issued as fully registered securities registered in the
<br />name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by
<br />an authorized representative of DTC. One fully registered certificate will be issued for each
<br />maturity of each series of the Obligations, in the aggregate principal amount of such maturity,
<br />and will be deposited with DTC.
<br />DTC is a limited - purpose trust company organized under the New York Banking Law, a
<br />"banking organization" within the meaning of the New York Banking Law, a member of the
<br />Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform
<br />Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A
<br />of the Securities Exchange Act of 1934. DTC holds securities that its participants ( "Direct
<br />Participants ") deposit with DTC. DTC also facilitates the post -sale settlement among Direct
<br />Participants of sales and other securities transactions in deposited securities through electronic
<br />computerized book -entry transfers and pledges between Direct Participants' accounts, thereby
<br />eliminating the need for physical movement of securities certificates. Direct Participants ( "Direct
<br />Participants ") include securities brokers and dealers, banks, trust companies, clearing
<br />corporations, and certain other organizations. DTC is a wholly -owned subsidiary of The
<br />Depository Trust and Clearing Corporation ( "DTCC "). DTCC, in turn, is owned by a number of
<br />Direct Participants of DTC and members of the National Securities Clearing Corporation, Fixed
<br />Income Clearing Corporation, and Emerging Markets Clearing Corporation (NSCC, FICC, and
<br />EMCC, also subsidiaries of DTCC), as well as by the New York Stock Exchange, Inc., the
<br />American Stock Exchange LLC, and the National Association of Securities Dealers, Inc. Access
<br />to the DTC system is also available to others such as securities brokers and dealers, banks,
<br />trust companies and clearing corporations that clear through or maintain a custodial relationship
<br />with a Direct Participant, either directly or indirectly ( "Indirect Participants "). The Rules
<br />applicable to DTC and its Direct and Indirect Participants are on file with the Securities and
<br />Exchange Commission. More information about DTC can be found at www.dtcc.com and
<br />www.dtc.orq.
<br />Purchases of Obligations under the DTC system must be made by or through Direct
<br />Participants, which will receive a credit for the Obligations on DTC's records. The ownership
<br />interest of each actual purchaser of each Obligation ( "Beneficial Owner ") is in turn to be
<br />recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive
<br />written confirmation from DTC of their purchase, but Beneficial Owners are expected to receive
<br />written confirmations providing details of the transaction, as well as periodic statements of their
<br />holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into
<br />the transaction. Transfers of ownership interests in the Obligations are to be accomplished by
<br />entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial
<br />Owners. Beneficial Owners will not receive certificates representing their ownership interests in
<br />the Obligations, except in the event that use of the book -entry system for the Obligations is
<br />discontinued.
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