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a <br /> City of St. Anthony, Minnesota <br /> February 4, 1998 <br /> 10. Continuing Disclosure This issue is subject to the continuing <br /> disclosure requirements. These SEC rules <br /> require the City to undertake an annual <br /> update of its Official Statement information <br /> and report any material events to the <br /> national repositories. However, since this <br /> issue is less than $1 million, the District will <br /> be exempt from the disclosure requirements. <br /> 11. Attachments . Assessment Income Schedule <br /> Debt Service Schedule <br /> Terms of Proposal <br /> DISCUSSION <br /> The projection of assessment income is shown on page 4 of these recommendations. The City <br /> expects to file special assessments, totaling $253,750 of principal, on or about September 1, <br /> 1998. All assessments will be filed over a term of 15 years with even annual payments and <br /> interest charged on the unpaid balance at a rate approximately 2.0% over the net interest rate <br /> on the Bonds. We have used an interest rate of 6.70% for structuring purposes. <br /> The principal repayment of this issue, shown on page 5 of these recommendations, is <br /> structured to meet the receipt of assessment income on page 4. The first interest payment <br /> • (February 1, 1999) is due prior to the receipt of assessment and tax collections in 1999 and will <br /> be made from a temporary transfer of available City funds. Thereafter, each August 1 interest <br /> payment will be made from first-half collections of special assessments and taxes and each <br /> subsequent February 1 principal and interest payment will be made from second-half <br /> collections plus surplus first-half collections. <br /> Resp tfully submitted, <br /> SPRINGSTED Incorporated <br /> eks <br /> • <br /> Page 3 <br />