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I 1 11 I 1 I 1 11 m W W 1l)c I N 1 o 11 1 10NM/-O WN71D W tD I W 11 V MI-W NOO 1 t0 1 V M M" OM 1 O 1 oil I 01^10N O1-m"W N O I 1n 11 V c V~MO V I M I MIl) W~ "O I Il'J 1 0> 11 1 I 11 - I ` I C. 1 1- f0 Nrpp m"W"^V 10 I O II V V W"W"" I N I co r t0 W O 1 W 1 O 11 1-a m co M w V Go te a l �� °Q°°V N�r I I e �° I I"- _ _ , .„ I , . 1 .. I 1 11 C I N W 10 I ^ 11 r l- 1 ^ 1 ~ 10 " 1 0 1 ^ 11 O I ^ I M II w 1 ^ I I N I M 11 N I w 1 N 11 1 I 1 1 N II E I I u 1 1 1 1 n 1 F to 1 ^N W N"W O r O M~ I W 11 "W W W 1r°M I V I V N O o r co 1 1 W 11 The City does not expect to issue any additional general obligation debt within the next 90 days. L , ""M W V O~r N1-1- I N 11 r0 W^000 W 1 W I 1-r O I W^M V 1-MMNNOO.- I oD 11 W r"M100 W I M I ^W I-O V r I V I m II d I W M W rNN V^N^M O I N 11 M010 V 1DOr I M I OI- V^ "N I W , N II W~M O 1 " II O~W W V co^ 1 0 1 O W co V I-M I V I " II v l W "M M V"V r W O r 1 O 11 10 V "01 01 1 ~ 1 10" W v "H I M I O II 1 ^ ` I `II _ 1 - I - I I `II I M W N" I M II 1- I ^ I 1- 10 N M 1 r 1 M 11 I ^ 1 M I I N I ^ I I N I M 11 N ; » » LITIGATION I E M~ I O ii O O I O I O 1 r L ~~ 1 " 11 " O 1 " I " 11 1 m m m^ 1 O 11 O O I O I O 11 ' L~'o ' '" ^ ' ' '" The City is not aware of any threatened or pending litigation affecting the validity of the Bonds N I N l a M O I V II W " I V I V 11 n I = O)d M O I M II V co I M I M 11 = I 0 C° °^ 1 ^ " N 1 ^ 1 ^ 11 or the City's ability to meet its financial obligations. O I 00 . I .11 1 - 1 -11 L I J N" I ~ 11 1- I ~ 1 1- 11 1, 0 I w I N II I I N 11 4j I It I C I N I I N 11 N_ I N I N 11 7 1 � r 11 O I N W I W 11 W I W I W 11 U 1-I L myJ I II I 1 11 0 I m Q I C r N W I W 11 W I W I W 11 W In Ili , " 11 in I " 1 " 11 LEGALITY - I r7 a 1 11 - -II I el I ~ 11 ti I A 1 f- II 1 N 1 N 11 N I 1 N 11 " 1 " I O 1 0 " I m 11 I ^ 1 " 1 " I to II The Bonds are subject to approval as to certain matters by Dorsey & Whitney LLP of O. I r- O O O I O 11 1 I O I O I O 11 11 L > _ ° ° 1 W 11 W I W 1 I I W 11 Minneapolis Minnesota as Bond Counsel. Bond Counsel has not participated in the 1 y L 7 " 1- 1 lo 11 f0 I 10 1 V Jj I of W N 1 I =m » 1 » 11 » I I I I » 11 11 II preparation of this Official Statement except for guidance concerning the following section, ax 7 I M I II I 1 1 I LL 1 I 11 I I I I II Exemption," and will not pass upon its accuracy, completeness, or sufficiency. Bond Counsel L I o 10 N Co O W oo 1 M 11 ""W O M O M I W I V O I V I M 11 01 1 N "N W r-v O 1 Oil N V"M N 0<71, I ~ 1 " 1 N 1 ° 11 has not examined nor attempted to examine or verify, any of the financial or statistical iJ M^M I N II "r W I-r Om I N I r ~ I W I N 11 n= a I- " r M M , " II °°e "r I ° I ° It I I " 11 statements, or data contained in this Official Statement, and will express no opinion with L I L 7 N O co M 10 I- I W II N V^W W r I O I O co I W I W II CL 1 ,1 M V M I ^ 11 e N W 1 1 " W ' °- ' ^ " respect thereto. A legal opinion substantially in the form as set out in Appendix I herein will be O 1 4) - I `11 N 1 1 1 1 -11 c In 0_ I W N N I N 11 1 ^ I f0 I ~ 1 N II delivered at closing. I I 11 I 1 1 I II 1 O~ V m" V I W 11 W O 10 I V I "O 1 " I W u I i-1 M N OMN ^ 1 M 11 O O~ I W I "O I " I M 11 1 10 U N m N o V M W I Lei II " O O 1 Y a)"o _ , _ I, _ I __ I I 'I-)C N" ao~N V 1 11 " O 10 I I M ID 1 W I ^ II I 4 0 = O^ ^W V I W 11 1- O~ I " 1 O N I N I W 11 I w L W 11! M^ I ~ 11 O M r I UO- N 11 TAX EXEMPTION I w I N 11 w I I I I II I 0 I M N co " I co II " O_ I " 1 M I M I m 11 N I m 10 N 1- N 1 W 11 O 1 ^ 1 I- I ~ I W 11 co n l U N W O" W I V I I N V I 1p 1 W 1 W 1 V 11 C >1 1 iJ r V ^ - - . I ^11 - 1- I M > C /0 V M M 1 W 11 ^ M I V I M I M I W 11 1 L 7 ° ~ N ° 11 w ~ ' ~ 1 M I M I ° II In the opinion of Dorsey & Whitney LLP as Bond Counsel under federal and Minnesota laws d'W r 1 0 0)LL O M 1 V 11 M I M I O I O I V I I f 1 1 040 C 1 co I -11 1 1 - I - 1 ^11 7 1 N I N II 1 1 N I N I N II re ulations r ) LL , w , N 11 , , , , w „ g , ulings and decisions in effect on the date of issuance of the Bonds interest on the I 1 II I I 1 1 II Bonds is not includable in gross income for federal income tax purposes or in taxable net O W m l "W^ ^ I 10 11 N I N I V V I 10 11 U v ^^~ ~ W " ' ^ ' W I W ' W " income of individuals, estates and trusts for Minnesota income tax purposes. Interest on the U N C 1 10 = N N N 1 to II ^ ^ 1 " I " I 10 II Qr y 1 C•O - - 1 - II - I - 1 ^ 1 I II E 1 ° > = 10 N 1 _M " O 0 C 1 1 > 7 O 1 11 1 1 W I W I 11 Z - L I ) m LL M I M 11 N 1 1 N I N I M 11 > ' �' » N " » 11 the Minnesota franchise tax. Certain provisions of the Internal Revenue Code of 1986 as > 1 I 11 I 1 I I 11 2 W > C.o I I 11 1 1 I 1 11 oQ-- 1 1 11 1 I 1 I II amended (the "Code"), however, impose continuing requirements that must be met after the S >-Y 1 O V 10 co O oo 1 10 11 "W O"O 1 W 1 M V I I- I 10 II r ~ L. °m° M° ~ " N^~° ' N ' "W ' ° ' ~ " issuance of the Bonds in order for interest thereon to be and remain not includable in federal Z L. I /0 V Il'J N M O N 1 to 11 N W o7"O I 10 1 W N I N I /O 11 6 O IO I L - - - I -11 - ` ^ - 1 - 1 - I 1 -11 Z a m ° M V~ a° v M 11 ~<N W° 1 • E I G 7 ~ M O W I ° 11 W r- 1-O I " 1 M r I V I o II H W O I 0 W to M I M 11 N M 1 " I 1- I I- I M II y U 1 -" the District may cause the interest on the Bonds to be includable in gross income for purposes J I 1 11 I 1 1 I ^ II o a 5 1 .J 111 1 N " 1 1 1 » " of federal income taxation and in taxable net income for purposes of Minnesota income H ' O 7 !- 'A . o E d taxation, retroactive to the date of issuance of the Bonds, irrespective in some cases of the date Lu in to 0 " 41 y on which such noncompliance is ascertained. No provision has been made for redemption of or W m � for an increase in the interest rate on the Bonds in the event that interest on the Bonds z r y a m c m° W m o m becomes includable in federal gross income or Minnesota taxable income. Z M F 0 > N OJ h S a� N O T w N 10 >0 y E L I- of d n m J Lu m > r+' Q n.o O O m LL +J a W W y C raw m�J O l0 in a)co co d E m u a) z - m - - Interest on the Bonds is not an item of tax preference includable in alternative minimum taxable OW z m K C t W OJ Q �r = L 2 W S +` N 0I� O�—7 } 0 2 o y C N m V ° c L 41 > C 4J C > m = m o W ° W income for purposes of the federal alternative minimum tax applicable to all taxpayers or the m O No CO = wV woo N rJ 77 ^ ncmC = E t E°LL o = L _� _ � W c I w Minnesota alternative minimum tax applicable to individuals estates and trusts but is ° o 4110 E UIva Jo o >.L- 9 dm m c� cc c f ) U Z 0 0 11 0 L L C 10 l0 W o L y L >r r r L 0 o V 7 11J Q m > o � m E o 0 - w - m m a a d r > LL includable in adjusted current earnings in determining the alternative minimum taxable income » > I4LL of Erra O - a . LLC W a7 0l aJ W > C'O > O N C C r N aJ J.J d d 0 H W N a V J.J >^>• >.JJ C m L W y L 1- m IA°° _.1 > o W d �, ° +J = 0'a > 0 m J of corporations for purposes of the alternative minimum tax. Interest on the Bonds may be W V Q >.N -aar MrJt.3V man N a E m L y m L N aJ N V N d L >. F a.f C 0 O L O T r V c m o m o 0 O m =.J z o o aJ N N r = = L,.J L 0 0 -- Q L- < o r L o L includable in the income of a foreign corporation for purposes of the branch profits tax imposed /0 C W L L yJ r L.0 4J J r O L 0 0 y .1 41 4) l0 m ='O 4) c 0 C W a = C m r 0 0-o m w c o C > ° C ° by Section 884 of the Code and is includable in the net investment income of foreign insurance tomv man= = macJ �aJ = moo vocm = muXmmal > aJ000 aloaao°°mz cc�l+m W U<~ J J LL companies for purposes of Section 842(b) of the Code. In the case of an insurance company IV-4 - 5 -