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APPENDIX I
<br /> Annual Information PROPOSED FORM OF LEGAL OPINION
<br /> As soon as available,but not later than 365 days after the end of each fiscal year of the
<br /> City, commencing with the fiscal year ending December 31, 2001, the following financial
<br /> information and operating data(the"Disclosure Information"): D O R S E Y & WHITNEY L L P
<br /> (A) The audited financial statements of the City for such fiscal year,
<br /> MINNEAPOLIS
<br /> accompanied by the audit report and opinion of the accountant or government U IRK SUITE 1500 COSTA MESA
<br /> 1 NGW YKIC 7U SOUTH $U{TH STIi EC-T nu.l INU.
<br /> auditor relating thereto, as permitted or required by the laws of the State of SEATTLE FARGO
<br /> MINNEAPOLIS, MINNESOTA 554U_ 1496
<br /> .
<br /> Minnesota, hich financial statements shall contain balance sheets as of the DENVER 340.2600 ""NG KONG
<br /> a, TELEPHONE: (G1_)
<br /> WA.HI N(:TON,D.C. (:BEAT FALLS
<br /> end of such fiscal year and a statement of operations,changes in fund balances NORTFI P.ICN V1R<:INIA
<br /> FAX: (612) :340.2868 ROCIIE.STIiR
<br /> and cash flows for the fiscal year then ended, showing in comparative form UL.MU3N L. www.[1Dr.rylaw.coin .,.(,K YO
<br /> such figures for the preceding fiscal year of the City, prepared in accordance
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<br /> with generally accepted accounting principles promulgated by the Financial .ALT LAKE CITY %HANG;TC'
<br /> Accounting Standards Board as modified in accordance with the governmental BRUSSELS SHANGHAI
<br /> accounting standards promulgated by the Governmental Accounting Standards
<br /> Board or as otherwise provided under Minnesota law, as in effect from time to City of St. Anthony
<br /> time,or,if and to the extent such financial statements have not been prepared St. Anthony,Minnesota
<br /> in accordance with such generally accepted accounting principles for reasons
<br /> beyond the reasonable control of the City, noting the discrepancies therefrom
<br /> and the effect thereof, and certified as to accuracy and completeness in all
<br /> material respects by the fiscal officer of the City; and
<br /> (B) To the extent not included in the financial statements referred to in Re: $1,500,000 General Obligation Improvement Bonds, Series 2002A
<br /> paragraph(A)hereof, information of the type set forth below, which City of St. Anthony, Hennepin and Ramsey Counties,Minnesota
<br /> information may be unaudited,but is to be certified as to accuracy and Ladies and Gentlemen:
<br /> completeness in all material respects by the City's financial officer to the best
<br /> of his or her knowledge, which certification may be based on the reliability of As Bond Counsel in connection with the authorization, issuance and sale by the City of
<br /> information obtained from governmental or other third party sources: St. Anthony,Hennepin and Ramsey Counties, Minnesota(the "City"), of its General Obligation
<br /> City Property Values; City Tax Capacity Rates; and City Tax Improvement Bonds, Series 2002A dated, as originally issued, as of March 1, 2001, in the total
<br /> Levies and Collections principal amount of$1,500,000 (the 'Bonds"), we have examined certified copies of certain
<br /> proceedings taken, and certain affidavits and certificates furnished,by the City in the
<br /> Notwithstanding the foregoing paragraph, if the audited financial statements are not authorization, sale and issuance of the Bonds, including the form of the Bonds. As to questions
<br /> available by the date specified,the City shall provide on or before such date unaudited financial of fact material to our opinion we have assumed the authenticity of and
<br />relied upon the
<br /> statements in the format required for the audited financial statements as part of the Disclosure proceedings, affidavits and certificates furnished to us without undertaking
<br />to verify the same by
<br /> Information and,within 10 days after the receipt thereof,the City shall provide the audited independent investigation. From our examination of such proceedings, affidavits
<br />and
<br /> financial statements. certificates, and based upon laws, regulations,rulings and decisions in effect on the date hereof,
<br /> it is our opinion that:
<br /> f
<br /> Any or all of the Disclosure Information may be incorporated, if it is updated as required 1. The Bonds are valid and binding general obligations of the City enforceable
<br />in
<br /> by the Disclosure Covenants,by reference from other documents, including official statements. accordance with their terms.
<br /> If the document incorporated by reference is a final official statement, it must be available from 2. The principal of and interest on the Bonds are payable from
<br />special assessments
<br /> the Municipal Securities Rulemaking Board (the"MSRB"). which the City has levied or agreed to levy on the property specially benefited by the
<br /> If any part of the Disclosure Information can no longer be generated because the improvements financed by the issuance of the Bonds and ad valorem taxes levied on all
<br />taxable
<br /> operations of the City have materially changed or been discontinued, such Disclosure property in the City, and, to any extent not so paid, from additional ad valorem taxes
<br />required by
<br /> Information need no longer be provided if the City includes in the Disclosure Information a law to be levied on all taxable property in the City without limitation of rate
<br />or amount.
<br /> II-2 I-1
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