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(D) any change in the accounting principles pursuant to which the GOVERNMENTAL ORGANIZATION AND SERVICES financial statements constituting a portion of the Disclosure Information [or the audited financial statements, if any, furnished pursuant to the Disclosure The City has been a municipal corporation since 1946 and is a statutory City operating under Covenants] are prepared; and the council-manager plan. The City Council is comprised of the Mayor and four Council members, all elected at large. The current Council members are: (E) any change in the fiscal year of the City. Expiration of Term Manner of Disclosure ' Randy Hodson Mayor December 31, 2003 The City agrees to deliver the information described under"Information To Be Jerome Faust Member December 31, 2003 Richard Horst Member December 31, 2003 Disclosed"above to the following entities by telecopy, overnight delivery, mail or other means, ` Amy Sparks Member December 31, 2003 as appropriate: Brian Thuesen Member December 31, 2005 (1) the information described under"Annual Information" above,to each then nationally The City Manager, Mr. Michael Mornson, is responsible for the daily administration and recognized municipal securities information repository under the Rule and to any state operating function of the City and implementation of Council directives. The Finance Director, information depository then designated or operated by the State of Minnesota as contemplated by Mr. Roger Larson, Sr., is responsible for maintaining the records and accounts of the City's the Rule (the "State Depository"), if any; operations. The City has a total of 57 full-time employees. The City Clerk is Connie Kroeplin. (2) the information described under"Certain Material Events" and "Certain Other City Services Information" above, to the Municipal Securities Rulemalung Board and to the State Depository, if any; and Protective services are provided by the City through 18 police officers, 7 full-time firefighters, and 23 volunteer firefighters. The City also provides police services to the cities of Lauderdale (3) the information described under"Information To Be Disclosed"to any rating agency and Falcon Heights through contract agreement. then maintaining a rating of the Bonds and, at the expense of such Bondholder, to any St. Anthony's water system is supplied by three wells and has two storage facilities with total Bondholder who requests in writing such information, at the time of transmission under clauses capacity of 2,250,000 gallons. (1)or(2) above, as the case may be, or,if such information is transmitted with a subsequent time of release, at the time such information is to be released. Interceptor sewer lines and wastewater treatment plants in the seven-county metropolitan area, of which the City is a part, are under the jurisdiction of the Metropolitan Council Environmental Terns Services ("MCES"). MCES finances its operations through user charges based on usage. The City is responsible for the construction and maintenance of sewer laterals. The Disclosure Covenants shall remain in effect until all Bonds have been paid or The City owns and operates two municipal liquor stores: one with on- and off-sale and one off- defeased under the Bond Resolutions. Notwithstanding the preceding sentence, however, the sale warehouse. The Liquor Fund transfers $100,000 to the General Fund annually. Disclosure Covenants shall terminate and be without further effect as of any date on which the City delivers to the Registrar an opinion of Bond Counsel to the effect that,because of legislative action or final judicial or administrative actions or proceedings, the failure of the City to comply with the Disclosure Covenants will not cause participating underwriters in the primary offering of the Bonds to be in violation of the Rule or other applicable requirements of the Securities Exchange Act of 1934, as amended, or any statutes or laws successory thereto or amendatory thereof. Amendments; Interpretation The Disclosure Covenants (and the form and requirements of the Disclosure Information) may be amended or supplemented by the City from time to time, without notice to or the consent of the Owners of any Bonds,by a resolution of the governing body of the City filed with the Registrar accompanied by an opinion of Bond Counsel, who may rely on certificates of the City and others and the opinion may be subject to customary qualifications, to the effect that: (i) such amendment or supplement(a) is made in connection with a change in circumstances that arises from a change in law or regulation or a change in the identity, nature or status of the City or the II-4 - 17 -