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Labor Force Data type of operations conducted by the City, or(b)is required by, or better complies with, the
<br /> December 2001 December 2000 provisions of paragraph (b)(5)of the Rule; (ii) the Disclosure Covenants as so amended or
<br /> Civilian Unemployment Civilian Unemployment supplemented would have complied with the requirements of paragraph (b)(5) of the Rule at the
<br /> Labor Force Rate Labor Force Rate time of the primary offering of the Bonds, giving effect to any change in circumstances
<br /> applicable under clause (i)(a) and assuming that the Rule as in effect and interpreted at the time
<br /> Hennepin County 674,654 3.3% 667,280 2.0% of the amendment or supplement was in effect at the time of the primary offering; and (iii) such
<br /> Ramsey County 288,758 3.2 286,413 2.1 amendment or supplement does not materially impair the interests of the Bondowners under the
<br /> St. Paul MSA 1,768,014 3.4 1,751,629 2.1
<br /> State of Minnesota 2,809,944 3.7 2,773,643 2.8 Rule. If the Disclosure Information is so amended, the City agrees to provide,
<br /> State
<br /> contemporaneously with the effectiveness of such amendment, an explanation of the reasons for
<br /> Source: Minnesota Department of Economic Security. 2001 data are preliminary. the amendment and the effect,if any, of the change in the type of financial information
<br />or
<br /> operating data being provided hereunder.
<br /> Summary of City Building Permits The Disclosure Covenants are to be construed so as to satisfy the requirements of
<br /> New paragraph (b)(5) of the Rule.
<br /> Total Permits Commercial/Industrial Single Family
<br /> Year Number Value Number Value Number Value Default; Remedies
<br /> 2001 313 $ 6,000,195 29 $3,336,270 0 -0- If the City fails to comply with any of the Disclosure Covenants, any person aggrieved
<br /> 2000 314 4,396,650 32 1,319,550 6 $1,036,000 thereby, including the Owners of any Outstanding Bonds, may take whatever action at law or in
<br /> 1999 414 4,475,575 19 1,658,825 0 -0- equity may appear necessary or appropriate to enforce performance and observance of any such
<br /> 1998 256 5,761,050 28 4,589,250 8 1,171,800 covenant. Direct, indirect, consequential and punitive damages shall not be recoverable, -
<br /> 1997 302 9,953,478 57 6,453,578 0
<br /> 1996 226 10,496,600 45 8,542,400' 6 900,000 however, for any default thereunder to the extent permitted by law. In no event shall a default
<br /> 1995 205 2,764,940 56 1,745,140 2 1,099,800 under the Disclosure Covenants constitute a default under the Bonds or under any other provision
<br /> 1994 222 1,635,000 31 539,500 2 1,046,500 of the Bond Resolutions.
<br /> 1993 258 2,365,280 47 1,388,480 1 976,800
<br /> 1992 229 2,445,015 10 878,400 8 190,000
<br /> Commercial development figures include several large building permits: $411,500 for Apache
<br /> Commons, $432,100 for an Unocal station, and$3,019,800 Cub Foods at Apache Plaza. In addition,
<br /> permits in the amount of$1,043,500 were issued for remodeling and repairing the middle/high school
<br /> and the middle/high school library. The City was issued a permit in the amount of$3,000,000 for -
<br /> building the new city hall/community center complex.
<br /> The City continues to progressively move ahead with the redevelopment of Apache Plaza, a
<br /> 1960s shopping center that has been under study and preliminary redevelopment for several
<br /> years. Recently, Pratt/Ordway Properties was selected as the developer. The preliminary
<br /> redevelopment plan includes possible townhomes, villas, multi-family housing, retail space and
<br /> a Main Street Village atmosphere.
<br /> Education
<br /> Independent School District 282 ("ISD 282") is headquartered in the City. The City constitutes
<br /> 82.5% of ISD 282's valuation. ISD 282 has a 2001/02 enrollment of approximately 1,510 in
<br /> kindergarten through grade 12 and employs a total staff of approximately 248, of whom 121 are
<br /> teachers and administrators.
<br /> Parochial education is available at St. Charles Borromeo School, which has approximately 380
<br /> students in kindergarten through grade eight.
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