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OFFICIAL STATEMENT $1,770;000* CITY OF ST. ANTHONY, MINNESOTA GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS, SERIES 1996A (BOOK ENTRY ONLY) INTRODUCTORY STATEMENT This Official Statement contains certain information relating to the City of St. Anthony, Minnesota (the "City"), and its issuance of $1,770,000 General Obligation Taxable Tax Increment Bonds, Series 1996A (the "Bonds" or the "Issue"). The Bonds are general obligations of the City for which the City pledges its full faith and credit and power to levy direct general ad valorem taxes without limit as to rate or amount. Inquiries may be directed to Mr. Roger Larson, Finance Director, City of St. Anthony, 3301 Silver Lake Road, St. Anthony, Minnesota 55418 or by telephoning (612) 789-8881. Inquiries may also be made to Springsted Incorporated, 85 East Seventh Place, Suite 100, St. Paul, Minnesota 55101-2143, or by telephoning (612) 223-3000. If information of a specific legal matter is desired, requests may be directed to Mr. Jerome Gilligan, Dorsey & Whitney LLP, Bond Counsel, 2200 First Bank Place East, Minneapolis, Minnesota 55402, or by telephoning • (612) 340-2600. CONTINUING DISCLOSURE In order to permit bidders for the Bonds and other participating underwriters in the primary offering of the Bonds to comply with paragraph (b)(5) of Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the 'Rule"), the City will covenant and agree, for the benefit of the registered holders or beneficial owners from time to time of the outstanding Bonds, in the Bond Resolution, to provide annual reports of specified information and notice of the occurrence of certain events, if material, as hereinafter described (the "Disclosure Covenants"). The information to be provided on an annual basis, the events as to which notice is to be given, if material, and a summary of other provisions of the Disclosure Covenants, including termination, amendment and remedies, are set forth in Appendix II to this Official Statement. Breach of the Disclosure Covenants will not constitute a default or an "Event of Default" under the Bonds or the Resolution. A broker or dealer is to consider a known breach of the Disclosure Covenants, however, before recommending the purchase or sale of the Bonds in the secondary market. Thus, a failure on the part of the City to observe the Disclosure Covenants may adversely affect the transferability and liquidity of the Bonds and their market price. The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total amount not to exceed$70,000 and will be made in multiples of$5,000 in any of the maturities. In the event the principal amount of the Bonds is increased or reduced, any premium offered or any discount taken by the successful bidder will be increased or reduced by a percentage equal to the percentage by which the principal amount of the Bonds is increased or reduced. _ - 1 -