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APPENDIX I <br /> PROPOSED FORM OF LEGAL OPINION <br /> DORSEY & WHITNEY LLP <br /> MINNEAPOLIS PILLSBURY CENTER SOUTH NEW YORK <br /> WASHINGTON,D.C. 220 SOUTH SIXTH STREET DENVER <br /> LONDON MINNEAPOLIS, MINNESOTA 55402-1498 <br /> SEATTLE <br /> BRUSSELS TELEPHONE: (612) 340-2600 <br /> FARGO <br /> HONG KONG FAX: (612) 340-2868 <br /> DES MOINES BILLINGS <br /> ROCHESTER MISSOULA <br /> COSTA MESA <br /> GREAT FALLS <br /> City of St. Anthony <br /> St. Anthony, Minnesota <br /> Re: $1,770,000 General Obligation Taxable Tax <br /> Increment Bonds, Series 1996A <br /> City of St. Anthony, Hennepin and Ramsey <br /> Counties, Minnesota <br /> Ladies and Gentlemen: <br /> As Bond Counsel in connection with the authorization, issuance and <br /> sale by the City of St. Anthony, Hennepin and Ramsey Counties, Minnesota (the <br /> "City"), of its General Obligation Taxable Tax Increment Bonds, Series 1996A dated, <br /> as originally issued, as of July 1, 1996, in the total principal amount of $1,770,000 (the <br /> "Bonds"), we have examined certified copies of certain proceedings taken, and <br /> certain affidavits and certificates furnished, by the City in the authorization, sale and <br /> issuance of the Bonds, including the form of the Bonds. As to questions of fact <br /> material to our opinion we have assumed the authenticity of and relied upon the <br /> proceedings, affidavits and certificates furnished to us without undertaking to verify <br /> the same by independent investigation. From our examination of such proceedings, <br /> affidavits and certificates, and based upon laws, regulations, rulings and decisions in <br /> effect on the date hereof, it is our opinion that: <br /> 1. The Bonds are valid and binding general obligations of the City <br /> g g g <br /> enforceable in accordance with their terms. <br /> 2. The principal of and interest on the Bonds are payable primarily <br /> from tax increment revenues generated from the captured net tax capacity of taxable <br /> • property within tax increment financing districts in the City, the collections of <br /> which the governing body of the City has estimated will produce amounts at least <br /> five percent in excess of the amounts needed to meet, when due, the principal and <br /> interest payments on the Bonds; but, if necessary for the payment of such principal <br /> I-1 <br />