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<br /> <br /> <br /> <br />Presale Report <br />City of St. Anthony, Minnesota <br />March 22, 2016 <br />Page 4 <br /> <br />responsibilities will be detailed in the Signature, No-Litigation, Arbitrage <br />Certificate and Purchase Price Receipt prepared by your Bond Attorney and <br />provided at closing. You have retained Ehlers to assist you with compliance <br />with these rules. <br />Risk Factors: Special Assessments: For the 2016A Bonds, we have assumed $31,125 in <br />pre-paid special assessments and have assumed that the remaining assessments <br />are levied as projected. If the City receives a significant amount more of pre- <br />paid assessments or does not levy the assessments, it may need to increase the <br />levy portion of the debt service to make up for lower interest earnings than the <br />expected assessment interest rate. <br />Grant Funds: For the 2016B Bonds, we have assumed that the City will <br />receive the HSIP funds of approximately $693,000 to make the February 1, <br />2017 payment. If these funds are not received in time, the City may need to <br />increase the levy portion of the debt service to make up for the shortfall. <br />Other Service Providers: This debt issuance will require the engagement of other public finance service <br />providers. This section identifies those other service providers, so Ehlers can <br />coordinate their engagement on your behalf. Where you have previously used <br />a particular firm to provide a service, we have assumed that you will continue <br />that relationship. For services you have not previously required, we have <br />identified a service provider. Fees charged by these service providers will be <br />paid from proceeds of the obligation, unless you notify us that you wish to pay <br />them from other sources. Our pre-sale bond sizing includes a good faith <br />estimate of these fees, so their final fees may vary. If you have any questions <br />pertaining to the identified service providers or their role, or if you would like <br />to use a different service provider for any of the listed services please contact <br />us. <br />Bond Attorney: Dorsey & Whitney LLP <br />Paying Agent: Bond Trust Services Corporation <br />Rating Agency: Standard & Poor’s <br /> <br />This presale report summarizes our understanding of the City’s objectives for the structure and terms of this <br />financing as of this date. As additional facts become known or capital markets conditions change, we may need <br />to modify the structure and/or terms of this financing to achieve results consistent with the City’s objectives. <br /> <br />25