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n the opinion ofDotsey &. W4ltneyL1p, Bond Co nsel, based on present federal and Minnesota laws, reruZntions, ndings mid decisima, and asszaning conplire¢e xith ceil44
<br />ovenants, interest to be paid of the Bonds is excluded fzon gross inco neforfedeial ancone lax proposes and from taxable net income ofindivishmis, estates, and tusejo'
<br />fironesola income tae purposes, and is not an item of fax prefe, ence fo'fethoal oMinnesota al[ernative an ininnen tax purposes. Such interest is includedin taxable income
<br />n proposes of the Afinnesola franchise lax on corporations mut fzemrefal institutions and in adjusted ao'rent ea, abigs of copo'atons for federal alternative mfnimum tax
<br />reposes. See "Lar Exemption nnrl Rela[er11'ax Couirlerntions"herein.
<br />he City uvill designate the Bonds as "qualified lax-avenrpl obligations"fo'pnoposes ofSection 265(b)(3) ofthe batonal Revenue Code of 2986, as amended, relating to the
<br />bility offnnanoial institutions to deduct fn'one.incone fo'federal income lar purposes, interest expense that is allocable to carrying and acquiring tax-exempt obligations.
<br />Jew Issue Rating Application Made: Moody's Investors Service
<br />PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 24, 2005
<br />CITY OF ST. ANTHONY, MINNESOTA
<br />$1,695,000* GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2005A
<br />PROPOSAL OPENING: March 8, 2005, 11:00 A.M., C. f.
<br />CONSIDERATION: March 8, zoos, 7:00 P.M., C.T.
<br />'URPOSE!AUTHORITY/SECURITY`,'S'he $1,695,000 General Obligation:hnprovernent Bonds, Series 2005A (the "Bonds")
<br />re being issued pursuant to Minnesota Statutes, Chapters 429 and 475, by the City of St. Anthony, Minnesota (the "City") for
<br />re purpose of financing various public improvements within the City. The Bonds will be general obligations of the City for
<br />ihich its full faith, credit and taxing powers are pledged. Delivery is subject to receipt of an approving legal opinion of Dorsey
<br />i Whitney 11T, Minneapolis, Minnesota.
<br />LATE OF BONDS:
<br />April 1, 2005
<br />IATURITY:
<br />February 1 as follows:
<br />Year A_ mount"' ),car Amount": Year Amount*
<br />2007 $90,000 2012 $100,000 2017 $125,000
<br />2008 90,000 2013 105,000 2018 130,000
<br />2009 95,000 2014 110,000 2019 135,000
<br />2010 95,000 2015 115,000 2020 140,000
<br />2011 100,000 2016 120,000 2021 145,000
<br />1ATURITY ADJUSTMENTS:
<br />*The City reserves the right to increase or decrease the principal amount of the Bonds on the
<br />day of sale, in increments of $5,000 each. Tricreases or decreases may be made in any
<br />maturity. Tf any principal amounts are adjusted, the purchase price proposed will be adjusted
<br />to maintain the same gross spread per $1,000.
<br />'ERM BONDS:
<br />See "Term Bond Option" herein.
<br />VTEREST:
<br />February 1, 2006 and semiannually thereafter.
<br />1PTIONAL REDEMPTION:
<br />Bonds maturing February 1, 2013 and thereafter are subject to call for prior redemption on
<br />February 1, 2012 and any date thereafter, at par.
<br />IINIMUM PROPOSAL:
<br />$1,674,660.
<br />;OOD FAITH DEPOSIT:
<br />$33,900.
<br />'HYING AGENT:
<br />Wells Fargo Bank, N.A., Minneapolis, Minnesota.
<br />!OOK-ENTRY-ONLY:
<br />See "Book -Entry -Only System" herein.
<br />'his Preliminary Official Statement will be further supplemented by an addendum specifying the offering prices, interest rates,
<br />ggregate principal amount, principal amount per maturity, anticipated delivery date, and Syndicate Manager and Syndicate
<br />lembers, togetherwith any other information required by law, and, as supplemented, shall constitute a "Final Official Statement"
<br />f the City with respect to the Bonds, as defined in S.E.C. Rule 15c2-12.
<br />E H L E R 651 3060 Centre Pointe Ur 5Roseville, 55113
<br />A"L.697.8500 fax 651.697.8555 5 we✓w.ehlers-inc.com
<br />& ASSOCIATES I NO Offices la Roseville. MN Brookfield. WI and Lisle. IL
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