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August 19, 2010 <br />Mr. Roger Larson <br />Finance Director <br />City of St. Anthony <br />3301 Silver Lake Road <br />St. Anthony, MN 55418-1603 <br />Re: $1,695,000 <br />General Obligation Improvement Bonds, Series 2005A <br />City of St. Anthony, Minnesota <br />Dear Mr. Larson: <br />Enclosed are two copies of our arbitrage report for the above -referenced issue ("Bonds") for the <br />period starting April 6, 2005 and ending on April 6, 2010 ("Computation Period"). <br />The tax regulations require that any arbitrage amount as of each fifth year anniversary date of the <br />Bonds, or the date in which the Bonds are no longer outstanding, whichever comes sooner, must <br />be remitted back to the IRS no later than 60 days from said date. The enclosed report indicates <br />that there is no rebate or yield restriction liability associated with the Bonds during the <br />Computation Period and no IRS Tax Form 8038-T filing is required at this time. <br />The next tax deadline for the Bonds is April 6, 2015, or the date in which the total remaining <br />principal of the Bonds is redeemed (the first available call date for the Bonds is February 1, 2012 <br />at par), whichever date is sooner. We will contact you a week or so prior to the applicable date to <br />request the data needed to prepare the appropriate report.. <br />We appreciate the opportunity to provide Arbitrage Monitoring Services to the City of St. <br />Anthony, Minnesota and look forward to working with you in the future. If you have any <br />questions, please call me at 651-697-8567. <br />Sincerely, <br />EHLERS & ASSOCIATES, INC. <br />Gail Roberts n, Arbitrage Specialist <br />Enclosures: Invoice <br />Arbitrage Reports <br />\1\1vv 1,eNerrs-ff ic,(Y)ITI <br />EHLERS_ 651-697-8500 3060 Centre Pointe Drive <br />LEADERS IN PUBLIC FINANCE Offices also in Wisconsin and Illinois 651-697-8555 Roseville, MIS 55113-1122 <br />