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Consent # r'~ <br /> <br />DISSEMINATION AGENT AGREEMENT FOR <br />CONTINUING DISCLOSURE REPORTING <br /> By: Diana Lurid, Finance Officer <br /> <br />Background: <br /> <br />Since about 1995, virtually all new bond issues of a City ora $1,000,0©0 or more (and a <br />few issues of under $1,000,000) are subject to an annual reporting ruling of the Securities <br />and Exchange Commission known as Rule 15c2-12(b)(5). The Rule requires that an <br />Annual Report be prepared and filed by the Issuer (or designated agent) with a National <br />Repository. The purpose of the report is to have information about the Issuer on file at <br />centralized locations available for review by investors. <br /> <br />For the City of Ramsey, the firm of Juran and Moody has been performing this annual <br />reporting. In September 0£2002, members of Juran and Moody formed their own <br />company called Northland Securities. <br /> <br />In order for Northland Securities to continue to prepare the City's Annual Report, <br />Northland needs City Council to approve the enclosed Dissemination Agent Agreement. <br />This agreement states the requirements of the yearly reporting. A listing of the City's <br />outstanding bonds that are required to be reported is also attached. <br /> <br />Council Action: <br /> <br />Approve the enclosed Dissemination Agent Agreement between the City of Ramsey and <br />Northland Securities. <br /> <br />-65- <br /> <br /> <br />