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Presale Report <br />City of Ramsey, Minnesota <br />Debt Issuance Services <br />February 28 <br />Page 3 <br />by rules of the Securities and Exchange Commission (SEC). The <br />City is already obligated to provide such reports for its existing <br />bonds, and has contracted with Northland Securities to prepare and <br />file the reports. <br />Arbitrage Monitoring: <br />The Bonds are taxable obligations and are therefore not subject to <br />IRS arbitrage and yield restriction requirements. <br />Presale Report <br />City of Ramsey, Minnesota <br />Debt Issuance Services <br />February 28 <br />Page 3 <br />