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Arbitrage Monitoring: <br />Other Service Providers <br />Because the Certificates are tax-exempt securities/tax credit securities, the City <br />must ensure compliance with certain Internal Revenue Service (IRS) rules <br />throughout the life of the issue. These rules apply to all gross proceeds of the <br />issue, including initial bond proceeds and investment earnings in construction, <br />escrow, debt service, and any reserve funds. How issuers spend bond <br />proceeds and how they track interest earnings on funds (arbitrage/yield <br />restriction compliance) are common subjects of IRS inquiries. Your specific <br />responsibilities will be detailed in the Nonrbitrage Certificate prepared by your <br />Bond Attorney and provided at closing. We recommend that you regularly <br />monitor compliance with these rules and/or retain the services of a qualified <br />firm to assist you. <br />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: Briggs and Morgan, Professional Association <br />Paying Agent: Bond Trust Services Corporation <br />Rating Agency: Standard and Poor's <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 />Presale Report October 14, 2014 <br />City of Ramsey, Minnesota Page 3 <br />