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Issue Date: <br />Issue Type: <br />Amount Outstanding: <br />Maturity Range: <br />Call Date: <br /> <br />BONDS REFUNDED BY THIS ISSUE <br /> <br />10/1/81 <br />General Obligation Improvement Bonds <br />$700,000 <br />1985 - 1992 <br />April 1, 1988 <br /> <br />VERIFICATION <br /> <br />A certified public accounting firm, to be selected by the City, will <br />verify the adequacy of the cash and securities placed in escrow to <br />retire the outstanding bonds as indicated above and will perform <br />various yield calculations required under Section 103(C) of the <br />Internal Revenue Code of 1954, as amended, upon which bond counsel will <br />rely in their determination that the bonds are not "arbitrage bonds." <br /> <br />FINANCIAL ADVISOR <br /> <br />Evensen Dodge, Inc. has acted as financial advisor to the City in <br />connection with the issuance of the Refunding Bonds, provided technical <br />assistance in structuring the Refunding Bonds and escrow account and <br />performed mathematical computations to determine the amount necessary <br />to be deposited in the escrow account to defease the 1981 Bonds. <br />Evensen Dodge, Inc. has assisted the City in the preparation of this <br />Official Statement based on information supplied by sources which by <br />reason of experience and reputation, Evensen Dodge believes to be <br />reliable. . <br /> <br />TAX EXEMPTION <br /> <br />In the opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a <br />professional association of Minneapolis, Minnesota, interest on the <br />Refunding Bonds is exempt from present Federal. income taxes and the <br />bonds are not "arbitrage bonds" within the meaning of Section 103(C) of <br />the Internal Revenue Code of 1954, as amended. <br /> <br />MN220.85a/24 <br /> <br />2 <br /> <br /> <br />