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<br />I <br />I. . New regulations of the Securities and Exchange Commission on the continuing <br />I disclosure of municipal securities apply to long-term securities with an aggregate <br /> principal amount of $1,000,000 or more. <br />I Because the aggregate amount of this issue is over $1,000,000 but the City has <br /> less than $10,000,000 in total municipal obligations outstanding, you will be <br />I required to comply with Limited Continuing Disclosure requirements of paragraph <br /> (b)(5) of Rule 15c2-12 promulgated by the Securities and Exchange Commission <br />. under the Securities Exchange Act of 1934. You will be obligated to provide <br /> certain financial information and operating data relating to the City upon request <br /> and to provide notices of the occurrence of certain material events. The specific <br />1 nature of the Undertaking, as well as the information to be contained in the <br /> notices of material events will be detailed in the Undertaking you will enter into <br /> at the closing for this issue. <br />I You are responsible for reporting any of the material events listed below <br />I and in the Undertaking. <br /> 1. Principal and interest payment delinquencies; <br />I- 2. Non-payment related defaults; <br /> 3. Unscheduled draws on debt service reserves reflecting financial <br /> difficulties; <br />I 4. Unscheduled draws on credit enhancements reflecting financial <br /> difficulties; <br /> 5. Substitution of credit of liquidity providers, or their failure to perform; <br />I 6. Adverse tax opinions or events affecting the tax-exempt status of the <br /> securities; <br /> 7. Modification to rights of holders of the Securities; <br />I 8. Securities calls; <br /> 9. Defeasances; <br /> 10. Release, substitution or sale of property securing repayment of the <br />I Securities; <br /> 11. Rating changes; <br /> 12. Failure to provide annual financial information as required; and <br />I 13. Other material events. <br />I MARKET CONDITIONS <br />I The graph on the following page shows the trends in the Bond Buyer's 20-Year <br /> G.O. Index: (BBI) since 1990. While interest rates have risen from historic lows <br />.- in 1993, current rates still mirror conditions found several years ago. <br />1 Page 4 <br />