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<br />NORTHLAND' SEe U RI TI ES <br /> <br />45 South 1'Street <br />Suite 2500 <br />Minneapolis, MN 55402 <br /> <br />(800) 851-2920 <br />(612) 851-5906 <br />Fax (612) 851-5917 <br /> <br />E X T ERN A L <br /> <br />MEMORANDUM <br /> <br />DATE: May 18, 2004 <br /> <br />TO: The Honorable Terry Sweeney and Members of the City COImcil <br />Ms. Kim Moore-Sykes, Administrator <br />Ms. Ellen Paulsetb, Finance Director <br />City of Centerville <br /> <br />FROM: George Eilertson, Senior Vice President I Partner (,~ <br />Northland Securities '1 ,-- <br /> <br />RE: Moody's Rating Report - Centerville Assigned an "A2" rating <br /> <br />Congratulations on receiving such a favorable bond rating! Attached with this memo is the <br />Moody's rating report. The highlights of their review of Centerville are as follows: <br /> <br />. Favorable location in the Twin Cities area, <br />. Strong financial position, and <br />. Low debt burden. <br /> <br />According to Moody's, "A" ra'led municipalities present above-average creditworthiness relative <br />to other municipalities. Moody's assigns numerical modifiers I, 2, and 3 to each rating category. <br />The modifier I indicates that the issuer ranks in the higher end of its category; the modifier 2 <br />indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of the <br />rating category. <br /> <br />As of the date of this memo, Centerville's neighboring cities bave the following bond ratings: <br /> <br />. Hugo - "A3" <br />. Lino Lakes - "A2" <br />. Circle Pines - "A3" <br /> <br />Do not hesitate to call me at (612) 851-5906 with any questions. ThankyOu. <br />