2004-04-28 WS & CC Meeting - Laserfiche WebLink

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OFFICIAL STATEMENT , , No Final Official Statement will be prepared. The Issuer will provide the successful Underwriter with an addendum that together with this Preliminary Official Statement will be deemed the Final Official Statement by the Issuer. FUTURE FINANCING The City does not anticipate the need to finance any capital improvements with the issuance of general obligation Bonds within the next two months. BOND RATING The City was assigned a rating of"A2" by Moody's Investors Service. LITIGATION As of April 27, 2004, the City Attorney, James D. Hoeft, Barna, Guzy & Steffen, Ltd., indicated that there is no pending or threatened litigation which would otherwise jeopardize the creditworthiness of the City. CERTIFICATION The City will furnish a statement to the effect that this Official Statement to the best of their knowledge and belief, as of the date of sale and the date of delivery, is true and correct in all material respects, and does not contain any untrue statements of a material fact or omit to state a material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. LEGALITY Legal matters incident to the authorization and issuance of the Bonds are subject to the approving opinion of Bond Counsel, as to validity and tax exemption. A copy of such opinion will be available at the time of the delivery of the Bonds. See Appendix A - Legal Opinion. Bond Counsel has not participated in the preparation of the Official Statement and is not passing upon its accuracy, completeness or sufficiency. Bond Counsel has not examined, nor attempted to examine, or verifY, any of the financial or statistical statements or data contained in this Official Statement, and will express no opinion with respect thereto. FINANCIAL ADVISOR The Issuer has retained Northland Securities, Inc. as financial advisor (the "Financial Advisor") in connection with the issuance of the Bonds. In preparing the Official Statement, the Financial Advisor has relied upon governmental officials, and other sources that have access to relevant data to provide accurate information for the Official Statement, and the Financial Advisor has not been engaged, nor has it undertaken, to independently verifY the accuracy of such information. The Financial Advisor is not a public accounting firm and has not been engaged by the Issuer to compile, review, examine or audit any information in the Official Statement in accordance with accounting standards. Pursuant to Rule G-23 of the Municipal Securities Rulemaking Board, the Issuer reserves the right to invite the Financial Advisor to participate in the underwriting of the Bonds. If any entity or company associated with the Financial Advisor submits a competitive bid, it shall fax said bid to the Issuer (Fax No. 651-429-8629) at least fifteen (15) minutes prior to the deadline otherwise established for the receipt of such a bid. -11-