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NO CONTINUING DISCLOSURE <br /> The Securities and Exchange Conunission (the "SEC ") has promulgated certain amendments to Rule <br /> 15c2 -12 under the Securities Exchange Act of 1934 (17 C.F.R. §240.15c2 -12) (the "Rule ") that make <br /> it unlawful for an underwriter to participate in the primary offering of municipal securities in a princi- <br /> pal amount of $1,000,000 or more unless, before submitting a bid or entering into a purchase contract <br /> for the Bonds, it has reasonably determined that the issuer or an obligated person has undertaken in <br /> writing for the benefit of the bondholders to provide certain disclosure information to prescribed in- <br /> formation repositories on a continuing basis or unless and to the extent the offering is exempt from the <br /> requirements of the Rule. The principal amount of the Bonds is less than $1,000,000. The City hereby <br /> represents that it has not issued before the date of issuance of the Bonds, and that it reasonably expects <br /> that it will not issue after the date of issuance of the Bonds, other Bonds of the City of substantially the <br /> • <br /> same security and providing financing for the same general purpose or purposes as the Bonds. <br /> Consequently, this Board hereby finds that the Rule is inapplicable to the Bonds, because the aggregate <br /> principal amount of the Bonds and any other bond issue to be integrated with the Bonds thereunder is <br /> less than $1,000,000. Therefore, the City will not enter into any undertaking to provide continuing dis- <br /> closure of any kind with respect to the Bonds. <br /> ESTIMATED SOURCE AND APPLICATION OF FUNDS <br /> $650,000 General Obligation Improvement Bonds of 2000 <br /> I. Source of Funds <br /> w <br /> General Obligation Improvement Bonds of 2000 $650.000 <br /> II. Application of Funds <br /> Estimated Costs to be Financed: <br /> Estimated Project Costs $502,780 <br /> Contingency & Engineering 120,667 <br /> Total Estimated Costs to be Financed $623,447 <br /> Add Estimated Issuance Costs: <br /> [Bond counsel, fiscal services, and <br /> paying agent/registrar (first year fee)] $ 9,725 <br /> Capitalized Interest (3 Months) 7,754 <br /> Underwriter's Discount (1.500% of par) 9,750 <br /> Total Estimated Issuance Costs 27,229 <br /> Subtotal $650,676 <br /> Less: Estimated Construction Period Interest ( 173) <br /> Estimated Contribution from City ( 503) <br /> Par Amount of Bond Issue $650,000 <br /> 12 <br />