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'want Moody <br /> • <br /> financing strategy. We strongly believe that effective arbitrage rebate <br /> compliance begins before a bond issue closes, not five years Inter when a <br /> rebate payment is required. To this end, all possibilities for maximizing <br /> retainable earnings on the investment of bond proceeds are explored prior <br /> to the closing of a bond issue. These possibilities include, but are not <br /> limited to, structuring the investments of bond proceeds to best ensure <br /> compliance with one of the various spending exceptions to the rebate <br /> requirement, properly matching liabilities and assets, and taking <br /> advantages of various elective options available under applicable tax law. <br /> Too often an issuer's focus is on "not owing a rebate payment" when, in <br /> fact, the focus should be on maximizing earnings on bond proceeds within <br /> permitted invesuueient restrictions and the investment policies of the issuer. <br /> Once an arbitrage compliance strategy has been determined, Juran & <br /> Moody proactively works with the City to make certain that necessary <br /> adjustments are made to the strategy in order to accommodate the ever <br /> changing circumstances surrounding project financings. Factors such as <br /> significant changes in short -term interest rates, project delays, changes in <br /> tax law, and new arbitrage - minimization techniques are periodically <br /> evaluated to determine whether changes to the strategy is advisable. <br /> Continuing Disclosure <br /> Juran & Moody will assist the City with the reporting requirements for <br /> any bond issues subject to the Continuing Disclosure provision of the <br /> Securities Exchange Commission Rule 15c2 -12, which became effective <br /> July 30, 1995. In 1999, Juran & Moody assisted 46 cities meet the <br /> Continuing Disclosure requirements on a total of 104 bond issues. <br /> The Rule requires that bond issues that exceed $1,000,000 and/or meet <br /> certain requirements be subject to annual reporting for the life of the issue. <br /> The information which Juran & Moody reports on includes economic and <br /> financial information; debt and debt statistics; and an analysis of current <br /> and past city audited financial statements. The report is submitted to the <br /> required national Repositories, as required by the SEC Rule. <br /> H <br /> tl <br /> 4 <br /> • <br /> City of Centerville, Minnesota - 12 - <br />