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Audited Financial Statements annually as well as providing notices of the <br />occurrence of certain:. reportable events to the Municipal Securities <br />Rulemaking Board (the "MSRB"). <br />The City will now be obligated to provide. such %reports, and may: do this on <br />their own or contract with Ehlers to prepare and file the reports. <br />Arbitrage Monitoring: <br />Because the Bonds are tax-exempt securities/tax credit securities, the City <br />must ensure. compliance with certain Internal Revenue. Service .(IRS) rules <br />throughout the life.of the.issue. These rules apply to all gross ,proceeds of the <br />issue, including initial bond.proceeds and investment earnings in construction, <br />escrow, debt service, and any reserve :funds, How issuers spend bond <br />proceeds and. how :they track 'interest earnings on :funds :(arbitragelyield <br />restriction compliance).are common subjects of IRS 'inquiries. Your .specific <br />responsibilities will be detailed in the Tax Certificate prepared by your Bond <br />Attorney and provided at closing. <br />We recommend that you.. regularly monitor compliance with these rules and/or <br />retain the services. of a qualified firm. to assist. you. <br />Risk Factors,: <br />Special Assessments: We have not assumed:any pre -paid. special assessments <br />and we have assumed that assessments are levied as projected. If the City <br />receives a significant amount of pre -paid assessments or does not levy the <br />assessments, it.may need to increase the levy portion of the debt service to <br />make up for lower interest earnings than the expected assessment. interest rate. <br />GO Pledge: Because the Bands will be general obligations of the City for <br />which its frill faith, credit and taxing powers arepledged,. if .the annual tax. levy <br />collected is not sufficient to pay the debt service payments, other City funds <br />will need to be used. <br />Other Service Providers: <br />This debt issuance will require the engagement of other public finance service <br />providers. This section identifies those other service providers.,. so Ehlers can <br />coordinatetheir engagement on your behalf. Where.you..have previously used. <br />a particular firm to provide a service, we have. assumed that: you will continue <br />that relationship. For. services you .have .not previously required, we. have <br />identified a service provider. Fees. charged by these service providers will be. <br />paid from proceeds of the obligation, unless you notify us that you wish to pay <br />them from other sources.. Our pre -sate bond sizing includes a good -faith <br />estimate of these fees, so their final fees may vary. If you have any questions <br />pertaining to the identified service providers or their role, or if you would like <br />to use a different service provider for.any of the listed. services please contact <br />US. <br />Bond Attorney: Kennedy & Graven <br />Paying Agent:. Bond Trust Services. <br />Rating Agency: Standard & .Door's <br />Investment Earnings: <br />In -order -to more efficiently segregate funds for this project and maximize <br />interest earnings we ,recommend using either your local banks or Ehlers <br />Presale Report May 15, 2Q18 <br />City of Gem Lake, Minnesota Page 3 <br />