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TABLE OF CONTENTS <br />INTRODUCTORY STATEMENT ........................ 1 FINANCIAL STATEMENTS .......................... A-1 <br />THE BONDS ......................................... 1 <br />GENERAL ....................................... 1 <br />OPTIONAL REDEMPTION ......................... 2 <br />AUTHORITY; PURPOSE ........................... 2 <br />ESTIMATED SOURCES AND USES ................. 2 <br />SECURITY ...................................... 2 <br />RATING.........................................3 <br />STATE OF MINNESOTA CREDIT ENHANCEMENT <br />PROGRAM....................................3 <br />CONTINUING DISCLOSURE ....................... 4 <br />LEGAL OPINION ................................. 4 <br />TAX EXEMPTION ................................ 4 <br />QUALIFIED TAX-EXEMPT OBLIGATIONS ........... 5 <br />MUNICIPAL ADVISOR ............................ 5 <br />MUNICIPAL ADVISOR AFFILIATED COMPANIES .... 6 <br />INDEPENDENT AUDITORS ........................ 6 <br />RISK FACTORS..................................6 <br />VALUATIONS ....................................... 8 <br />OVERVIEW...................................... 8 <br />CURRENT PROPERTY VALUATIONS .............. 9 <br />2017/18 NET TAX CAPACITY BY CLASSIFICATION.. 10 <br />TREND OF VALUATIONS ........................ 10 <br />LARGER TAXPAYERS ........................... I 1 <br />DEBT.............................................. 12 <br />DIRECT DEBT ................... . .............. 12 <br />SCHEDULES OF BONDED INDEBTEDNESS ......... 13 <br />DEBT LIMIT .................................... 15 <br />OVERLAPPING DEBT ............................ 15 <br />DEBT RATIOS ............................... .. 16 <br />DEBT PAYMENT HISTORY ....................... 16 <br />FUTURE FINANCING .......................... 16 <br />TAX RATES, LEVIES AND COLLECTIONS .............. 17 <br />TAX LEVIES AND COLLECTIONS ................. 17 <br />TAX CAPACITY RATES .......................... 17 <br />LEVY LIMITS ................................ 18 <br />THE ISSUER ..................................... . 19 <br />CITY GOVERNMENT ............................ 19 <br />EMPLOYEES; PENSIONS; UNIONS ................ 19 <br />POST EMPLOYMENT BENEFITS ................. 19 <br />LITIGATION .............................. 19 <br />MUNICIPAL BANKRUPTCY ................ .... 19 <br />FUNDS ON HAND ............................ .. 20 <br />ENTERPRISE FUNDS ......................... 20 <br />SUMMARY GENERAL FUND INFORMATION .... 21 <br />GENERAL INFORMATION ............................ 22 <br />LOCATION ..................................... 22 <br />LARGER EMPLOYERS ........................... 22 <br />BUILDING PERMITS ........................... 23 <br />U.S. CENSUS DATA ............................. 24 <br />EMPLOYMENT/UNEMPLOYMENT DATA ......... 24 <br />FORM OF LEGAL OPINION .......................... B-1 <br />BOOK -ENTRY -ONLY SYSTEM ....................... C-1 <br />FORM OF CONTINUING DISCLOSURE CERTIFICATE ... D-1 <br />TERMS OF PROPOSAL .............................. E-1 <br />111 <br />