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$7.500007.300.000 _%Series 2001A Term Bonds Due November 1,2036-Price_%-subject to mandatory tender on <br /> November 1,2011 <br /> $210,000_%Series 2001B Term Bonds Due November,1,2006-Price % <br /> $250,000_%Series 2001C Term Bonds Due November 1,2031-Price_% -subject to mandatory tender on November 1,2011 <br /> The Series 2001 Bonds are offered,subject to prior sale,when,as and if accepted by the Underwriter named below and subject <br /> to an opinion as to validity and to tax exemption(with respect to the Series 2001 Tax-Exempt Bondsby Faegre&Benson LLP,Bond <br /> Counsel,the approval of certain matters by Christoffel&Elliott,P.A.,as counsel to the Borrower and the Sponsor,the approval of certain <br /> matters by Best&Flanagan LLP,as counsel to the Underwriter,and certain other conditions.It is expected that delivery of the Series <br /> 2001 Bonds will be made on or about ,2001,against payment therefor. Subject to applicable securities laws and prevailing <br /> market conditions,the Underwriter intends,but is not obligated,to effect secondary market trading in the Series 2001 Bonds. For <br /> information with respect to the Underwriter,see"UNDERWRITING"herein. <br /> MILLER JOHNSON STEICHEN KINNARD, INC. <br /> The date of this Official Statement is ,2001. <br /> Preliminary,subject to change. <br /> No dealer, broker, salesman or other person has been authorized by the City, the Borrower, the <br /> Sponsor or the Underwriter to give any information or to make any representations,other than those contained <br /> in this Official Statement and,if given or made,such other information or representations must not be relied <br /> upon as having been authorized by any of the foregoing. This Official Statement does not constitute an offer <br /> to sell or the solicitation of an offer to buy,nor shall there be any sale of the Series 2001 Bonds by any person <br /> in any jurisdiction in which it is unlawful for such person to make such offer,solicitation or sale. The City has <br /> neither reviewed nor verified the contents of the Official Statement and was not involved in its preparation. <br /> Except for the headings"THE CITY"and"LITIGATION"(with respects to the City only)the City makes no <br /> representation or warranty regarding any statements or information in this Official Statement. The information <br /> and expressions of opinion herein are subject to change without notice,and neither the delivery of this Official <br /> Statement nor any sale made hereunder shall,under any circumstances,create any implication that there has <br /> been no change in the affairs of the City,the Borrower or the Sponsor or that the other information or opinions <br /> are correct as of any time subsequent to the date hereof. <br /> TABLE OF CONTENTS <br /> Page <br /> SUMMARY INFORMATION iii <br /> INTRODUCTORY STATEMENT 1 <br /> BONDHOLDERS' RISKS 5 <br /> SUITABILITY STANDARDS FOR MINNESOTA INVESTORS 18 <br /> THE SERIES 2001 BONDS 18 <br /> SECURITY FOR THE SERIES 2001 BONDS 25 <br /> TAX INCREMENT ASSISTANCE 30 <br /> THE CITY 31 <br /> THE BORROWER AND THE SPONSOR 31 <br /> ESTIMATED SOURCES AND USES OF FUNDS 3f32 <br /> FINANCIAL STATEMENTS 32 <br /> LITIGATION 3233 <br /> ENFORCEABILITY OF OBLIGATIONS 33 <br /> TAX MATTERS 33 <br /> LEGAL MATTERS 3536 <br /> RELATIONSHIPS AMONG THE PARTIES 36 <br /> UNDERWRITING 36 <br /> CONTINUING DISCLOSURE 3637 <br /> MISCELLANEOUS 37 <br /> APPENDIX A DEFINITIONS OF CERTAIN TERMS AND SUMMARIES OF PRINCIPAL DOCUMENTS <br /> A-1 <br /> APPENDIX B THE PROJECT,THE BORROWER AND THE SPONSOR B-1 <br /> APPENDIX C FORECASTED FINANCIAL STATEMENTS C-1 <br /> APPENDIX D-MARKET STUDY SUMMARY D-1 <br />