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© <br />received <br />DEC 2 0 2004 <br />CITY OF ORONO <br />Meod|f*s InwBton Smn/iem <br />1P3 Nor’h Wackor Dnve <br />Suite 1350 <br />CHicago. IL 60t06 <br />Edwara DamuU <br />Vice President/Sefvor Anaivst <br />Tel 312 706 9953 <br />Fax 312 706 9999 <br />E-niail cOxi'jrd daniut^iiimoodvs corn <br />Dcrcmbcr 17. 2004 <br />Mr. Kuiitild Moorsc <br />City Administnilor <br />City ofOrono <br />2750 Kelley Parkway <br />Lake’ .MN 55.^56 <br />Dear Mr. Moorse; <br />We wish to infomi you that on December 10. 2(it)4. Moody's Raiini: Committee <br />re\ iewetl aiul assigned a fitting ol .Val tt» Orono (Cit> MK's General Obligati»*n <br />Improxemetit Retunding Bonds. Senes 2tMilB. <br />In onlcr for us to maintain the currency ol our r;itmgs, we reiiuest th;it y»ui pn>\ idc <br />ongttmg tlisclosure, including annual tinanciiil ;\ttil statistical mfortnation. <br />Motidy’s will monitor this rating anil reserves the right, at its sole discretion, to revise or <br />withdraw this rating at any titne iti the futuie. <br />I hc rating, as well as any revisions or withdrawals thereof, will be publicly disseminated <br />by Moody's through normal print anti electronic media and in response to verbal requests <br />to Moody's ratitigs tiesk. <br />Should you have any questions regarding the abo\e. please do not hesitate tt* contact me <br />or the analyst assignetl to this tratisaction. Sara Schnoor. at 12-7()6-W()U. <br />Sincerelv. <br />■{ ^ <br />lidward Damut/ <br />CC <br />Mil. C‘uii»l>ii Diuilc <br />I hlcT-*& A'»mh;i.H c ^. Inc.