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<br />City of Hastings, Minnesota <br />.. September 26, 2005 <br /> <br />(e) Federal Reimbursement Regulations <br /> <br />12. Continuing Disclosure <br /> <br />13. Attachments <br /> <br />The economic life of the projects to be financed by the <br />Project Portion of the Series 2005A Bonds is at least <br />20 years. The average life of the Project Portion is <br />6.693 years. The average life of the Refunding Portion <br />is less than the remaining average life of the Series <br />1997B Bonds and the Series 1998A Bonds. <br />Therefore, the Series 2005A Bonds are within the <br />economic life requirements. <br /> <br />The average life of the Series 2005B Bonds is less <br />than the remaining average life of the HRA Bonds. <br />Therefore, the Series 2005B Bonds are within the <br />economic life requirements. <br /> <br />Federal reimbursement regulations require the City to <br />make a declaration, within 60 days of the actual <br />payment, of its intent to reimburse itself from expenses <br />paid prior to the receipt of Series 2005A Project <br />Portion Bond proceeds. It is our understanding the <br />City has taken whatever actions are necessary to <br />comply with the federal reimbursement regulations in <br />regards to the Project Portion. <br /> <br />The Bonds are subject to continuing disclosure <br />requirements set forth by the Securities and Exchange <br />Commission. The SEC rules require the City to <br />undertake an annual update of certain OffICial <br />Statement information and report any material events <br />to the national repositories. Springsted currently <br />provides continuing disclosure services for the City <br />under a separate contract. An amendment to that <br />contract adding these Issues has been provided to <br />City staff. <br /> <br />The Series 2005A Bonds <br />. Sources and Uses of Funds <br />. Assessment Income Schedules <br />. Debt Service Schedules <br />. Refunding Schedules <br /> <br />The Series 2005B Bonds <br />. Refunding Schedules <br /> <br />Terms of Proposal <br /> <br />Page 5 <br />