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Finally, the Continuing Disclosure Agreement and the Rule also require C1V11VIPA to <br />express its understanding that your municipality currently prepares its financial statements in <br />accordance with generally accept accounting principles for governmental units as prescribed by <br />the Governmental Accounting Standards Board. If your municipality modifies the accounting <br />principles to be followed in preparing its financial statements, as required by federal or state <br />legal requirements, please provide notice of such modification promptly to CIVIIYIPA, including a <br />reference to the specific federal or state law or regulation describing such accounting principles, <br />or other description thereof, together with a comparison between the financial statements or <br />information prepared on the basis of the new accounting principles and those prepared on the <br />basis of the former accounting principles. Such comparison should include a qualitative and, to <br />the extent reasonably feasible, quantitative discussion of the differences in the accounting <br />principles and the impact of the change in accounting principles on the presentation of financial <br />information. <br />CPA requests your utility to confirm, by acknowledgment of this letter, that your <br />utility will supply the information described above to C1~IIVIPA annually through the term of the <br />Transmission Project Agreement. By acknowledgment of this letter, your municipality also <br />confirms that since July 3, 1995, it has not failed to comply with a similar continuing diselasure <br />obligation that your municipality might have entered into in connection with a separate <br />financing. <br />Please acknowledge receipt of this letter by executing the acknowledgment in the <br />signature box indicated below and retanrn go C A as soon as possible. Thank you for your <br />cooperation. <br />Sincerely:/, ~!~ <br />~/ v. <br />Steven NI. Thompson <br />Chief Executive ®fficer <br />Central 1vlinnesota 1Vlunicipal Power Agency <br />Receipt of the foregoing is acknowledged: <br />ELK RIVER 1b1LTNICIPAL UTILITIES <br />~,._ . <br />By: j ~` -~ ~ ~ ~. . . <br />Title: ~ ~ c ~ ~ ... ~ I t ~. ~ . <br />Dated: ~,~~ ~ ~ ~ , Zolz <br />590097,DOCJC <br />