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11/24/98 12:3S ET NOOD1228.000! FR:#OODYS T0:6124417425 Page 2 of 2 <br /> <br />Principal amortization is rapid with 80.2~ retired in ten years. Debt service <br />is extremely high at 40Z of operating expenditures. <br /> <br />P' ~XIMITY TO THE TWIN CITY PXETRO AREA FOSTERS GROWTH <br /> <br />Moody's anticipates continued tax base and population growth due to favorable <br />location between Minneapolis-St. Paul. and St. Cloud. While the majority of <br />the growth is residential, ~-ith 180 new homes constructed in 1997, the city is <br />experiencing economic diversification ~ith a number of new ~mall manufacturin~ <br />facilities. Additional growth is expected since the city remains almost <br />two-thirds undeveloped. Resident income levels and housing values are above <br />those of the state in general, the unemployment rate in Sherburne County <br />(1.7%) was lower than the state average (2.1%) in July 1998. <br /> <br />ANALYSTS: <br />Edward Damutz, Analyst, Public Finance Group, Moody's Investors Service <br />Dianne Golub, Backup Analyst, Public Finance Group, Moody's Investors Service <br />Linda Lipnick, Senior Credit Officer, Public Finance Group, Moody's Investors <br />Service <br /> <br />CONTACTS: <br />Journalists: (212) 553-0376 <br />Research Clients: (212) 553-1625 <br /> <br /> <br />