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2012 General Obligation Cap. Improv. Crossover Refunding Bonds
*-2%03**-'-%078%8)1)28(%8)(23:)1&)6 6-&)3 )*92(-2+779)33/286=20= &51v-796 %E %2/9%0-*-)(33(=72:)78367)6:-')2()60=-2+%8-2+ With respect to the $5,140,000 General Obligation Capital Improvement Plan Crossover Refunding Bonds, Series2012A, dated December 1,2012(the“Bonds”), in the opinion of Eckberg, Lammers, Briggs, Wolff & Vierling,PLLP, Bond Counsel, based on present federal and Minnesota laws, regulations, rulings and decisions, at the time of their issuance and delivery to the original purchaser, interest on the Bonds is excluded from gross income for purposes of United States income tax and is excluded, to the same extent, in computing both gross and taxable net income for purposes of State of Minnesota income tax (other than Minnesota franchise taxes measured by income and imposed on corporations and financial institutions). Interest is not an item of tax preference for purposes of the alternative minimum tax imposed on individuals and corporations; however, interest on the Bonds is taken into account for the purpose of determining adjusted current earnings for purposes of computing the federal alternative minimum tax imposed on corporations. No opinion will be expressed by Bond Counsel regarding other state or federal tax consequences caused by the receipt or accrual of interest on the Bonds or arising with respect to ownership of the Bonds. See“Tax Exemption”herein for additional information. '-8=3*3%/4%6/,)-+,871-22)738% +IRIVEP3FPMKEXMSR'ETMXEP-QTVSZIQIRX4PER'VSWWSZIV6IJYRHMRK&SRHW7IVMIW% (EXIH(EXI (IGIQFIV-RXIVIWX(YI )EGL.YRIERH(IGIQFIV 'SQQIRGMRK.YRI AmountRateMaturityYieldPriceAmountRateMaturityYieldPrice &SRHWSJXLMWMWWYIQEXYVMRKSR(IGIQFIVERHXLIVIEJXIVEVIWYFNIGXXSVIHIQTXMSRMR[LSPISVMRTEVXSR(IGIQFIVSV ER]HEXIXLIVIEJXIVEXETVMGISJTEVTPYWEGGVYIHMRXIVIWX 8LI&SRHWEVIFIMRKMWWYIHTYVWYERXXS1MRRIWSXE7XEXYXIW7IGXMSREWEQIRHIH4VSGIIHW[MPPFIYWIHXSTVSZMHIQSRI]WEPSRK [MXLSXLIVEZEMPEFPI'MX]JYRHWXSGVSWWSZIVVIJYRH SJXLI+IRIVEP3FPMKEXMSR'ETMXEP-QTVSZIQIRX4PER&SRHW 7IVMIW %HEXIH.YRI 1EXYVMXMIWXLVSYKL MRGPYWMZI[MPPFIGEPPIHJSVVIHIQTXMSRSR(IGIQFIVEXE Authority and Purpose TVMGISJTEVTPYWEGGVYIHMRXIVIWX7IILIVIMRJSVEHHMXMSREPMRJSVQEXMSR 8LI&SRHWEVIZEPMHERHFMRHMRKKIRIVEPSFPMKEXMSRWSJXLI'MX]SJ3EO4EVO,IMKLXW XLIw'MX]x ERHEVITE]EFPIWSPIP]JVSQEHZEPSVIQ XE\IW8LIJYPPJEMXLERHGVIHMXSJXLI'MX]MWTPIHKIHXSXLIMVTE]QIRX-RXLIIZIRXSJER]HIJMGMIRG]MRXLI(IFX7IVZMGI%GGSYRX IWXEFPMWLIHJSVXLMWMWWYIXLI'MX]LEWZEPMHP]SFPMKEXIHMXWIPJXSPIZ]EHHMXMSREPEHZEPSVIQXE\IWYTSREPPSJXLIXE\EFPITVSTIVX][MXLMRXLI Security/Sources and Uses of Funds 'MX]ERH[MXLSYXPMQMXEXMSRSJEQSYRX7IILIVIMRJSVEHHMXMSREPMRJSVQEXMSR 4VMRGMTEPHYI[MXLVIWTIGXXSXLI&SRHWMWTE]EFPIERRYEPP]SR(IGIQFIVGSQQIRGMRK(IGIQFIVERHMRXIVIWXHYI[MXL VIWTIGXXSXLI&SRHWMWTE]EFPIWIQMERRYEPP]SR.YRIERH(IGIQFIVSJIEGL]IEVGSQQIRGMRK.YRI8LI&SRHW[MPPFI VIKMWXIVIHMRXLIREQISJ'IHI R]2I[=SVO2I[=SVO-RHMZMHYEPTYVGLEWIW[MPPFI TL]WMGEP QEHIMRFSSOIRXV]JSVQSRP]MRXLITVMRGMTEPEQSYRXSJSVER][LSPIQYPXMTPIXLIVISJ4YVGLEWIVW[MPPRSXVIGIMZI Description of Bonds HIPMZIV]SJ&SRHW7IIw&SSO)RXV]7]WXIQxMRLIVIMRJSVEHHMXMSREPMRJSVQEXMSR4E]MRK%KIRX6IKMWXVEVERH )WGVS[%KIRX[MPPFI2SVXLPERH8VYWX7IVZMGI-RG1MRRIETSPMW1MRRIWSXE8LIIWGVS[EGGSYRX[MPPFIJYRHIH[MXLJIHIVEPKSZIVRQIRX STIRQEVOIXWIGYVMXMIW&PYI6SWI'ETMXEP%HZMWSVW-RG[MPPSFXEMRERHTYVGLEWIWEMHWIGYVMXMIWFEWIHSRXLIQSWXJEZSVEFPIUYSXIXSXLI 'MX]:IVMJMGEXMSR%KIRX[MPPFI+VERX8LSVRXSR0041MRRIETSPMW1MRRIWSXE &SRHWTVMGIHXSTEVGEPP City of Oak Park Heights, Minnesota $5,140,000 General Obligation Capital Improvement Plan Crossover Refunding Bonds, Series 2012A Debt Service Schedule '97-4&EWI (EXI4VMRGMTEP'SYTSR-RXIVIWX8SXEP4-*MWGEP8SXEP 12/13/2012----- 06/15/2013--56,452.6556,452.65- 12/15/2013--52,378.7552,378.75108,831.40 06/15/2014--52,378.7552,378.75- 12/15/2014--52,378.7552,378.75104,757.50 06/15/2015--52,378.7552,378.75- 12/15/2015--52,378.7552,378.75104,757.50 06/15/2016--52,378.7552,378.75- 12/15/2016--52,378.7552,378.75104,757.50 06/15/2017--52,378.7552,378.75- 12/15/2017305,000.002.000%52,378.75357,378.75409,757.50HH2 06/15/2018--49,328.7549,328.75- 12/15/2018320,000.002.000%49,328.75369,328.75418,657.50HJ8 06/15/2019--46,128.7546,128.75- 12/15/2019340,000.002.000%46,128.75386,128.75432,257.50HK5 06/15/2020--42,728.7542,728.75- 12/15/2020360,000.002.000%42,728.75402,728.75445,457.50HL3 06/15/2021--39,128.7539,128.75- 12/15/2021380,000.002.000%39,128.75419,128.75458,257.50HM1 06/15/2022--35,328.7535,328.75- 12/15/2022400,000.002.000%35,328.75435,328.75470,657.50HN9 06/15/2023--31,328.7531,328.75- 12/15/2023430,000.002.000%31,328.75461,328.75492,657.50HP4 06/15/2024--27,028.7527,028.75- 12/15/2024455,000.002.000%27,028.75482,028.75509,057.50HQ2 06/15/2025--22,478.7522,478.75- 12/15/2025495,000.002.000%22,478.75517,478.75539,957.50HR0 06/15/2026--17,528.7517,528.75- 12/15/2026525,000.002.050%17,528.75542,528.75560,057.50HS8 06/15/2027--12,147.5012,147.50- 12/15/2027545,000.002.150%12,147.50557,147.50569,295.00HT6 06/15/2028--6,288.756,288.75- 12/15/2028585,000.002.150%6,288.75591,288.75597,577.50HU3 8SXEP Dated12/01/2012 Delivery Date12/13/2012 First Coupon Date6/15/2013 First available call date12/15/2022 Call Price100.0000000% Average Life11.219 Years Average Coupon2.0580614% Net Interest Cost (NIC)1.9184763% True Interest Cost (TIC)1.8939058% Northland Securities Public Finance 8%&0)3*'328)287 4EKI 7911%6=3*3**)6-2+ 46-2'-4%0'-8=3**-'-%07 %98,36-8=%2(496437) 7)'96-8=7396')7%2(97)73**92(7 ()7'6-48-323*&32(7 36-+-2%0-779)46)1-91 36-+-2%0-779)(-7'3928 0-1-8)('328-29-2+(-7'03796) 92()6;6-8-2+ *9896)*-2%2'-2+ &32(6%8-2+ 0-8-+%8-32 ')68-*-'%8-32 0)+%0-8= 8%<)<)148-32 +)2)6%0-2*361%8-32 1-22)738%:%09%8-327 4634)68=8%<'0%77-*-'%8-327 )'3231-'%2(*-2%2'-%0-2*361%8-32 7911%6=3*()&8%2(()&878%8-78-'7 %44)2(-<%z463437)(*3613*0)+%034-2-32 %44)2(-<&z463437)(*3613*'328-29-2+(-7'03796)92()68%/-2+ %44)2(-<'z'-8=v7*-2%2'-%078%8)1)28 8,)&32(7%6)3**)6)(79&.)'88346-367%0);,)2%7%2(-*%'')48)(&=8,)92()6;6-8)6 7 2%1)(328,)*6328 '3:)63*8,-73**-'-%078%8)1)28%2(79&.)'883%234-2-32%783:%0-(-8=3*8,)&32(7&=&32('3927)079&.)'8 83%440-'%&0)7)'96-8-)70%;7%2(46):%-0-2+1%6/)8'32(-8-3278,)92()6;6-8)6 7 -28)2(7&98-7238 3&0-+%8)(83%**)'87)'32(%6=1%6/)886%(-2+*368,)&32(7*-2%0'037-2+()')1&)6 234)6732,%7&))2%98,36->)(83+-:)%2=-2*361%8-3236831%/)%2=6)46)7)28%8-32738,)68,%28,37) '328%-2)(-28,-73**-'-%078%8)1)28-2'322)'8-32;-8,8,)3**)671%(),)6)&=%2(-*+-:)2361%()79', -2*361%8-32366)46)7)28%8-3271978238&)6)0-)(9432%7,%:-2+&))2%98,36->)(&=8,)'-8=368,) 92()6;6-8)6 7 2)-8,)68,)()0-:)6=3*8,-73**-'-%078%8)1)28236%2=7%0),)6)92()67,%0092()6%2= '-6'9178%2')7'6)%8)%2=-140-'%8-328,%88,)6),%7&))223',%2+)-28,)%**%-673*8,)'-8=7-2')8,)(%8) ,)6)3*8,-73**-'-%078%8)1)28(3)7238'3278-898)%23**)636730-'-8%8-32-2%2=.96-7(-'8-32-2;,-',79', 3**)636730-'-8%8-32-7238%98,36->)(36-2;,-',8,)4)67321%/-2+79',3**)636730-'-8%8-32-7238 59%0-*-)(83(3733683%2=4)673283;,31-8-7920%;*90831%/)79',3**)636730-'-8%8-328,)-2*361%8-32 7)8*368,,)6)-2,%7&))23&8%-2)(*6318,)'-8=%2(38,)67396')7;,-',%6)&)0-):)(83&)6)0-%&0)&98-8-7 238+9%6%28))(%783%''96%'=36'3140)8)2)77&=%2(-723883&)'327869)(%7%6)46)7)28%8-32&=8,) 92()6;6-8)6 7 7911%6=3*3**)6-2+ $5,140,000 General Obligation Capital Improvement Plan Crossover Refunding Bonds, Series 2012A (Book-Entry Only) %13928 -779)6'MX]SJ3EO4EVO,IMKLXW1MRRIWSXE XLIw'MX]x 496',%7)(%8)1SRHE]2SZIQFIV XL 92()6;6-8)62SVXLPERH7IGYVMXMIW-RG7SYXL7XVIIX7YMXI1MRRIETSPMW1MRRIWSXEXIPITLSRI SV Authority 8=4)3*-779)+IRIVEP3FPMKEXMSR'ETMXEP-QTVSZIQIRX4PER'VSWWSZIV6IJYRHMRK&SRHW7IVMIW% XLIw&SRHWx 7II and PurposeSecurity/Sources and Uses of Funds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uthority and PurposeSecurity/Sources and Uses of Funds 'MX]ERH[MXLSYXPMQMXEXMSRSJEQSYRX7IIEW[IPPEWLIVIMR JSVEHHMXMSREPMRJSVQEXMSR (%8)3*-779)(IGIQFIV -28)6)784%-(.YRIERHWIQMERRYEPP]XLIVIEJXIVSR.YRIERH(IGIQFIVXSVIKMWXIVIHS[RIVWSJXLI&SRHWETTIEVMRKSJ VIGSVHMRXLIFSRHVIKMWXIVSRXLIJMVWXHE] [LIXLIVSVRSXEFYWMRIWWHE] SJXLIGEPIRHEVQSRXLSJWYGLMRXIVIWX TE]QIRXHEXI XLIw6IGSVH(EXIx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wTVMZEXIEGXMZMX]FSRHWxEWHIJMRIHMR7IGXMSRSJXLI-RXIVREP 6IZIRYI'SHISJ EWEQIRHIH XLI'SHI &ERO5YEPMJMIH8E\)\IQTX3FPMKEXMSRW8LI'MX][MPPHIWMKREXIXLIWI&SRHWwUYEPMJMIHXE\I\IQTXSFPMKEXMSRWxJSV TYVTSWIWSJ7IGXMSR F SJXLI'SHI 0)+%034-2-32)GOFIVK0EQQIVW&VMKKW;SPJJ 40047XMPP[EXIV1MRRIWSXE XLIw&SRH'SYRWIPx &32(6%8-2+8LI'MX]ETTPMIHJSVERHVIGIMZIHERYRHIVP]MRKFSRHVEXMRKSJw%ExEWWMKRIHF]1SSH]vW-RZIWXSVW7IVZMGI w1SSH]vWx 2SETTPMGEXMSR[EWQEHIXSER]SXLIVVEXMRKEKIRG]JSVXLITYVTSWISJSFXEMRMRKEREHHMXMSREPVEXMRKSR XLI&SRHW8LMWVEXMRKVIJPIGXWSRP]XLISTMRMSRSJ1SSH]vWERHER]I\TPEREXMSRSJXLIWMKRMJMGERGISJXLMWVEXMRKQE]FI SFXEMRIHSRP]JVSQ1SSH]vW8LIVIMWRSEWWYVERGIXLEXEVEXMRK[MPPGSRXMRYIJSVER]KMZIRTIVMSHSJXMQISVXLEXWYGL VEXMRK[MPPRSXFIVIZMWIHSV[MXLHVE[RMJMRXLINYHKQIRXSJ1SSH]vWGMVGYQWXERGIWWS[EVVERX%VIZMWMSRSV [MXLHVE[EPSJXLIVEXMRKQE]LEZIEREHZIVWIEJJIGXSRXLIQEVOIXTVMGISJXLI&SRHW '037-2+(IGIQFIV 46-1%6='328%'87)VMG.SLRWSR'MX]%HQMRMWXVEXSV'MX]SJ3EO4EVO,IMKLXW 7XIZIR.1EXXWSR)\IGYXMZI:MGI4VIWMHIRX4YFPMG*MRERGI(ITEVXQIRX2SVXLPERH7IGYVMXMIW-RG zz '-8=3*3%/4%6/,)-+,87 46-2'-4%0'-8=3**-'-%07 )PIGXIH3JJMGMEPW'MX]'SYRGMP NamePositionTerm Expires (EZMH&IEYHIX1E]SV 0IW%FVELEQWSR'SYRGMP1IQFIV 1EV]1G'SQFIV'SYRGMP1IQFIV 1MOI6YRO'SYRGMP1IQFIV 1EVO7[IRWSR'SYRGMP1IQFIV 4VMQEV]'SRXEGXW )VMG%.SLRWSR'MX]%HQMRMWXVEXSV &IXX]'EVYWS'MX]*MRERGI(MVIGXSV 1EVO:MIVPMRKz)GOFIVK0EQQIVW&VMKKW;SPJJ %XXSVRI] 'LVMW0SRKz7XERXIG)RKMRIIV &32('3927)0 )GOFIVK0EQQIVW&VMKKW;SPJJ 4004 7XMPP[EXIV1MRRIWSXE 92()6;6-8)6 2SVXLPERH7IGYVMXMIW-RG 1MRRIETSPMW1MRRIWSXE zz %98,36-8=%2(496437) 8LI&SRHWEVIFIMRKMWWYIHTYVWYERXXS1MRRIWSXE7XEXYXIW7IGXMSREWEQIRHIH4VSGIIHW[MPPFIYWIHXS TVSZMHIQSRI]WEPSRK[MXLSXLIVEZEMPEFPI'MX]JYRHWXSGVSWWSZIVVIJYRH SJXLI+IRIVEP 3FPMKEXMSR'ETMXEP-QTVSZIQIRX4PER&SRHW7IVMIW %HEXIH.YRI 1EXYVMXMIWXLVSYKL MRGPYWMZI[MPPFIGEPPIHJSVVIHIQTXMSRSR(IGIQFIVEXETVMGISJTEVTPYWEGGVYIHMRXIVIWX 4VSGIIHWSJXLI&SRHW[MPPFIHITSWMXIHMRERIWGVS[EGGSYRX[MXL2SVXLPERH8VYWX7IVZMGIW-RG XLIw)WGVS[ %KIRXx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ppendix A –Proposed Form of Legal Opinion. 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8LI'MX]HSIWRSXERXMGMTEXIXLIRIIHXSJMRERGIER]GETMXEPMQTVSZIQIRXW[MXLXLIMWWYERGISJKIRIVEPSFPMKEXMSR FSRHW[MXLMRXLIRI\XX[SQSRXLW &32(6%8-2+ 8LI'MX]ETTPMIHJSVERHVIGIMZIHERYRHIVP]MRKFSRHVEXMRKSJw%ExEWWMKRIHF]1SSH]vW-RZIWXSVW7IVZMGI w1SSH]vWx 2SETTPMGEXMSR[EWQEHIXSER]SXLIVVEXMRKEKIRG]JSVXLITYVTSWISJSFXEMRMRKEREHHMXMSREP VEXMRKSRXLI&SRHW8LMWVEXMRKVIJPIGXWSRP]XLISTMRMSRSJ1SSH]vWERHER]I\TPEREXMSRSJXLIWMKRMJMGERGISJ XLMWVEXMRKQE]FISFXEMRIHSRP]JVSQ1SSH]vW8LIVIMWRSEWWYVERGIXLEXEVEXMRK[MPPGSRXMRYIJSVER]KMZIR TIVMSHSJXMQISVXLEXWYGLVEXMRK[MPPRSXFIVIZMWIHSV[MXLHVE[RMJMRXLINYHKQIRXSJ1SSH]vWGMVGYQWXERGIW WS[EVVERX%VIZMWMSRSV[MXLHVE[EPSJXLIVEXMRKQE]LEZIEREHZIVWIEJJIGXSRXLIQEVOIXTVMGISJXLI&SRHW 0-8-+%8-32 %WSJ3GXSFIV XLI'MX]%HQMRMWXVEXSVMWRSXE[EVISJER]XLVIEXIRIHSVTIRHMRKPMXMKEXMSRXLEXUYIWXMSRW XLISVKERM^EXMSRSVFSYRHEVMIWSJXLI'MX]SVXLIVMKLXSJER]SJMXWSJJMGIVWXSXLIMVVIWTIGXMZISJJMGIWSVMRER] QERRIVUYIWXMSRMRKXLIMVVMKLXWERHTS[IVXSI\IGYXIERHHIPMZIVXLI&SRHWSVSXLIV[MWIUYIWXMSRMRKXLIZEPMHMX] SJXLI&SRHW 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adjustments): 6IWMHIRXMEP,SQIWXIEH %KVMGYPXYVEP 'SQQIVGMEP 4YFPMG9XMPMX] 6EMPVSEH 6IWMHIRXMEP2SR,SQIWXIEH 7IEWSREP6IGVIEXMSREPz6IWMHIRXMEP 4IVWSREP4VSTIVX] 8SXEPW %PWSFIJSVI*MWGEP(MWTEVMX]%HNYWXQIRXW %PWSEJXIV*MWGEP(MWTEVMX]%HNYWXQIRXW &VIEOHS[RSJ6IEP4VSTIVX]8E\EFPI1EVOIX:EPYIMWGYVVIRXP]RSXEZEMPEFPIJVSQ;EWLMRKXSR'SYRX] zz 8E\'ETEGMX]6EXIW 8E\GETEGMX]VEXIWSZIVXLITEWXJMZIEWWIWWEFPIGSPPIGXMSR]IEVWLEZIFIIREWJSPPS[W 2007/082008/092009/102010/112011/12 TaxTaxTaxTaxTax CapacityCapacityCapacityCapacityCapacity Levy Year/ Collection YearRatesRatesRatesRatesRates ;EWLMRKXSR'SYRX] 'MX]SJ3EO4EVO,IMKLXW -7(2S 7XMPP[EXIV ;EWLMRKXSR'SYRX],6% 1IXVS'SYRGMP 1IXVS1SWUYMXS'SRXVSP &VS[RW'VIIO;EXIVWLIH(MWXVMGX 6IKMSREP6EMP%YXLSVMX] 8SXEPW 8E\0IZMIWERH'SPPIGXMSRW Levy Year/2007/2008/2009/2010/ Collection Year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zz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zz CITY OF OAK PARK HEIGHTS, MINNESOTA GENERAL OBLIGATION DEBT PAYABLE FROM TAXES (As of October 16, 2012, Plus This Issue) This Issue 4YVTSWI G.O.G.O.G.O. CapitalCapitalCapital Imp- ImprovementImprovementrovement Plan Plan Bonds,Plan Bonds,Crossover Re- SeriesSeriesfunding Bonds, 2008A2009ASeries 2012A (EXIH 3VMKMREP%QSYRX 1EXYVMX] (IG(IG(IGTOTALTOTAL -RXIVIWX6EXIW PRINCIPAL:PRIN & INT: (1) (2) (3) (4) NOTE: 52% OF GENERAL OBLIGATION DEBT PAYABLE FROM TAXES WILL BE RETIRED WITHIN TEN YEARS. (1)These bonds are payable solely from ad valorem taxes on all taxable property within the City and without limitation of amount. In addition, the bonds ARE subject to the statutory debt limit since the City's population is above the 2,500 limit established by Section 475.521. The 2006 estimate provided by the City is 4,676. (2)These bonds are payable solely from ad valorem taxes on all taxable property within the City and without limitation of amount. In addition, the bonds ARE subject to the statutory debt limit since the City's population is above the 2,500 limit established by Section 475.521. The 2008 estimate provided by the Metropolitan Council is 4,708. (3)These bonds are payable solely from ad valorem taxes on all taxable property within the City and without limitation of amount. In addition, the bonds ARE subject to the statutory debt limit since the City's population is above the 2,500 limit established by Section 475.521. The 2012 City estimate provided by the City is 4,593. (4)These bonds will crossover refund $4,860,000 of the $6,300,000 General Obligation Capital Improvement Plan Bonds, Series 2008A, dated June 15, 2008. Maturities 2017 through 2028, inclusive, will be called for redemption on December 15, 2016, at a price of par plus accrued interest. zz -RHMVIGX(IFX 2011/2012 2011/2012TaxOutstanding TaxCapacityPercentageGeneral Taxpayers’ CapacityValueApplicableObligation Share IssuerValuein Cityin CityDebtof Debt (1)(1)(2) ;EWLMRKXSR'SYRX] -7(2S 7XMPP[EXIV ;EWLMRKXSR'SYRX],6% 1IXVSTSPMXER'SYRGMP 1IXVS8VERWMX Total Indirect Debt: (Remainder of page left intentionally blank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