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PLAN OF FINANCING The Project The project consists of the construction, renovation and improvement of recreational facilities in the City's Heman Park, including improvements to the existing swimming pool, fitness center and related security and safety improvements. EDM Incorporated, St. Louis, Missouri, has been selected as architect for the swimming pool portion of the project and has developed plans to provide critical repairs to the swimming pool, such as replacement of pool pipes and depth adjustments. Pool improvements will also include children's play features, new fixtures in the bathhouse, added deck lighting, full accessibility, and measures to preserve the historical character of the pool and bathhouse. Repairs and improvements to the pool began in early September 2003 by Westport Pools, Maryland Heights, Missouri. Expansion and renovation of the existing fitness center will result in the doubling of its size and the installation of new fitness equipment, while offering full accessibility to the users of the fitness center. Increased security and safety measures have been incorporated into the project to ensure the personal security and safety of individuals utilizing the pool and fitness center. The expansion and renovation of the fitness center and all related security and safety improvements have not commenced. Construction work on the pool and fitness center is expected to be completed within twelve months. The Refunding A portion of the proceeds of the Certificates will be used for the purpose of providing funds to currently refund the outstanding Series 1997 Certificates. On the delivery date of the Certificates, the City will deposit with BNY Trust Company of Missouri (as successor to Magna Trust Company), the trustee for the Series 1997 Certificates, proceeds of the Certificates in an amount that will be sufficient to pay the principal of, premium and interest on the Series 1997 Certificates on February 1, 2004 (the optional prepayment date thereof) at a prepayment price of 101% of the principal amount thereof, plus accrued interest thereon to the date of prepayment. The Leased Property The Leased Property consists of the real estate upon which the Parking Garage and the Park Improvements are located, including all improvements now or hereafter situated thereon. The Parking Garage is located in the City's "Loop Business District" and is a threezstory, 120~space parking structure with 6,000 square feet of retail shopping space located on the ground level. The Park Improvements are located on an approximately 1.2-acre tract located in the City's Heman Park. Sources and Uses of Funds The following table itemizes the estimated sources of funds, including the proceeds from the sale of the Certificates (excluding accrued interest), available to pay the costs of the Project and to refund the Series 1997 Certificates, and how such funds are expected to be used: -7-