This web site contains an Official Statement, dated August 18, 2009 (the "Official Statement"), relating to the State's Certificates of Participation, issued on August 18, 2009. All of such Certificates have been sold by the State and the inclusion of the Official Statement on the web site does not constitute an offer to sell or the solicitation of an offer to buy such Certificates.

The Official Statement speaks only as of its date. The Official Statement is a public record and the availability of the Official Statement on this web site shall not create any implication that there has been no change in the financial condition or operations of the State described therein since the date thereof. The State has undertaken no duty to update or correct information in the Official Statement after the date thereof, except as provided in the continuing disclosure undertaking of the State described in the Official Statement under "Appendix G - Continuing Disclosure". Interested parties should consult the most recent Economic Forecast located on the Minnesota Management & Budget web site or the nationally recognized municipal securities information repositories, the state information depository, if any, or the Municipal Securities Rulemaking Board for more recent annual financial information and operating data of the State or for notices of the occurrence of material events relating to the State's outstanding certificates, if any, all as provided further in the continuing disclosure undertaking. Budget projections for the current biennium more recent than those contained in the Official Statement, if available. Budget projections for the current biennium and financial statements of the State may be found on the Minnesota Management & Budget web site.