NOTICE OF BOND ELECTION

                              CITY OF FREMONT HILLS, MISSOURI

Notice is hereby given to the qualified voters of the City of Fremont Hills, Missouri, that the Board of
Aldermen of said City has called a special bond election to be held in said City on Tuesday, August 3,
2004, on the question contained in the following sample ballot:

                                          OFFICIAL BALLOT
                                           BOND ELEC11ON
                               CITY OF FREMONT HILLS, MISSOURI
                                     TUESDAY, AUGUST 3,2004

                                               QUESTION

        Shall the City of Fremont Hills, Missouri issue its sewerage system revenue bonds in an
        amount not to exceed $900,000.00 (Nine Hundred Thousand Dollars) for the purpose of
        acquiring, constructing, extending, equipping and improving the sewerage system and
        related appurtenances, including the acquisition of any necessary rights-of-way, for said
        City, payment of the principal of and interest on said sewerage system revenue bonds to
        be payable solely from the revenues derived by said City from the operation of its
        sewerage system, including all future expansions and extensions thereto?

                                                [ ] YES

                                                 [ ] NO

The authorization of such sewerage system revenue bonds will authorize the collection of rates, fees and
charges for the use of and services provided by the sewerage system sufficient to pay the interest on and
principal of said sewerage system revenue bonds as they fall due and to provideforand maintain all
contractual obligations incurred during the issuance of said sewerage system revenue bonds.

                                     INSTRUCTIONS TO VOTERS

                    To vote FOR the Question, mark the box opposite the word "YES".
                 To vote AGAINST the Question, mark the box opposite the word"NO".

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