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Principal Amount <br /> Authorizing Bond Date Outstanding <br /> Ordinance Designation of Bonds (3/1/03) <br /> Water and Sewer <br /> Ordinance No. 1963-93 Revenue Refunding <br /> and Resolution No. 3858 Bonds, Series 1993 November 1, 1993 $19,740,000 <br /> ("1993 Bonds") <br /> Water and Sewer <br /> Revenue Bonds, <br /> Ordinance No. 2208-97 Series 1997 March 1, 1997 6,085,000 <br /> ("1997 Bonds") <br /> Water and Sewer <br /> Revenue Refunding <br /> Ordinance No. 2607-02 Bonds, 2002 June 1, 2002 5,260,000 <br /> ("2002 Bonds") <br /> (collectively, the "Outstanding Parity Bonds"); and <br /> WHEREAS, the ordinances authorizing the Outstanding P arity Bonds p rovide t hat the <br /> City may issue additional water and sewer revenue bonds on a parity with the Outstanding Parity <br /> Bonds for the purpose of refunding outstanding obligations of the System if certain conditions <br /> are met; and <br /> WHEREAS, it appears to the City Council (the "Council") of the City that such <br /> conditions can be met and that it is in the best interests of the City and its inhabitants that the <br /> Bonds be issued on a parity with the outstanding water and sewer revenue bonds of the City; and <br /> WHEREAS, the 1993 Bonds mature in principal amounts and bear interest as follows: <br /> Maturity Years <br /> (July 1) Principal Amounts Interest Rates <br /> 2003 $ 3,750,000 4.50% <br /> 2004 3,730,000 4.60 <br /> 2005 3,900,000 4.70 <br /> 2006 4,085,000 4.75 <br /> 2007 4,275,000 4.75 <br /> ; and <br /> -2- P:\CMW\CMW5NP 04/22/03 <br />