2013/01/23 Council Agenda Packet

Maturity Year Principal Interest (December 1) Amount Rate 2013 $ 860,000 4.75% 2014 905,000 5.00 2015 945,000 5.00 2016 990,000 5.00 2017 1,045,000 5.00 2018 1,100,000 5.00 2019 1,150,000 5.00 2020 1,210,000 4.25 2021 1,260,000 5.00 2022 1,325,000 4.25 2023 1,380,000 5.00 2024 1,450,000 5.00 2025 1,520,000 5.00 2026 1,595,000 4.50 2027 1,665,000 5.00 2029 10,540,000 5.00 2030 5,670,000 4.50 ; and WHEREAS, Ordinance No. 2870-05 provides that the 2005 Bonds maturing on and after December 1, 2016 (the "2005 Refunded Bonds") may be redeemed in whole, or in part, on any date on and after December 1, 2015 at par; and WHEREAS, it appears that the 2003 Bonds and the 2005 Refunded Bonds (together, the "Refunded Bonds") may be refunded with the proceeds of water and sewer revenue refunding bonds (the "Bonds"), thereby realizing savings in debt service for the benefit of the City's ratepayers; and WHEREAS, the ordinances authorizing the Outstanding Parity Bonds provide that additional water and sewer revenue bonds may be issued on a parity with such bonds if certain conditions are met; and WHEREAS, it appears to the City Council (the "Council") of the City that such conditions can be met and that it is in the best interests of the City and its inhabitants that the Bonds be issued on a parity with the outstanding water and sewer revenue bonds of the City; and 130 P:\20287_CMW120287_9RC 01/02/13