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lt <br /> EN HILLS <br /> 2006 PROPOSED BUDGET—SUMMARY BY DEPT. <br /> Department Name: Debt Service-G.O. TI Bonds 1998A <br /> 2005 Budget: $286,376 2006 Proposed Budget: $262,250 <br /> Departmental Overview/Summary: <br /> Issuance of$3,100,000 General Obligation Tax Increment Bonds dated March 1, 1998 <br /> were to finance various public improvements within TIF District No. 2. The <br /> improvements were generally the relocated 14th Street project and the Round Lake Road <br /> intersection improvements project. The bond issue was rated A+by Standard and Poor's <br /> Corporation. The seventeen year bonds mature on February 1, 2015. The City <br /> completed the refunding process in February, 2005. This will significantly reduce the <br /> interest cost over the life. <br /> Financial Overview—2006 <br /> Debt Service <br /> Capital <br /> Supplies, $0, Outlay, <br /> 0% $262,250, <br /> 100% <br /> Operating <br /> Transfers, $0, <br /> 0% <br /> Personal <br /> Other Services, $0, <br /> SendCharges, 0% <br /> $0, 0% <br /> Significant Changes from Prior Year: <br /> Reduced interest costs due to bond refunding. <br /> L <br /> 97 <br />