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<br />e <br /> <br />fI <br /> <br />- <br /> <br />~ <br />~HILLS <br /> <br />2005 PROPOSED BUDGET - SUMMARY BY DEPT, <br /> <br />Department Name: Debt Service-G,O. TI Bonds 1998A <br /> <br />2004 Budl!et: $288,450 <br /> <br />Preliminary 2005 Budl!et: $286,376 <br /> <br />DepartmentaIOverview/Summarv:. . <br />Issuanceof$3,100,OOO General Obligation Tax Increment Bonds dated March I, 1998 <br />were to finance various public improvements within TIP District No.2. The <br />improvementnvere.generally the relocated J4th 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 is <br />currently is in the process of bond refunding to be completed in February, 2005. This <br />will significantly reduce the interest ,cost over the life. <br /> <br /> <br />Financial Overview - 2005 <br /> <br /> <br />Supplies, $0, <br />0% <br /> <br /> <br />Operating <br />Transfers, $0, <br />0% <br /> <br />Other <br />ServlCharges, <br />$0,0% <br /> <br /> <br />Debt Service <br /> <br /> <br />Capital <br />Outlay, <br />$286,376, <br />100% <br /> <br />Personal <br />Senlices, $0, <br />0% <br /> <br /> <br /> <br />Sil!nificant Chanl!:es from 'Prior Year: <br />None <br /> <br /> <br />