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<br />~ <br />~1~~J-IILLS <br />. <br />2007 PROPOSED BUDGET - SUMMARY BY DEPT. <br /> <br /> <br />Department Name: Debt Service-G.O. TI Bonds 1998A <br /> <br />2006 Bud2et: $262,250 2007 Proposed Bud2et: $281,175 <br /> <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 /> <br /> <br />Financial Overview - 2007 <br /> <br /> <br />j- Debt 50 ,v;. -- - _w-l . <br /> <br />Operating Personnel I <br />I Transfers, $0, Services, $0, 0% I <br />I 0% <br />I <br /> <br />Other Supplies, $0, 0% <br />Serv./Charges, <br />i ~~ Co .. <br />ITTTlJnlcatlon, <br />$0,0% <br /> <br />Utilities, $0, 0% <br /> <br />i Errployee <br />Developrrent, $0, <br />Maint./Materials, 0% <br />I $0,0% I <br />i Capital Outlay, Contractural <br />l________u_$281'17~, 100% ---./ Services, $0, Oo~~uu_ j <br /> <br /> <br /> <br />Si2niticant Chan2es from Prior Year: <br />Reduced interest costs due to bond refunding. <br /> <br /> <br /> <br />. <br />