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INTRODUCTION <br /> $720,000 GENERAL OBLIGATION SEWER AND WATER <br /> REVENUE BONDS, SERIES 1998 <br /> The .$710,000 General Obligation Sewer and Water Revenue Bonds, Series 1998 (the "Bonds "), are being issued <br /> pursuant to Minnesota Statutes, Chapters 444 and 475, to finance construction of sanitary sewer and watermain <br /> improvements on 20th Avenue North in the City. <br /> Capitalization has been estimated as follows: <br /> Construction, contingency, engineering and overhead <br /> Sanitary Sewer $374,530 <br /> Watermain 302,150 <br /> Issuance costs 15,000 <br /> Capitalized interest, est. 19,385 <br /> Funds needed $711,065 <br /> Plus allowance for discount bidding (an interest cost) 8.935 <br /> Bond Issue 1720,O <br /> Principal and interest will be paid from special assessments against properties specially benefitted from the <br /> improvement and from revenues of the sewer and water systems. <br /> The Bonds are general obligations of the City for which its full faith, credit and taxing powers are pledged without limit <br /> as to rate or amount. <br /> RATING <br /> General obligation debt of the City of Centerville is non- rated. The City has not requested a rating on this issue- <br /> 5 <br />