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i <br /> REQUEST FOR COUNCIL ACTION Item Igo.. C-5 <br /> Depart ment Approval: Manager Reviewed Agenda Section <br /> Consent <br /> Item Descn`ptionev Partial Call of General Obligation Improvement Bonds Sen"es 18 <br /> Backgrouad <br /> The City issued the Series 18 Bonds in 1992 with a call date of March 1, 1998. Since 1992, the <br /> collection of special assessments have progressed on a schedule which alloys the City to call the <br /> outstanding outstwding bonds for the years of 2004 through 2007 in the amount of$775,000. By calling these <br /> bonds,the City will be removing indebtedness of higher than today's market interest rags (5.9% to <br /> 6.2%) and at the same time reducing the debt outstanding. <br /> if future special assessments are received in advance, the City may he able to call the outstanding <br /> maturities of 19992 2000, 20011) 2002, or 2003 <br /> Financial Implications <br /> funds for the earl partial call are on hand and are order available for debt retirement. The <br /> The � p <br /> a renwmg outstanding debt on Senes 18 will total $750,000 after the call and payments on March 1, <br /> 1998. <br /> Council Action <br /> ' >rt vin the attached resolution calling for a redemption of specified bond maturities of <br /> Motion app General Obligation Improvement Bonds, cries 18. <br />