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The bonds being recommended fo�r isuance, along With current dollars, M' the debt service fund, Will provide
<br />for a, fiffl refunding of all current outstanding bonds due after February 1, 1994% Reftinding cannot 1w
<br />earlier because the call, date is, not until February 1, 1994. During the years of'1992 and, 1993, the
<br />roceeds of this "issue will be kept in an escrow account, with the & '01 1
<br />p earnings paying, the issue's intaest until, 1994.
<br />At that time the escrow will be released to, call all of the remaining onginal 1985 1A ionds.1
<br />The. issuance of the public improvement issue is necessary to cover the costs of projects completed and to
<br />provide for a continuation, of the paving management program., The debt service, has, been included MO the
<br />1992, levy and is part', of the 1992 budget.
<br />The re ding NVI,R result, 'in Savings of debt service from 1995 through, 2006 *in excess, of $400,000 annually.
<br />Them savm'gs, directly result Mi acbievmg an lower rate of interest over what 'is. currently being, paid on the
<br />outstanding debt,.,
<br />4
<br />On, the, basi's ofcontinuation of the paving management program and, to save substantial funds on the out-
<br />standing tax m-crement debt, issues,, staff is recommending the approval of the, Public Improvements bond'
<br />M
<br />issue, and ffie tax ' rement refiuiding bonds.
<br />F,
<br />Mofion, to accept ffie attached Resoludons provmg for ffie issuance of $20,035,,000 of General, Obligation
<br />Tax Increment Refunding Bonds Series 19,92, and $2,200,000 of General Obligation Public Improvement
<br />Bonds Series 18�.
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