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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2 0 0 3 <br />NOTE 7 - SUBSEQUENT EVENT <br />On April 6, 2004, the City refunded $1,725,000 of General Obligation Improvement Bonds. The <br />refunding resulted in a net present value savings of $163,275. <br />In October 2003, the City created a Housing and Redevelopment Authority (HRA). For fiscal year <br />2004, the city council established an HRA levy of $200,000. There were no HRA financial activities <br />recognized in 2003. <br />For 2004 the City adjusted its' per occurrence and aggregate deductible from $50,000 to $100,000 and <br />$150,000 to $300,000 respectively <br />7�1 <br />